Euro-area goods trade recorded a €16.1 billion deficit

The euro area recorded a €16.1 billion deficit in August goods trade with countries outside the currency bloc, after a €1.7 billion deficit a year earlier. Eurostat’s first estimate of 16 October reports current-price, non-seasonally-adjusted data. The European trading environment can matter to Hungarian suppliers through their foreign partners’ orders.

The euro value of exports rose 9.9 percent and imports 16.7 percent from the previous August. Faster growth in import value accompanied a larger deficit; changes in quantities shipped cannot be established from these value figures without separate price and volume information. This is our own presentation; Eurostat is not responsible for the interpretation.

The statistic measures the euro area’s aggregate external trade, not Hungary’s trade balance. An individual domestic company may follow a different path if its product mix, customer base or market share differs. For purchasing, contract currency, transport and the timing of repricing can also matter; the aggregate deficit cannot determine a certain forint exchange rate.

The latest details of Hungarian industrial exports cover domestic sales, while euro-area industrial production figures describe the production environment. The new trade numbers are provisional and may be revised. Eurostat’s next release is scheduled for 13 November; revisions to previous estimates deserve attention alongside the new month’s trade flows.