The surplus of the external trade in goods was EUR 1.6 billion in March, the adjusted volume of both export and import decreased by 2.0% compared to February
The volume of export fell by 10% in March 2024 and that of import lagged behind by 15%, compared to the same period of the previous year. The surplus was EUR 1.6 billion, the balance improved by EUR 572 million year-on-year. Compared to February, the seasonally and working-day adjusted volume of both export and import decreased by 2.0%.
In March 2024:
The value of export amounted to EUR 12.3 billion (HUF 4,858 billion), that of import was EUR 10.7 billion (HUF 4,238 billion).
In March 2024 compared to a year earlier:
The value of export decreased by 14% and that of import lessened by 19% in EUR terms.
According to calendar-adjusted data, the volume of export increased by 1.6% and that of import decreased by 5.7%.
The balance of the external trade in goods improved by EUR 572 million. (The balance showed a EUR 60 million higher surplus than the one published in the first estimate.)
The HUF price level of the external trade in goods fell by 1.5% in exports and lagged behind by 2.0% in imports, compared to the same month of the previous year. The terms of trade improved by 0.5%. The HUF exchange rate depreciated by 2.7% against the EUR and by 1.1% against the US dollar.
The export volume of machinery and transport equipment lessened by 16%, their import declined by 20%. The volume of both export and import of the commodity group of electrical machinery, apparatus and appliances, n.e.s. fell by nearly one-fifth. The export volume of the commodity group of road vehicles decreased by a few percent, its import volume lessened by nearly one-fifth compared to the base period. The export volume of the commodity group telecommunication and sound recording and reproducing apparatus declined by approximately one-fifth, its import volume fell back by a few percent, year-on-year. The turnover of the power generating machinery and equipment commodity group fell by nearly one-fifth on the export side, while its import volume lagged behind the March 2023 level by one-fourth. The aggregate commodity group of machinery and transport equipment increased the overall volume decrease in total turnover by 9.5 percentage points on the export side and contributed to the overall volume decrease by 9.1 percentage points on the import one.
The export volume of manufactured goods became 5.3% lower, their import volume decreased by 13%. The volume decrease in export was impacted by the turnover of manufactures of metals, n.e.s., on the import side was mainly influenced by the changes in the turnover of medicinal and pharmaceutical products. The aggregate commodity group of manufactured goods sped up the overall decrease in the export volume by 1.5 percentage points, and escalated the volume decrease of the total turnover in import by 5.0 percentage points.
The export volume of fuels and electric energy increased by 5.7%, their import volume was 6.1% lower than one year earlier. Volume changes of crude oil and petroleum products played a major part in both the turnover growth in export as well as the decrease in import. The turnover growth in fuels and electric energy counterbalanced the decrease of the overall export volume minimally, by 0.1 percentage points, however boosted the decrease in import volume by 0.5 percentage points.
The export volume of food, beverages and tobacco became 6.7% higher, while their import volume decreased by 13%. The volume change was decisively driven by cereals and cereal preparations both on the export and on the import side. The volume change realised by the aggregate commodity group decreased the total export turnover fall by 0.5 percentage points, while raised the import decline rate by 0.8 percentage points.
The volume of export to the EU-27 Member States became 12% lower and that of import from there lessened by 13%. The balance of the external trade in goods declined by EUR 296 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 decreased by 4.7% and that of import declined by 22%. The balance of the external trade in goods with these countries improved by EUR 868 million, showing a deficit of EUR 209 million.
In January-March 2024:
The value of export was EUR 36.5 billion (HUF 14.2 thousand billion), that of import was EUR 32.6 billion (HUF 12.7 thousand billion).
In January–March 2024 compared to one year earlier:
The volume of export fell by 3.6%, that of import decreased by 9.6%.
The balance of the external trade in goods improved by EUR 2.7 billion, the surplus was EUR 3.8 billion.
The HUF price level of the external trade in goods lessened by 4.1% on the export side, and decreased by 6.0% on the import one, compared to the same period of the previous year. The terms of trade improved by 2.0%. The HUF showed no change in merit against the EUR, while appreciated by 1.1% against the US dollar.
External trade in goods, January-March 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 | 14 176 | 92,4 | 12 677 | 85,0 | 1 499 | 1 073 |
| Million EUR | 36 475 | 92,3 | 32 632 | 85,0 | 3 843 | 2 723 |