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Hungary has EUR 159 mil. trade deficit in 2008
( 09 / March / 2009 )
Hungary had a €159 million trade deficit in 2008, up from a deficit of €119.7 million in the previous year, and against a preliminary 33 million surplus, a second reading published by the Central Statistics Office (KSH).
In euro terms, both exports and imports rose 5.6% in 2008 according to the second reading. Preliminary figures showed export growth of 5.5% and import growth of 5.2%. In volume terms, 2008 exports increased 3.4% and imports rose 3.3%.
In December, Hungary had a trade deficit of €79 million, well below the €129 million surplus in the same period a year earlier. The December deficit was revised up a slight €3 million from the preliminary one reported on February 9.
In euro terms, December exports fell 17.3% and imports fell 17.9% in one year. The rates were practically unchanged from the preliminary report. In volume terms, December exports fell 15.5% and imports dropped 17.1%.
Hungary’s exports totaled €72.838 billion last year, including 4.36 billion in December. Imports reached €72.997 billion last year of which 4.44 billion came in December.
Foreign-trade volume growth slowed sharply to almost nil in Q3 from double-digit increases in Q1 and Q2. In Q4 export volume fell 8.9% year-on-year (yr/yr) after a mere 0.7% increase in Q3, and Q4 import volume was down 11% after a 2.2% increase in Q3. In euro terms both exports and imports were down 7.0% in Q4.
Hungary’s terms of trade worsened 1.7% last year as export prices rose 0.4% in forint terms and import prices rose 2.1%. The forint firmed 1% against the major currencies of the country’s trade last year.
The 5-6% yr/yr weakening of the forint in December affected forint-term export prices less than import prices, as export prices rose above 2% and import prices rose 4% yr/yr.
Source: The Central Statistic Office