In the first eleven months of last year Hungary had a trade surplus of EUR 4.194bn. The surplus compares to a EUR 238m deficit in the same period last year. In the whole of 2008 Hungary had a deficit of EUR 319.4m.

    In volume terms, November exports were up 2.7pc yr/yr after a 2.7pc twelve-month decline in October, KSH said. Imports volume rose 1.1pc in the twelve months to November after dropping 9.1pc yr/yr in October.

    Both export and import volumes rose for the first time yr/yr since September 2008.

    January-November export volume were still down 13.4pc and import volume was down 19.2pc yr/yr in the period.

    In euro terms, imports continued to decrease more than exports in November but the contraction of both slowed as the sharp decline which started with the crisis in October 2008 entered the base.

    In euro terms, November exports fell 3.3 against a preliminary 1pc yr/yr to EUR 5.778bn, and imports, at EUR 5.367bn, were down 9.0pc instead of 8.8pc in the first reading. The twelve-month fall in exports slowed from 11.8pc in October, and the pace of import contraction was also down from 20.8pc in the previous month.

    November exports were up EUR 69m from October and November imports rose EUR 130m in a month, both rising in euro terms each month since last August.

    Eleven-month exports fell 20.4pc yr/yr in euro terms to EUR 54.812bn and eleven-month imports were down 26.8pc at EUR 50.618bn.

    Hungary' terms of trade improved 1pc in January-November from a year earlier as forint-term export prices were up 3.1pc from a year earlier and import prices rose 1.8pc. The forint weakened more than 12pc against the euro and 20pc to the dollar on average in the first eleven months from a year earlier.

    In foreign currency terms, eleven-month foreign trade prices fell around 10pc.

    Exports of machinery and equipment, making up three fifth of exports, fell 16pc in volume terms in the first eleven months of 2009 from a year earlier, and their imports, making up almost half of all imports, fell 21pc yr/yr in the period. Within the product group, the volume of January-November road vehicle exports were down by two-thirds and imports halved, but the export contraction slowed to 10pc in November from the low base a year earlier.

    January-November trade of telecom equipment and consumer electronics products hardly changed as both exports and imports has risen since the summer after the sharp fall at the beginning of the year turned into a rise in the summer.

    Among manufactured products, the contraction of the volume of iron and steel trade slowed to 15-20pc yr/yr since October but their eleven-month volume was still down 40pc yr/yr.

    The eleven-month volume of both pharmaceuticals exports and imports were slightly above the respective year-earlier level. Energy product import volumes, in contrast, were down 20pc yr/yr in January-November, with prices down 11pc.
Gas imports volume fell the most but in November alon it already rose almost 40pc yr/yr. Crude oil and products imports fell less than the average, and electricity import volumes has been rising at an increasing pace yr/yr since June.

    The export volume of food, beverage and tobacco products was little changed in January-November from a year earlier, their imports fell 7pc. Eleven-month grain and grain product exports were up yr/yr but they fell below year-earlier levels since July. The volume of live animal and meat exports and imports exceeded year earlier levels in the first eleven months.

    Export volume to the European Union fell 12pc yr/yr in January-November and the volume of imports from the EU fell 20pc yr/yr. Hungary's surplus with EU countries widened by almost EUR 1.9bn to EUR 8.618bn. A steep contraction of trade with the biggest partner, Germany slowed considerably in November, import value was already level with a year earlier and exports were down only 5pc yr/yr.

    The surplus with the EU-15 countries more than doubled to EUR 5.613bn in January-November 2009 while the surplus with the new EU countries fell by almost EUR 1.2bn to just above EUR 3bn.

    Non-EU trade fell 20pc both ways. Trade with European countries outside the EU showed an eleven-month surplus of EUR 942m instead of a EUR 417m, and the deficit with Asian countries narrowed EUR 1.6bn to EUR 6.116bn in the period, mainly due to improved balances with China, Taiwan and Japan.