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Financial News: Hungary Trade Deficit Widens; Industrial Production Growth

Hungary Trade Deficit Widens; Industrial Production Growth Slows

01/09/2023 - 04:51:00 (RTTNews)

(RTTNews) - Hungary's trade deficit widened in November from a year ago, as imports rose faster than exports, and industrial production increased at a softer pace, data from the Hungarian Central Statistical Office showed on Monday.

The trade deficit increased EUR 1.283 billion in November from EUR 43 million in the same month last year.

In October, the trade deficit was EUR 923 million.

On a yearly basis, exports increased 17.8 percent in November, after a 22.4 percent rise in October.

Imports rose 28.8 percent annually in November, following a 26.2 percent growth in the prior month.

Separate data from the statistical office showed that the working-day adjusted industrial production rose 0.8 percent yearly in November, after a 5.0 percent gain in October.

On an unadjusted basis, industrial production growth eased to 0.5 percent in November from 5.9 percent in October.

The manufacture of transport equipment and electrical equipment increased significantly, while the volume of production declined in the majority of the manufacturing subsections, along with the manufacture of computer, electronic and optical products as well as in that of food products, beverages, and tobacco products, the agency said.

On a monthly basis, industrial production declined a seasonally, and working-day adjusted by 0.7 percent in November, following a 3.6 percent drop in the preceding month.

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