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German Carmaker Giants Boost Hungary’s Foreign Trade Results

Tamás Székely 2015.06.08.

The upward trend in Hungary’s foreign trade results is continuing, with a big contribution from carmakers, Zoltán István Marczinkó, deputy state secretary at the economy ministry, said. German carmakers Audi and Mercedes-Benz are both introducing third shifts at their respective plants, contributing greatly to the positive trend, he told public radio.

Hungary posted a trade surplus of 533.6 million euros in April, the Central Statistical Office (KSH) said in a first reading of data. Exports rose by an annual 8.9% to 7.671 billion euros. Imports were up by 9.3% at 7.137 billion euros. In January-April the trade surplus was 3.02 billion euros. Exports rose by an annual 8.0% to 29.959 billion euros. Imports increased by 6.6% to 26.939 billion euros. Marczinkó said the processing industry and agriculture have also contributed to Hungary’s January-April trade surplus.

Gergely Suppan, Takarékbank’s senior analyst, said this year’s trade surplus could jump to around 8.4 billion euros from last year’s 6.4 billion euros, as lower oil and energy prices could offset rising imports stemming from increased household consumption. András Balatoni, ING Bank’s senior analyst, noted that export growth had slowed in April from the previous month, but said it was not the sign of a trend.

via and photo: Gergely Botár MTI/