April lockdown causes trade volume to plunge

A lockdown to contain the spread of the novel coronavirus caused double-digit declines in Hungary's exports and imports in April, a second reading of data released by the Central Statistical Office (KSH) on Thursday shows. Exports fell by 37.2 percent year on year to 5.620 billion euros, while imports dropped 29.1 percent to 6.181 billion euros. The unusual and sizable 561 million euro trade deficit - albeit narrower than the 611 million euro gap in the first reading - was likely partly the result of imports of goods for pandemic defense. Hungary's government had spent almost 400 billion forints (EUR 1.1bn) to acquire supplies such as personal protective equipment and ventilators between the start of the pandemic and the end of April.