Food export down

In the January-July 2008 period, export was up by 10 percent while import expanded by 11 percent, compared to the same period in 2007. According to KSH data, the balance of foreign trade showed a surplus of EUR 101 million, which is an improvement of EUR 382 million over the deficit of EUR 281 million recorded in 2007. Export prices expressed in HUF remained practically unchanged in the first seven months of 2008, while they rose by 1 percent in import. Exports of food, beverages and tobacco totalled 5 percent less in the above period, than in 2007, while imports were up by 8 percent. One of the main reasons for this decline was the 35 percent drop in grain prices.