FX.co ★ Hungary Trade Surplus Shrinks In November

The Hungarian Central Statistical Office released preliminary data on Friday indicating a significant decline in Hungary's foreign trade surplus for November, compared to the same period last year, primarily due to decreased exports and increased imports.

The trade surplus in November reduced to EUR 742 million, a stark contrast to the EUR 1.45 billion recorded in the same month the previous year. This follows a trade surplus of EUR 1.04 billion in October.

Exports saw an annual decline of 3.5 percent in November, accelerating from a 0.5 percent decrease observed in the previous month. In contrast, imports rose by 2.3 percent year-on-year, recovering from a 0.1 percent decrease in October.

Month-on-month analysis reveals that exports and imports both declined, with exports decreasing by 2.7 percent and imports by 0.4 percent.

In additional reports, official statistics indicated that Hungary’s unemployment rate edged up to 4.7 percent for the period from September to November, compared to 4.6 percent during August to October. The number of unemployed individuals increased to 230,800 from 225,600. However, the unemployment rate remained steady at 4.5 percent in November.