KSH: Hungary´s export driven by auto industry
In Q1 2014, the volume of exports in EUR terms increased by 5.1 percent, while the volume of imports grew by 3.9 percent compared to the same period the year before. The surplus on trade balance amounted to EUR 1.929 billion in the first three months this year, up 299 million from the year before, reported the Central Statistical Office on Monday.
In the third month of 2014, the volume of exports was 12%, while that of imports was 13% more in external trade in goods than in the same period of the previous year. In the first three months of the year, export and import volumes increased by 8.8 and 8.2%, respectively.
In March 2014, exports amounted to EUR 7.3 billion (HUF 2,290 billion), while imports to EUR 6.7 billion (HUF 2,076 billion). The surplus on the trade balance was EUR 688 million (HUF 214 billion) in the third month of the year. In the first three months of 2014, the value of exports was EUR 20.8 billion (HUF 6,405 billion), while that of imports was EUR 18.9 billion (HUF 5,808 billion), reported KSH in an analysis on its website.
The surplus on the trade balance amounted to EUR 1.9 billion (HUF 597 billion), which was EUR 299 million (HUF 105 billion) more than in the same period of the previous year, reported the Central Statistical Office (KSH) on Monday.
In January–March 2014, the forint price level of external trade in goods increased slightly, by 0.4% in exports, and in imports it was almost unchanged compared to the same period of 2013. The terms of trade improved by 0.5%. The forint exchange rate was down by 3.9% against the euro and was nearly unchanged against the dollar.
The volume of machinery and transport equipment, which represented about half of the total trade, was 8.9% more in exports and 10% more in imports than in the corresponding period of 2013. The continuously growing production of the domestic car industry is behind the dynamic volume growth.
The exports of road vehicles, which are the most dominant goods of this main commodity group, were about 1.5-fold of the base level one year before.
In line with this – mainly due to the increase of imports of car spare-parts – their imports grew by about 40%. The main factor of the trade in both directions was the growth in relation with the old EU member states.
The imports of power generating machinery and equipment (motor spare parts, petrol and diesel engines) grew by one fifth and their exports also increased gradually within the period compared to the same period of the previous year.
The trade of electrical machinery, apparatus and appliances grew by about one tenth in both directions; in exports, first of all the trade of car industry connected electrically insulated cable and wire, while in imports that of integrated circuits increased.
On the other hand, the export and import volumes of telecommunications and sound recording and reproducing apparatus and equipment decreased by one third and one fourth, respectively, due to the fall of demand and production capacity of mobile phones and televisions, reported KSH.
The export and import volumes of manufactured goods were up by 8.3% and 12%, respectively. Within the commodity group, the imports of medical and pharmaceutical products, as well as organic chemicals, containing a wide range of products, considerably grew.
The export volume of plastics in non-primary forms, fertilizers, manufactured and the trade of essential oils, perfume materials and cleaning preparations in both directions increased as well.
Due to the prosperity of car industry-related products, the export volume of professional, scientific and controlling instruments and apparatus (automatic regulating or controlling instruments) as well as the import volume of rubber manufactures exceeded by about one fifth the level one year before.
The import volume of fuels and electric energy – besides a price decrease in HUF terms – was 7.7% lower than in the same period of the previous year.
The import volume of petroleum, petroleum products and related materials as well as natural and manufactured gas remained under the level one year before, although imports in March already exceeded that. In the whole period, the import volume of electric current significantly grew.
In the first three months of 2014, the share of European Union Member States was 80% in exports and 75% in imports: export and import volumes grew year-on-year by 11% and 16%, respectively. The surplus on our trade with EU member states was down by EUR 453 million (HUF 105 billion).
In extra-EU trade, the volume of exports grew by 1.5% and imports decreased by 10% compared to the same period one year earlier. The deficit in relation with this group of countries was EUR 457 million (EUR 139 billion), EUR 751 million (HUF 210 billion) less than in January-March 2013, reported KSH.
