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Hungary Posted €929M Trade Surplus In March As Exports Rose By 13% Year-On-Year

By Tamás Székely // 2015.06.01.

Hungary posted a foreign trade surplus of 929 million euros in March based on a second reading of the data, unchanged from the preliminary figure, the Central Statistical Office (KSH) said. Exports rose by 13% to 8.257 billion euros from the same period a year earlier. Imports were up 9.8% at 7.327 billion euros. For January-March, the trade surplus reached 2.487 billion euros. Exports rose by 7.7% to 22.288 billion euros and imports were up 5.7% at 19.801 billion euros.

Béla Glattfelder, state secretary at the economy ministry, welcomed the data as “extremely favourable”. He said if positive trends continued, Hungary may post a foreign trade surplus of 9 billion euros by year-end, surpassing all records. He said the Hungarian economy had strengthened considerably in the recent period, especially industrial output. Vehicle manufacturing has improved, with several new model cars out on the market. Low energy prices on international markets have helped Hungarian exports, he said. Hungary has increased its exports to US dollar-based economies due to the dollar’s strengthening to the euro. While Hungary’s exports are still 80% to EU countries, exports to non-EU states are rising rapidly, Glattfelder added.

Meanwhile Hungary’s seasonally-adjusted Purchasing Managers Index has also increased. Hungary’s PMI rose to 55.1 points in May from 51.2 in April, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said. An index value above 50 shows expansion in the manufacturing sector, while a value under 50 signals contraction. The index has been over the growth threshold for more than a year.

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