Volume of foreign trade down

Export was down by 28 percent in January, compared to January 2008, while import was down by 27 percent. The balance of foreign trade showed a deficit of HUF 47 billion in January, which was HUF 25 billion more than a year earlier. Export prices expressed in HUF were up by 4.5 percent in export and by 5.7 percent in import in January, compared to January 2008. The HUF was devalued by 11 percent on average compared to the leading foreign currencies. Exports of food, beverages and tobacco were up by 7 percent compared to January 2008, while imports were down 7 percent. The main driving force behind this increase was the growth in the volume of grain exports. Exports to the EU markets were down by 23 percent in January, while imports from these markets were down by 25 percent. Exports to markets outside the EU were down 41 percent, while imports were down by 31 percent, compared to January 2008.