Hungary had a 471 million euro trade deficit in June, a first reading of data released by the Central Statistical Office (KSH) on Monday shows.
The data show exports rose by an annual 13.0% to 11.873 billion euros, while imports increased by 24.1% to 12.344 billion euros. For the period January-June, Hungary’s trade deficit reached 2.158 billion euros. Exports rose by 16.2% to 69.304 billion euros and imports climbed 27.4% to 71.462 billion euros.
Magyar Bankholding chief analyst Gergely Suppan said the deficit for the month was “significantly larger” than expected, following a 96 million euro gap in May. Higher industrial output and factory gate prices are supporting exports, but strong demand and dearer commodities and energy prices are lifting imports, he added. A slowdown in investment volume and consumption, paired with new production capacity and an easing of the semiconductor shortage, could improve the trade balance in the coming months, Suppan said.