The trade balance showed a surplus

In June 2008, the volume of foreign trade grew moderately both in exports and imports; exports were up by 2.4, imports by 5 percent as compared to the same month in the previous year.

 In the first half of 2008, the volume
of exports and imports grew by 11-11 percent as compared to the same period of the previous year.
The trade balance showed a surplus of HUF 116 billion (EUR 466 million) which meant an improvement
of HUF 157 billion (EUR 631 million) compared to the deficit of HUF 41 billion (EUR 165
million) in January–June 2007.

In the first six months of the year,
the forint price level of exports and imports grew by 1 and 2 percent respectively. The terms of
trade deteriorated by 0.7 percent in which the unfavourable price

changes of fuels and electric energy
played a significant role. The forint exchange rate – as a result
of a deterioration of 2 percent in the first quarter and a
revaluation of 2.2 percent in the second quarter – slightly
revaluated compared to the main currencies as a whole; in relation to
Euro our currency devaluated by 1 percent, while the revaluation
compared to dollar was 12 percent.

In January-June 2008 the export and
import volume of machinery and transport equipment– notwithstanding the slackening growth
in May and June (in exports 3-3, in imports 7-2 percent) –increased by 12 and 13 percent,
respectively. During the period, the exports of telecommunications
and sound recording and reproducing apparatus and equipment and road
vehicles – as the most determinant commodities of machinery exports
– grew above the average, by 18 and 14 percent respectively, while
the export growth for power generating machinery and equipment,
including car engines as well, was again under the average (5
percent). As regards the import data the volume increase for
telecommunications and sound recording and reproducing apparatus and
equipment – despite the moderate growth in June (18 percent)
compared to the previous months – continued to be the most
significant, 50 percent.

For the manufactured goods, the export
and import volume – parallel with a slight increase of exports and imports (3-4 percent) in
June – rose in the whole period by 9 and 6 percent, respectively.

Among the most determinant export
products, the exports of medical and pharmaceutical products, iron
and steel and rubber manufactures grew above the average, by 25, 21
and 22 percent, respectively. As for the imports, the volume of
medical and pharmaceutical products as well as iron and steel
increased significantly, by 31 and 17 percent, respectively.

In June 2008, the import volume of
fuels and electric energy – after a slight growth in May –rose sharply, it was up by 28 percent
compared to the same month in 2007. At the same time, the volume of
less significant exports – after an increase of more than 50
percent in April and May – expanded moderately, by 16 percent. For
the first half of 2008, the import volume was up by 15 percent, while
that of exports by 43 percent as compared to the same of period of
the previous year. Within this, the import volume of petroleum,
petroleum products and related materials grew by 14 percent and the
exports expanded by 32 percent. In June, the import volume of natural
and manufactured gas– after a stagnation in May – showed a sharp
increase, it was by 64 percent more than one year earlier. In the
first six months of 2008, the volume of gas imports grew by 21
percent compared to the same period of 2007.

In the first half of 2008, the export
volume of food, beverages and tobacco – parallel with a fall of 14 and 12 percent in May and June –
decreased by 7 percent, while that of imports rose by 8 percent.

In the decline of exports, the sharp
volume decrease of cereals and cereal preparations – (close to 40 percent compared to the high base value
last year) played a significant role, while the exports of meat and
meat preparations and feeding stuff for animals rose by 9 and 18
percent, respectively. In imports, the volume increase of meat and
meat preparations and cereals and cereal preparations was above the
average, 26 and 24 percent respectively, while the volume of dairy
products and birds’ egg, as one of the most significant import
products, decreased by 7 percent.

In January–June 2008, the intra-EU
export volume increased by 10 percent, while the import volume grew by 7 percent. Within this,
the exports and imports rose in June by 2.5 and 2.4 percent,

respectively. In the period as a whole,
the volume of exports for new member states continued to expand more
dynamically (21 percent) than that for the EU-15 (7 percent).
However, in imports the volume growth was similar for the both
country groups, 9 and 6 percent, respectively. In conformity with the
tendency of the previous months, the surplus of trade balance
continued to improve, and in January-June 2008 it increased by HUF
282 billion up to HUF 949 billion.

In the first half of 2008, in extra-EU
trade the export volume increased by 13 percent, while that of imports expanded by 21 percent. In
June, the volume of exports grew by 2 percent and that of imports was
up by 12 percent. During the first six months of the year, the trade
deficit amounted to HUF 833 billion which is by HUF 125 billion more
than in the same period of the previous year. The balance with the
Asian countries continued to deteriorate and the deficit increased by
HUF 104 billion up to more than HUF 1000 billion, while our trade
balance with extra-EU European countries showed a deficit of nearly
HUF 37 billion.