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Hungary Posted €848 Million Trade Surplus In February

By Tamás Székely // 2015.05.05.

Hungary had a 848 million euro trade surplus in February 2015, the Central Statistical Office (KSH) said in a second reading of data on Monday. The surplus was revised downwards from 935 million euros in the first reading released on April 8. The surplus was 41 million euros over the surplus in February 2014. Exports increased by 6% to 7.2 billion euros. Imports were up by 6.1% at 6.3 billion euros.

source: KSH

source: KSH

The volume of exports and imports of machinery and transport equipment soared by 12 percent and 9 percent, respectively. Soon-to-be-completed projects have also contributed to the more than 10 percent growth registered, in both directions, of the trade of electrical machinery, apparatus and appliances. Thanks to the launching of new vehicle models manufactured in Hungary, the volume of exports of road vehicles jumped by some 25 percent. The import volume of telecommunications and sound recording and reproducing apparatus and equipment rose by more than 10 percent. The export and import volumes of manufactured goods were up by 6.8% and 12%, respectively. As for the medicinal and pharmaceutical products, the sector with the largest weight, grew by one-fifth and two-fifths, respectively. Although the trade embargo against Russia has slowed down the dynamics of food exports, the export volume of food, beverages and tobacco products was up by 2.5 percent.

In response to the data the Economy Ministry said that the industrial output and the export performance were expected to be further boosted by the launching of the new Suzuki model at the beginning of March and the introduction of a three-shift work scheme at Audi. According to the Ministry, the revival of external demand may also improve the export growth outlook. “In light of trends at the beginning of the year, trade volume growth has become sounder, as besides the vehicle manufacturing sector, the export volume of pharmaceuticals is also expected to be a key factor”, the Economy Ministry said.

via, and photo: public domain