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Hungary Posted €709 Million Trade Surplus In January

Tamás Székely 2015.04.01.

In January 2015, Hungary’s export and import volumes grew by 7.4% and 5.8%, respectively in external trade in goods compared to the same month of the previous year. The Central Statistical Office (KSH) latest report shows that in the first month of the year, the external trade surplus increased by EUR 202 million, reaching EUR 709 million (HUF 225 billion). While the value of exports amounted to EUR 6.8 billion (HUF 2,161 billion), the volume of import reached EUR 6.1 billion (HUF 1,937 billion), KSH said. As result of these, Hungary’s exports increased by 3.7% while imports grew by 0.7% in EUR terms compared to the same month of the previous year.

The volume of imports and exports regarding machinery and transport equipment soared in January 2015 by 10 percent and 11 percent, respectively, in comparison to the same period of the previous year. As far as manufactured products are concerned, exports and imports expanded by 6.9 percent and 5.9 percent, respectively. The main factor behind this increase was the volume of sales concerning medicine and medical products. Within the vehicle manufacturing sector, the volume growth of imports of tires and components required for new car models was above-average, while export growth was fuelled mainly by the sale of passenger cars. KSH’s latest data are also signalling that consumption has been picking up as the volume of imports regarding telecommunications, sound recording and reproducing apparatus and equipment was up again.

The share of exports to and imports from the EU was 80 percent and 76 percent, respectively, of the total trade volume; compared to the corresponding period of 2014, the volume of exports increased by 7.6 percent, while that of imports was 7.7 percent higher. The trade volume with non-EU countries was also higher, with year-on-year export volume growth of 6.9 percent. The Economy Ministry is expecting this positive trend to continue in the coming months. This anticipation is being underpinned by steady industrial output growth and the 32 percent jump in the volume of export orders registered in the month of January 2015, the Minsitry said in response to KSH’s fresh report on Hungary’s external trade.

via and photo: public domain