Hungary’s trade balance shows a deficit for the sixth consecutive month

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Hungary’s trade balance posted a deficit for the sixth consecutive month in December, according to a second reading of data released Thursday by the Central Statistical Office (KSH). shows.

The first reading of the data, released on February 8, had shown a surplus of 187 million euros for the month, but the second reading showed a deficit of 378 million euros.

Hungary, an export-driven economy where trade surpluses are the norm, has recorded trade deficits every month since July.

Exports increased by 17.9% year on year to 9.948 billion euros and imports by 26.6% to 10.326 billion euros in December.

Trade with other member states of the European Union accounted for 74% of Hungarian exports and 71% of its imports.

Hungary’s terms of trade deteriorated by 5.4% over the period, with the forint depreciating 2.3% against the euro and 10% against the dollar.

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For the full year, exports increased by 13.6% to 119.309 billion euros and imports increased by 18.2% to 117.413 billion euros. The trade surplus reached 1.897 billion euros, compared to 5.618 billion euros in 2020.

featured image via Szilárd Koszticsák/MTI

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