TakarékBank: foreign trade balance is significantly worse compared to last year

By: Trademagazin Date: 2022. 09. 12. 07:49

A significantly larger than expected deficit of 1,150 million euros occurred in foreign trade in July, following a deficit of 408 million euros in June.

A deficit of 1,150 million euros in foreign trade

The euro value of exports increased by 12.9% due to industrial growth production and growth, therefore the euro value of imports increased by 22.7% due to strong domestic demand and dramatically rising energy prices. Accordingly, the foreign trade balance worsened by 975 million euros compared to the deficit of 175 million euros a year ago.

In the first seven months, exports increased by 16.4%, while the euro value of imports increased by 27.2%. Accordingly, the foreign trade balance deteriorated by 6,572 million euros, showing a deficit of 3,327 million euros compared to a surplus of 3,245 million euros a year ago. .

The Russian-Ukrainian war substantially overrode foreign trade prospects. The drastic increase in the prices of energy carriers and other raw materials significantly worsens the exchange rates, which can only be offset to a small extent by the cheaper Russian oil price compared to international markets.

TakarékBank