Balance of foreign trade rocking

The volume of export was down by 7 percent, while import was down by 6 percent in October 2008., compared to the same month in 2007. Export in the January-October 2008 period was up by 6 percent, while import was up by 7 percent, compared to the preceding year. The balance of foreign trade improved by EUR 111 million in the above period, practically reaching equilibrium. Average HUF export price remained stable, while average import price was up by 1.4 percent. The average HUF exchange rate expressed in leading currencies in this period was up by 2 percent. Export of food, beverages and tobacco was down by 2 percent in the January-October 2008 period, compared to 2007. In the same period, import was up by 5 percent. A 13 percent month on month growth in export was recorded in October as a result of a 50 percent boost in the export of grain and grain products. However, grain exports were down by 22 percent in the above period. Exports to the EU were up by 6 percent, while imports were up by 5 percent in the same period. Both export to and import from new member states grew significantly faster (15 and 9 percent respectively), than in regard of old member states (4 percent). The surplus in regard of EU states increased by HUF 179 billion, to HUF 1,500 billion. Exports totalled HUF 1,556 billion in November 2008, while imports totalled HUF 1,526 billion. Expressed in EUR, both export and import were down by 10 percent compared to November 2007. Total export in the January-November 2008 period amounted to HUF 17,124 billion, while import totalled HUF 17,079 billion. Expressed in EUR, both were up by 7 percent, with a HUF 45 billion surplus in the balance of foreign trade.