May 9 (Reuters) - Trade in central Europe posted some of
the largest surpluses in recent years in March, data showed on
Tuesday, as rising car exports and falling values of energy
imports flipped balances in the region away from the deep
deficits posted last year.
The Czech trade balance was in surplus for a third straight
month at 15.9 billion crowns ($749 million) in March, driven by
a 37% year-on-year rise in car exports, the statistics office
said. The value of gas and oil imports fell by more than 44%.
Similarly, in Slovakia, the monthly surplus of 804 million
euros ($885 million) was the highest since October 2020, with
the value of exports - at more than 10 billion euros - the
highest in the last decade.
Hungary's trade posted a second straight monthly surplus as
it soared to 899 million euros, the highest since January 2021.
Its quarterly surplus of 1.07 billion euros compares to a 1.30
billion euro deficit a year earlier.
A surge in energy import prices after Russia invaded Ukraine
and Moscow cut gas supplies to Europe led to deep trade deficits
in the region last year. However, that has flipped early in 2023
as energy prices ease and manufacturing supply snags, such as
shortages of chips for cars, have let up somewhat.
While the outlook for energy prices remains uncertain,
analysts said trade balances should continue to improve.
"While (Hungarian) domestic demand is expected to remain
restrained in the upcoming months, new export capacities could
contribute to further positive developments in the external
balance, which could also back the forint in the short-term,"
Erste Group Bank said.
With car production improving and energy costs having less
impact, economists at Komercni Banka forecast the Czech trade
deficit will shrink in 2023 to around 26 billion crowns, a
fraction of the 200 billion crown gap last year, before a return
to surplus in 2024.
($1 = 21.2420 Czech crowns)
($1 = 0.9084 euros)
(Reporting by Jason Hovet in Prague and Boldizsar Gyori in
Budapest; Editing by Christina Fincher)
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