A surplus of 1,481 million euros in foreign trade
A robust surplus of 1,481 million euros was generated in foreign trade in June, far exceeding all expectations, which is a new historical high, thanks to the moderation of energy prices and domestic demand.
Despite the weak industrial data in June, the euro value of exports increased by 11.1%, while at the same time, the euro value of imports decreased by around 4.7% due to the decrease in domestic demand and the sharp drop in energy prices. Accordingly, the foreign trade balance improved significantly, by 1,922 million euros, compared to the deficit of 440 million euros a year ago. In the first six months, the euro value of exports increased by 10.8%, while that of imports increased by 1.4%, thanks to which the balance of foreign trade turned into a surplus of 6,520 million euros, 4,030 million euros, compared to 2,490 million a year ago. against the euro deficit.
In 2022, as a whole, exports increased by 19.3% compared to the previous year, while the euro value of imports increased by 28.2%, correspondingly, the foreign trade balance deteriorated by 10,216 million euros, resulting in a deficit of 8,593 million euros in the same year against a previous surplus of 1,623 million euros. Last year’s drastic increase in the prices of energy carriers and other raw materials significantly worsened the exchange rates. The energy balance alone contributed EUR 9,791 million to the deterioration of the foreign trade balance last year.
Related news
The key to sustainable economic recovery is the energy renovation of the building stock
The energy efficiency modernization of domestic residential buildings represents an…
Read more >NGM: the government will do everything to further increase retail turnover
The government is working tirelessly to ensure that families can…
Read more >Euro or forint? Which one should we choose when making card purchases abroad?
If you are going on holiday abroad, it is worth…
Read more >Related news
The wallet sets the limits to consumer awareness
Consumers want to buy healthy, sustainable, and affordable ingredients and…
Read more >Expensive snacks – you have to dig deeper into your wallet for meat
Despite the fact that pork remains popular among Hungarian consumers,…
Read more >Global Minimum Tax: American corporate groups may be permanently exempt from regulation
There have been exciting developments in the recent period regarding…
Read more >