Published on: 2 June 2022

Deficit on external trade in goods amounts to EUR 708 million in March, adjusted volume of exports decreases by 6.4% and that of imports by 4.4% compared to February

In March 2022, the volume of exports was 4.4% lower and that of imports 2.2% higher than in the same period of the previous year. The deficit was EUR 708 million, the balance deteriorating by EUR 1.6 billion compared to a year earlier. Compared to February, the seasonally and working-day adjusted volume of exports decreased by 6.4% and that of imports by 4.4%.

In March 2022:

The value of exports amounted to EUR 12.1 billion (HUF 4,570 billion) and that of imports to EUR 12.8 billion (HUF 4,835 billion).

In March 2022 compared to a year earlier:

The value of exports increased by 8.8% and that of imports by 25% in EUR terms.

According to calendar-adjusted data, the volume of exports lessened by 5.6% and that of imports grew by 0.6%.

The balance of external trade in goods deteriorated by EUR 1.6 billion (it was EUR 205 million less favourable than that published in the first estimate).

The forint (HUF) price level of external trade in goods rose by 18% in exports and by 26% in imports compared to the same month of the previous year. The terms of trade deteriorated by 6.7%. The forint exchange rate weakened by 3.1% against the euro and by 11% against the dollar.

Calculated at prices in March 2021, the exports of machinery and transport equipment became 8.4% and their imports 3.3% lower. The export volume of road vehicles was one-fourth and their import volume more than one-tenth lower than in the corresponding period of the previous year. The export and import volume of power generating machinery and equipment fell to nearly the same extent, by more than one-fourth. The volume of exports of telecommunications and sound recording and reproducing apparatus and equipment decreased slightly and the volume of their imports by nearly one-seventh. The exports of general industrial machinery and equipment, n.e.s., were nearly one-tenth and their imports a few per cent lower than in the same period of the previous year. The aggregate commodity group of machinery and transport equipment increased the volume reduction in total exports by 4.9 percentage points and lowered the volume growth in total imports by 1.6 percentage points.

The export volume of manufactured goods became 2.2% and their import volume 9.0% larger. Trade in iron and steel, professional, scientific and controlling instruments and apparatus and medicinal and pharmaceutical products contributed decisively to the increase in the volume of both exports and imports. The aggregate commodity group of manufactured goods reduced the decrease in total exports by 0.7 percentage point and raised the volume growth in total imports by 3.4 percentage points.

The export volume of fuels and electric energy was 21% and their import volume 6.2% higher than in the same period of the previous year. The change in exports can be explained mainly by a change in the volume of natural and manufactured gas, while the change in imports by an increase in the volume of electric current. Fuels and electric energy lowered the rate of reduction in total exports by 0.4 percentage point and contributed to the growth in total imports at the same rate.

The volume of exports of food, beverages and tobacco became 8.3% lower and the volume of their imports 5.0% higher. The changes in both exports and imports were mainly driven by cereals and cereal preparations as well as meat and meat preparations, in addition, the decline in exports was influenced by live animals and the increase in the volume of imports by feeding stuff for animals and beverages. The volume change realised by the aggregate commodity group increased the reduction in total exports by 0.6 percentage point and contributed to the growth in total imports by 0.3 percentage point.

The volume of exports to EU-27 Member States became 2.1% smaller and that of imports from there 1.5% larger. The balance of external trade in goods deteriorated by EUR 822 million, and a surplus of EUR 217 million was generated. This group of countries accounted for 78% of exports and 72% of imports.

In extra-EU-27 trade, the volume of exports declined by 12% and that of imports grew by 4.3%. The balance of external trade in goods with these countries deteriorated by EUR 737 million and showed a deficit of EUR 925 million.

In January–March 2022:

The value of exports amounted to EUR 34.0 billion (HUF 12.4 thousand billion) and that of imports to EUR 35.1 billion (HUF 12.8 thousand billion).

In January–March 2022 compared to a year earlier:

The volume of exports rose by 0.5% and that of imports by 6.2%.

The balance of external trade in goods deteriorated by EUR 3.7 billion, and the deficit amounted to EUR 1.1 billion.

The forint price level of external trade in goods was up by 15% in exports and by 23% in imports compared to the corresponding period of the previous year. The terms of trade deteriorated by 6.6%. The forint weakened by 0.9% against the euro and by 8.3% against the dollar.

External trade in goods, January–March 2022

Denomination Exports Imports Balance
value, at current prices same period of previous year=100.0% value, at current prices same period of previous year=100.0% value, at current prices in same period of previous year
Billion HUF12 435115.812 837130.9–403932
Million EUR34 045114.435 114129.2–1 0692 582