Hungary's export growth recoils
Hungary posted a trade surplus of EUR 610 million in June. There was no dynamic growth either in imports or exports - the latter even decreased some in the past two months.
Highlights of the trade statistics:
  • The rate of export growth exceeded (for the first time in four months) the rate of import growth.
  • As a result, trade surplus came in high at EUR 610 m in June.
  • The growth rate of trade remained subdued; the yr/yr growth rate did not reach even 5% in both relations.
  • Moreover, if we take a look at the seasonally-adjusted readings exports even dropped slightly in annual terms.

It is an interesting controversy that while industrial production keeps delivering nice figures, exports are not doing so well. These two kinds of trends lead us to the conclusion that the slackening business cycle in Europe is in fact slowing down the Hungarian economy too, but for now the impact is not too significant. If vehicle manufacturing capacities manage to offset this weakening business cycle in exports the Russia-Ukraine crisis may not have shockingly bad implications in the short run.

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