Hungary have EUR 1.6 bn trade deficit

Hungary posted a trade deficit of 1.580 billion euros in August, the Central Statistical Office (KSH) said in a second reading of data on Wednesday.

The gap, up from a 1.298 billion euro deficit in July, was the widest in a series of consecutive monthly deficits running for more than a year.

Exports rose by an annual 36.8 percent to EUR 11.442 billion, while imports increased by 43.4 percent to 13.022 billion.

Trade with other European Union member states accounted for 75 percent of Hungary’s exports and 69 percent of its imports. It had a EUR 442 million trade deficit with other EU members.

Hungary’s terms of trade deteriorated by 7.9 percent in August from the same month a year earlier as the forint weakened by 14 percent to the euro and 33 percent against the dollar.

In the January-August period , Hungary’s trade deficit was EUR 5.055 billion. Exports rose by 18.6 percent to EUR 91.917 billion, while imports grew by 29.3 percent to 96.972 billion euros.

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Source: MTI