Export decreased in August

In August 2008, the export volume decreased by 7, while that of imports by 8 percent as compared to the same month in the previous year.

The trade balance showed a surplus of
HUF 11 billion (EUR 25 million), which meant an improvement of HUF 121 billion
(EUR 482 million) compared to the deficit of HUF 111 billion (EUR 457 million) in
January–August 2007.

In the first eight months of the year,
the forint price level of exports remained unchanged while that of imports grew by 1 percent. The
terms of trade deteriorated by 1 percent. The forint exchange rate
revaluated by nearly 3 percent compared to the main currencies as a
whole; in relation to Euro our currency strengthened by 1 percent,
while its revaluation compared to dollar was 13 percent.

In January–August 2008, the export
and import volume of machinery and transport equipment – parallel with a fall of 8 and 10
percent in August – increased by 9 and 10 percent, respectively.
Due to advanced deliveries for June-July on account of the summer
Olympic games, the decrease of telecommunications apparatus exports
and imports played an important role in the significant volume
decline in August. However, during the period as a whole, the export
and import volume of telecommunications and sound recording
and reproducing apparatus and equipment (especially the import volume of parts and fittings
suitable for TV production) as well as the exports of road vehicles
grew above the average.

For manufactured goods, the export and
import volume rose by 7 and 5 percent in the first eight months of 2008, respectively, while in
August the exports decreased by 1 percent and the imports fell by 5
percent. Among the most determinant export products, the exports and
imports of medical and pharmaceutical products continued to grow
above the average: the most significant factors of the increase was
the expansion of export deliveries to Romania and the augmented
imports coming from Belgium.

In August 2008, the import volume of
fuels and electric energy – following a sharp increase in June and July – fell significantly,
it was 12 percent less compared to the same month in 2007. Within
this, the volume of natural and manufactured gas imports – after a
growth of more than 60 percent in June and July – decreased by 10
percent, while that of petroleum, petroleum products and related
materials was also 11 percent less as compared to August 2007. In
January-August 2008, the import volume was up by 13 percent, while
that of exports by 22 percent.

In the first eight months of 2008, the
export volume of food, beverages and tobacco fell by 6 percent, while that of imports was up
by 5 percent. In the decline of exports, the volume decrease of 33
percent for cereals and cereal preparations played a significant
role, while the exports of meat and meat preparations, due to a sharp
increase of Romanian deliveries, were up by 7 percent. In imports,
the volume increase of meat and meat preparations and cereals and
cereal preparations was above the average .

In January–August 2008, the intra-EU
export and import volume – parallel to a decline of 3 and 5 percent in August – increased by 8
and 5 percent, respectively. For the period as a whole, the volume of
exports and imports for new member states continued to expand more
dynamically (17 and 9 percent) than that for the EU-15 (5 and 4
percent). In conformity with the tendency of the previous months, the
surplus of trade balance continued to grow, and in January–August
2008 it increased by HUF 258 billion up to more than HUF 1,130
billion. In the trade with the new member states our trade balance
improved by nearly HUF 200 billion, while for the EU-15 the surplus
rose only by HUF 62 billion as compared to the same period of the
previous year.

In the first eight months of 2008, in
extra-EU trade the export and import volume – despite a sharp fall (19 and 16 percent) in
August – increased by 8 and 15 percent, respectively. During the
period as a whole, the trade deficit amounted to more than HUF 1,100
billion, which is by HUF 136 billion more than in the same period of
the previous year. The balance with the Asian countries slightly
deteriorated and the deficit increased by HUF 24 billion up to nearly
HUF 1,300 billion, while our trade balance with extra-EU European
countries showed a deficit of about HUF 80 billion compared to the
surplus of HUF 46 billion in the corresponding period of the previous
year.