Hungarian imports and exports also fell in March

By: Trademagazin Date: 2024. 05. 06. 12:19

In the month of March, Hungarian exports and imports also suffered a serious decline. According to data from the Central Statistical Office (KSH), the value of exports was 15 percent lower than the results of the same period of the previous year, while imports were 20 percent lower. This is considered to be the weakest month in this regard since the beginning of the Covid crisis.

According to Portfolio’s analysis, the export performance also shows an average drop of 8 percent over the past three months, which is the lowest value since 2020. The slow recovery of the European economy also contributes to this trend. The situation is similar on the import side: a 15 percent decrease can be observed in the three-month average, which indicates weak domestic consumption, despite the fact that inflation is decreasing and wages are increasing.

In March, the value of exports was 12.2 billion euros, while that of imports was 10.7 billion euros. The balance of foreign trade product turnover was thus 1.5 billion euros, which represents a significant improvement of 510 million euros compared to a year earlier. The background of the significant surplus is the significantly reduced energy prices, as well as the fact that the level of imports fell to a greater extent than exports. As a result, the 12-month rolling surplus is almost 12 billion euros, which is a record level.