Volume of exports and imports for new member states continued to expand dinamacally

In November 2008, the export and import volumes decreased by 8 and 12 percent, respectively, however in January-November both the exports and imports increased by 5 percent as compared to the same period of the previous year.

 During this period, trade balance
showed a surplus of HUF 47 billion (EUR 109 million), which meant an
improvement of HUF 43 billion (EUR 100 million) compared to the
surplus of HUF 4 billion (EUR 9 million) in January–November 2007.
In January-November 2008, the forint price level of exports remained
unchanged while that of imports grew by nearly 2 percent. The terms
of trade have deteriorated by 1.7 percent. Within this, in November,
the forint price level of exports was up by 3 percent while that of
imports grew by 6 percent. During the whole period the forint
exchange rate was revaluated by 1.5 percent compared to the main
currencies as a whole; however in November our currency devaluated by
6-7 percent. This means that in November 2008 our imports were
realised at the same, while our exports at 3 percent lower currency
price level than one year earlier.

In November 2008, the export and import
volume of machinery and transport equipment fell by 9 and 15 percent, respectively. In
the decline of both sides a significant export and import volume
decrease in car industry – mainly due to shrinking markets in
Germany and in Eastern and Central Europe – played an important
role. In the fall of telecommunication equipment exports and imports,
the declining trade volume of products connected with TV-set
production was the most determinant. However, the volume of mobile
phone exports – after a decreasing tendency in the previous months
– was realised at the high base level of November 2007. During the
period of January–November 2008, both exports and imports rose by 5
percent.

For manufactured goods, in
January-November 2008 the volume of exports and imports – parallel to decreases of more than
10-10 percent in November – rose by 5 and 3 percent, respectively.
In the fall of exports in November the volume decrease of scientific
and controlling instruments and apparatus, plastics in primary forms
as well as iron and steel played a significant role which could be
only partly counterbalanced by the export growth of medical and
pharmaceutical products and rubber manufactures.

In November 2008, the import volume of
fuels and electric energy fell by 4 percent and that of exports decreased by 3 percent compared
to the same month in 2007. Within this, the volume of petroleum, petroleum products and
related materials as well as natural and manufactured gas imports
declined by 6 and 2 percent, respectively. In January–November
2008, the import volume was up by 8 percent, while that of exports
grew by 13 percent.

In the first eleven months of 2008, the
export volume of food, beverages and tobacco – mainly due to an expansion of 13-14 percent in
September-November – reached the high base level of January-
November 2007 as a whole. During the same period the import volume
was up by 5 percent; within this the increase was determinant in
January-July, while from August the imports have shown a decreasing
stagnating tendency. In the export increase of November, a volume
growth of cereals and cereal preparations, vegetables and fruit as
well as dairy products and birds’ eggs played a significant role,
while the exports of meat and meat preparations were less than one
year earlier. In November 2008 the import volume was realised
practically at the base level of one year earlier, since the volume
decrease of vegetables and fruit as well as dairy products and birds’
eggs was counterbalanced by the volume growth of meat and meat
preparations.

In November 2008, the intra-EU export
and import volume decreased by 6 and 15 percent respectively, thus during the period as
a whole, the volume growth of exports and imports was only 5 and 3
percent, respectively. In January-November 2008, the volume of
exports and imports for new member states continued to expand more
dynamically (13 and 8 percent) than that for the EU-15 (3-2 percent).
In January–November 2008 the surplus of trade balance with the EU
as a whole showed an increase of HUF 275 billion, of which nearly 80
percent (that is HUF 218 billion) was realised in our trade with the
new member states.

In the first eleven months of 2008, in
extra-EU trade the export and import volume – parallel to decreases of 16 and 7 percent in
November – increased by 3 and 8 percent, respectively. During the period as a whole, our trade deficit –
mainly due to deterioration of HUF 480 billion of our energy balance – increased by HUF 232
billion to nearly HUF 1,740 billion. Regarding Asian countries our balance slightly improved; our deficit
decreased by HUF 41 billion to HUF 1,915 billion, while our trade
balance with extra-EU European countries deteriorated by HUF 211
billion; thus our trade deficit exceeded HUF 100 billion.