Economy

Stats Office: Hungary’s Economy Posted €353 Million Annual Trade Surplus In June

In June 2015, Hungary’s export volume grew by 14% and import volume increased by 11% compared to the same month of the previous year, the Central Statistical Office (KSH) reported.  In the sixth month of the year, the external trade surplus increased by EUR 353 million compared to June 2014. As the positive trends continued in June, the country’s foreign trade surplus exceeded EUR 800 million and reached EUR 4.2bn in the first half of the year, resulting EUR 981 million higher figure than a  year ago.

source: ksh.hu
source: ksh.hu

As far as data from the first half of the year are concerned, the value of exports and imports was some EUR 45bn and EUR 41bn, therefore surplus reached EUR 4.2bn, about EUR 1bn higher than one year ago. The first half of the year was characterized by the robust growth of the motor vehicle manufacturing (+23.3 percent) sectors as the March output was fuelled by increasing demand for the new Suzuki model. Almost half of export growth was attributable to road vehicle manufacturing sub sectors. However, the pharmaceuticals sector also saw significant growth (+22.7 percent), and this trend is expected to continue in coming months. Foreign trade surplus growth was also the result of lower gas demand due to a mild winter (-40.2 percent) and cheaper crude oil imports thanks to lower market prices (-26.6 percent).

According to the Economy Ministry, the Hungarian economy may record the highest ever foreign trade surplus this year. Commenting the KSH report, state secretary Béla Glattfelder said the Hungarian government  was expecting favourable export processes to continue for the remainder of the year, and the foreign trade sector is anticipated to be a large contributor to Hungarian economic growth in 2015.

via ksh.hu and kormany.hu photo: nol.hu