External trade surplus drops significantly
The volume of export lessened by 13%, that of import slightly, by 0.5% in January 2025, compared to the same period of the previous year. The surplus was EUR 1.1 billion, the balance worsened by EUR 599 million, year-on-year. The seasonally and working day adjusted volume of export was 0.9% lower compared to January 2025, that of import by 0.1%.
In February 2025 the value of export amounted to EUR 12.3 billion (HUF 4,958 billion), that of import was EUR 11.2 billion (HUF 4,499 billion).
In February 2025 compared to a year earlier the value of export decreased by 3.3%, that of import improved by 1.6% in EUR terms.
According to calendar-adjusted data, the volume of export decreased by 0.2%, that of import increased just as much.
The balance of the external trade in goods worsened by EUR 599 million.
The HUF price level of the external trade in goods increased by 7.3% in export and by 5.5% in import, compared to the same month of the previous year. The terms of trade improved by 1.7%. The HUF exchange rate depreciated by 3.9% against the EUR and by 7.7% against the US dollar.
The export volume of machinery and transport equipment decreased by 17%, its import volume improved by 1.2%. The aggregate commodity group of machinery and transport equipment strenghtened the volume decrease in total turnover by 9.8 percentage points on the export side while slowed it on the import one by 0.6 percentage points.
The export volume of manufactured goods decreased by 11%, while their import volume lessened by 8.9%. The aggregate commodity group of manufactured goods contributed to the volume loss in total export by 3.2 percentage points and strengthened the decrease in total import volume by 3.4 percentage points.
The export volume of fuels and electric energy increased by 57%, their import volume was 28% higher than one year earlier. The turnover growth in fuels and electric energy counterbalanced the volume decrease in total turnover by 1.6 percentage points in export and offset the decrease in total import volume by 2.1 percentage points.
The export volume of food, beverages and tobacco became 11% lower, their import volume decreased by 2.8% year-on-year. The volume change realised by the aggregate commodity group contributed to the total export decrease by 0.8 percentage points, while strengthened the import volume decline by 0.2 percentage points.
The volume of export to the EU-27 member states lessened by 12%, the import from there by 1.6%. The balance of the external trade in goods deteriorated by EUR 520 million, generating a surplus of EUR 1.3 billion. This group of countries accounted for 75% of exports and 71% of imports.
In the extra-EU-27 trade the volume of export decreased by 14%, that of import increased by 0.4%. The balance of the external trade in goods with these countries worsened by EUR 79 million, showing a deficit of EUR 206 million.
In January–February 2025 the value of exports amounted to EUR 24.2 billion (HUF 9,872 billion), that of imports to EUR 22.2 billion (HUF 9,034 billion).
In January–February 2025 compared to one year earlier the volume of export decreased by 1.3%, that of import grew by 0.6%.
The balance of the external trade in goods decreased by EUR 240 million, the surplus was EUR 2.1 billion.
The HUF price level of the external trade in goods increased by 7.2% on the export side, and by 7.0% on the import one, compared to the same period of the previous year. The terms of trade improved by 0.2%. The HUF depreciated against the EUR by 5.8% and by 11% against the US dollar.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Budapest Times
14 hours ago
- Budapest Times
Nagy: Hungary will maintain its ban on imports of Ukrainian food products
István Nagy, Minister of Agriculture, said the interests of Hungarian farmers come first, therefore, Hungary will maintain its ban on imports of Ukrainian food products after the expiry of the free trade agreement between Brussels and Kyiv. Commenting on his social media page, Minister Nagy noted that after the outbreak of the war in Ukraine, Brussels decided to allow unlimited and duty-free entry of Ukrainian produce into the territory of the European Union. As a result, large quantities of Ukrainian grain and other farm products of dubious quality have flowed into EU territory without control, jeopardising the livelihood of Hungarian farmers. In order to protect the interests of Hungarian farmers, Hungary introduced a ban on imports of these products. Minister Nagy said the unlimited and unilateral EU authorisation of Ukrainian imports expired on June 5, and after that, the pre-war trade agreement between Ukraine and the EU temporarily came into force. According to this, Ukraine can import farm products into the EU duty-free according to specified quotas. Despite the reduction in import volume, there is still no guarantee that imports arriving in the EU will not be stuck in member states near the border, causing huge market disruptions again, the minister said. Another problem is that the regulation still does not provide a solution for corn, one of the most sensitive products from the Hungarian point of view, given that the tariff rate is zero. In addition, even the reduced quotas would give Ukrainian farmers an excessive competitive advantage to the detriment of Hungarian producers, primarily in the case of meat and eggs. In this situation, Hungary continues to maintain the import ban introduced under national jurisdiction two years ago to protect the interests of Hungarian farmers, Nagy said. Minister Nagy said Hungary continues to stand by the principle that food arriving in the EU must comply with the same rules and traceability criteria as products made in the EU. Ukraine must not endanger the EU's agricultural markets, for which Brussels must find a long-term and reassuring solution. Until this happens, Hungary will maintain the restrictive measures, Minister Nagy said.
Budapest Times
14 hours ago
- Budapest Times
KSH: Fuel prices in Hungary are below average
The National Economy Ministry has announced that prices at the pump in Hungary were under the average amongst neighboring countries in May. Data compiled from the EU weekly Oil Bulletin by the Central Statistics Office (KSH) show that the price of petrol in Hungary averaged HUF 584/litre during the month of May, HUF 5 under the average in neighboring countries. The average price of diesel was also HUF 584, HUF 4 under the average in neighbouring countries. Hungary's government earlier said it would intervene if motor fuel prices exceeded the average in neighboring countries.
Budapest Times
16 hours ago
- Budapest Times
Fitch Ratings affirms Hungary's sovereign rating with a stable outlook
Fitch Ratings has affirmed Hungary's sovereign rating with a stable outlook. The National Economy Ministry said all three big rating agencies have put Hungary in the investment grade category. The ministry faulted decision-makers in Brussels for adopting a failed economic policy, supporting the war instead of peace, and giving all available funding to Ukraine, while the European economy faces growing challenges. The government is working to shield Hungarians from the negative external environment and strengthen the economy, allocating resources to support families and SMEs, it added. In spite of pressure from Brussels, the government is implementing Europe's biggest family-friendly tax cut programme, while taking firm steps against unjustified price increases, the ministry said. At the same time, the government continues to preserve fiscal stability and exercise strict fiscal discipline, maintaining its commitment to reduce state debt and the budget deficit, it said. In May and June, budget revenue was boosted by a HUF 110bn dividend paid by Liszt Ferenc International operator Budapest Airport and a HUF 200bn dividend by state-owned energy group MVM, it added. Hungary's economy stands on firm foundations, confirmed by the latest data showing employment at close to 4.7 million and a record low number of job-seekers, the ministry said. Real wages have climbed for over a year and a half, and the tourism sector is set to have a record year in 2025, it added. Confidence in Hungary is reflected in bond issues on international markets, most recently a EUR 1 billion security issued by the Hungarian Development Bank (MFB) that drew outstanding interest, the ministry said. The ministry highlighted stimulus programmes such as the Demjan Sandor Programme for scaling up SMEs that will pump over HUF 1,400bn into the economy.
