In August 2015, the volume of exports and imports was up by 6.6 percent and 7 percent year-on-year, respectively. The surplus in the month of August 2015 was EUR 455 million, up by EUR 21 million compared to the month of August 2014. In the period January-August 2015, accumulated surplus reached EUR 5.3bn. Along with the export of machinery and equipment, the export volume of pharmaceuticals products has also contributed to export growth and improved its composition.

In the initial eight months of the year, Hungary’s exports and imports of goods increased by 8.1 percent and 6.9 percent, respectively. Thus, foreign trade surplus totalled EUR 5.3bn in the observed period, up by EUR 1.2bn year-on-year.

In light of available data, the composition of export growth has slightly changed in the initial eight months of the year. The dynamic growth of the export volume of motor vehicles (+22.1 percent) and related products continued, as almost half of the total increase was attributable to this sector. Within that, the volume of exports and imports of machinery and equipment increased by 8.1 percent and 10 percent, respectively, while the export and import volumes of manufactured goods were 6.8 percent and 8.6 percent higher, respectively.  Among chemicals industry products, the import volume of pharmaceutical and medical products grew by some 16 percent, driven mainly by demand from the EU.  The volume of exports and imports of food, beverages and tobacco products was up by 5.4 percent and 7.7 percent, respectively, while the import volume of fuels and electricity fell by 6.5 percent.

The volume of exports to and imports from EU member states increased sharply in the initial eight months of the year, by 9.4 percent and 9 percent, respectively.

In the remainder of the year, favourable trends are expected to continue: in addition to export growth, imports are also seen to increase dynamically thanks to new investment projects prognosticated for the second half of the year.

(Ministry for National Economy)