In the second month of the year, the volume of Hungary’s foreign trade continued to rise: the volume of both exports and imports gained some 9 percent. Thanks to improving performance, the country’s foreign trade surplus was up by EUR 41 million higher year-on-year, to EUR 850 million. 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.

As far as the initial two months of 2015 is concerned, the value of exports and imports totalled EUR 14bn and EUR 12.5bn, respectively, resulting in a trade surplus of EUR 243 million. Foreign trade turnover has been bolstered by both external and domestic demand growth. Exports to and imports from EU member states were up year-on-year by 7.7 percent and 7.8 percent, respectively, in the initial two months of the year.

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. The exports and imports of 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.

Industrial output and – as a consequence – export performance are 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. The revival of external demand may also improve the export growth outlook.

(Ministry for National Economy)