Hungary’s October trade balance showed a EUR 408.1 million surplus, following a EUR 540 m reading in September, which was the third-largest ever in Hungary. The surplus in the first ten months exceeded EUR 4.4 billion, the Central Statistics Office (KSH) has reported on Thursday.
Hungary’s October trade balance shows a surplus of EUR 408.1 million, which compares with EUR 441.5 m in the same month of 2009.
In January-October, a massive EUR 4.44 billion surplus was accumulated, vs. EUR 2.98 bn in the fist ten months of 2009. Needless to say, the surplus is yet another all-time high.
Exports totalled EUR 6,519 m, up by 16.3% in annual terms, while imports reached EUR 6,111 m, 18.3% more than in the same month of 2009.
The growth in exports and imports was 21.0% and 19.2%, respectively in Jan-Oct. The gap between export and import growth dropped further into the negative zone in October to -2 ppts from -0.1ppt in Sept. The gap has been negative four times since April, but there is nothing to worry about here.
79% of Aug exports were directed to the European Union and 66% of import goods arrived from the bloc.
The latest western European business sentiment indicators (e.g. Germany’s Ifo, PMIs in Germany, France, etc.) show that concerns about euro zone peripheral debt have not yet inflicted the economies of bigger central euro zone member states. The strength of the expectedly decelerating Germany economy, however, may be undermined by the sharp rise in Germany government securities yields in the past weeks, rising funding costs for the state (and banks) as well as persistent uncertainties about the future of the euro zone.
Detailed external trade data on Hungary are to be published on 23 December.
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