In December 2014, the volume of exports and imports both increased by 11 percent in comparison to the corresponding period of the previous year. On an annual basis, the aforementioned indicators improved by 7.1 percent and 8.8 percent, respectively.

Over the past one year, foreign trade has been fuelled by the vehicle manufacturing sector and related sub sectors, while this year’s expansion is set to gain additional momentum by a model change at Suzuki and the three-shift work schedule in place at Audi since August 2014.

The value of exports and imports totalled EUR 6.4bn and EUR 6.1bn in December 2014. Thus, in the final month of the year foreign trade posted a surplus of EUR 345 million, up by EUR 120 million year-on-year. In the entire year of 2014, Hungary’s foreign trade surplus was significant (EUR 6.4bn).

The volume of imports and exports of machinery and equipment increased by 8.2 percent and 8.9 percent, respectively, in the period January-December 2014. As far as manufactured goods are concerned, the volume of exports and imports was up by 6.4 percent and 8.9 percent compared to January-December 2013. The volume of exports and imports regarding food, beverages and tobacco products edged up by 2.6 percent and 6.8 percent, respectively, in comparison to the same period of the previous year. The share of exports to and imports from EU member states was 78 percent and 75 percent, respectively, and these indicators grew by 8.7 percent and 13 percent, respectively, compared to the corresponding period of 2013.

The Ministry for National Economy is expecting this positive trend to continue. This assumption is confirmed by the fact that domestic consumption has been on the rise for one-and-a-half years and industrial output has been increasing for the sixteenth consecutive month. On the other hand, negative factors – such as the Russia-Ukraine conflict or subdued growth on export markets – may be offset by the excellent performance of Hungary’s vehicle manufacturing sector.

(Ministry for National Economy)