- 10 Aug 2018 9:32 AM
- Hungary Matters
Exports rose by an annual 8.9% to 9.573 billion euros. Imports were up 8.4% at 8.502 billion euros. About 81% of exports and 77% of imports were traded with other European Union member states.
For January-June, exports were up 4.9% annually at 53.388 billion euros and imports rose by 6.3% to 49.098 billion euros. The trade surplus in the first half of the year was 4.290 billion euros, down 432 million euros from the same period last year.
Gergely Suppan of Takarékbank said trade surplus in June was significantly higher than expected. For the year the annual surplus could still shrink by 600 million euros to 7.48 billion euros, somewhat slowing down GDP growth.
The effect could be still less than in 2017 when the trade surplus narrowed by 1.6 billion euros, he said.
K&H Bank chief analyst Dávid Németh said although export growth surpassed import growth in June this could be temporary as growing household consumption, investments and import purchases needed for exports are all pushing import growth higher.