In January 2015, foreign trade continued to expand: the volume of exports and imports was up by 7.4 percent and 5.8 percent, respectively, compared to the corresponding period of the previous year. The manufacturing sector has remained the main driving force of foreign trade: in the first month of the year, sales related to vehicle manufacturing and related divisions saw a massive gain again. The value of exports and imports totalled EUR 6.8bn and EUR 6.1bn, respectively, in the observed period, and thus the sector posted a surplus of EUR 709 million, up by EUR 202 million, year-on-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. The 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 Ministry for National Economy 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.

(Ministry for National Economy)