Hungary’s trade balance showed a deficit of 91 million euros in February, according to the Central Statistical Office (KSH). mentioned in a first reading of the data on Thursday.
Hungary, an export-driven economy where trade surpluses are the norm, posted a deficit for the eighth consecutive month.
Exports increased by 17.7% per year to 11.403 billion euros and imports by 29.2% to 11.494 billion.
Trade with other EU Member States accounted for 76% of exports and 69% of imports.
Takarékbank chief analyst Gergely Suppan said rising industrial production coupled with rising factory prices are boosting exports, calculated in euros, while strong domestic demand and raw materials and more expensive energy increases imports. Rising commodity and energy prices are hurting Hungary’s terms of trade, although soaring grain prices are mitigating the effect “to a small extent”, he added.
Photo illustrated by Márton Király/MTI