The surplus of the external trade in goods was EUR 1.7 billion in February, compared to January the adjusted volume of export increased by 6.0% and that of import grew by 0.6%
The volume of export surpassed by 3.4% in February 2024 and that of import lagged behind by 4.7% the same period of the previous year’s level. The surplus was EUR 1.7 billion, the balance improved by EUR 1.2 billion year-on-year. Compared to January, the seasonally and working-day adjusted volume of export increased by 6.0% and that of import grew by 0.6%.
In February 2024:
The value of export amounted to EUR 12.7 billion (HUF 4,921 billion), that of import was EUR 11.0 billion (HUF 4,265 billion).
In February 2024 compared to a year earlier:
The value of export decreased by 1.5% and that of import lessened by 11% in EUR terms.
According to calendar-adjusted data, the volume of export increased by 2.8% and that of import decreased by 5.5%.
The balance of the external trade in goods improved by EUR 1.2 billion. (The balance showed a EUR 39 million higher surplus than the one published in the first estimate.)
The HUF price level of the external trade in goods surpassed by 3.9% in exports and lagged behind by 5.8% in imports the same month of the previous year’s value. The terms of trade improved by 2.0%. The HUF exchange rate depreciated by 0.8% against the EUR and by 0.1% against the US dollar.
The export volume of machinery and transport equipment lessened by 3.2%, their import declined by 9.8%. The volume of export of the commodity group of electrical machinery, apparatus and appliances, n.e.s., slightly decreased, its import fell more than one-tenth. The export volume of the commodity group of road vehicles increased by a few percent, its import volume lessened by nearly the same amount compared to the base period. The export volume of the commodity group telecommunication and sound recording and reproducing apparatus declined by one-tenth or so, its import volume fell back by a few percent, year-on-year. The turnover of the power generating machinery and equipment commodity group basically did not change on the export side, while its import volume lagged behind the February 2023 level by close to one-tenth. The aggregate commodity group of machinery and transport equipment slowed the overall volume increase in total turnover by 1.9 percentage points on the export side and contributed to the overall volume decrease by 4.3 percentage points on the import one.
The export volume of manufactured goods became 7.3% higher, while their import volume decreased by 2.3%. The volume increase in export was impacted by the turnover of medicinal and pharmaceutical products, while the volume decrease in import was mainly influenced by the changes in the turnover of professional, scientific and controlling instruments and apparatus, n.e.s. The aggregate commodity group of manufactured goods increased the overall growth in the export volume by 2.1 percentage points, while escalated the volume decrease of the total turnover in import by 0.8 percentage points.
The export volume of fuels and electric energy increased by 41%, their import volume was 5.3% higher than one year earlier. The turnover growth can be explained by the significant increase in the volume of natural and manufactured gas in both directions. The turnover growth in fuels and electric energy increased the growth rate of the export volume by 1.3 percentage points and counterbalanced the decrease in import volume by 0.6 percentage points.
The export volume of food, beverages and tobacco became 20% higher, while their import volume decreased by 2.1%. The volume change was decisively driven by cereals and cereal preparations both on the export and the import side. The volume change realised by the aggregate commodity group increased the total export turnover growth by 1.4 percentage points, while raised the import decline rate by 0.1 percentage points.
The volume of export to the EU-27 Member States became 1.7% higher and that of import from there lessened by 0.8%. The balance of the external trade in goods improved by EUR 140 million, generating a surplus of EUR 1.8 billion. This group of countries accounted for 77% of exports and 72% of imports.
In the extra-EU-27 trade, the volume of export increased by 9.4% and that of import declined by 13%. The balance of the external trade in goods with these countries improved by EUR 1.0 billion, showing a deficit of EUR 126 million.
In January–February 2024 compared to one year earlier:
The volume of export grew by 0.1%, that of import decreased by 6.5%.
The balance of the external trade in goods improved by EUR 2.2 billion, the surplus was EUR 2.3 billion.
The HUF price level of the external trade in goods lessened by 5.4% on the export side, and decreased by 7.8% on the import one, compared to the same period of the previous year. The terms of trade improved by 2.6%. The HUF appreciated against the EUR by 1.3%, and by 2.3% against the US dollar.
External trade in goods, January-February 2024
| Denomination | Export | Import | Balance | |||
|---|---|---|---|---|---|---|
| value, at current prices | same period of the previous year=100.0% | value, at current prices | same period of the previous year=100.0% | value, at current prices | compared to the same period of the previous year | |
| Billion HUF | 9 318 | 94.7 | 8 439 | 86.2 | 879 | 836 |
| Million EUR | 24 185 | 95.9 | 21 912 | 87.3 | 2 273 | 2 151 |