After a decline in May, Hungary’s monthly national current account deficit increased to 806 million euros in June, the same level as in previous months, according to preliminary data released by the Hungarian National Bank (MNB) on Monday. The current account deficit was €370 million in May and €780 million in April and March.
Although capital account assets rose from a modest €35 million in May to €222 million, the improvement of €187 million was not enough to offset a deterioration of €436 million. million euros of the current account balance. External financing needs, calculated from the combined balances of current and capital accounts, accepted as an overall indicator of the country’s external financial position, fell from 108 million euros in April and 335 million euros in May to 584 million euros in June.
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The deterioration of the current account was caused by the flow of funds linked to foreign trade in goods. Export receipts fell by 124 million euros compared to May, while import outflows increased by 377 million euros, increasing the deficit from 501 million euros to 907 million euros. The foreign trade surplus of services increased by 81 million euros to 732 million euros, of which the travel services asset increased by 26 million euros to 357 million euros.