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InstaForex - Official partner of Dragon Racing

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InstaForex - Official partner of Dragon Racing

2010.07.0905:14:00UTC+00Hungary's Trade Surplus Rises Slightly In May

Hungary's trade surplus remained largely unchanged in May with only a minimal increase from last year, official data showed Friday.

The trade surplus rose slightly to EUR 428.8 million in May from EUR 424.2 million a year ago, the Hungarian Statistical Office said. Economists were expecting the surplus to be EUR 555 million. Exports increased 22.7% during the month and imports were up 24.9%.

Year-to-date, the trade surplus increased to EUR 2.25 billion from EUR 1.4 billion during the same period last year. Exports increased 19% annually during the period and imports rose 16.3%.

During the first quarter, Hungarian economy grew 0.1% year-on-year in the first quarter compared to the 4% decline in the previous quarter. Meanwhile, Prime Minister Viktor Orban's economic adviser Gyorgy Szapary has said that Hungary is planing to extend its existing loan agreement with the International Monetary Fund by two months until the end of 2010. In addition, the country is seeking a new precautionary loan from the Washington-based lender in 2011 to restore market confidence.

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