Rising foreign trade surplus helps reduce Hungary’s external debt burden faster and at a larger extent than previously expected, Minister of State for Economic Regulation Béla Glattfelder told public news channel M1, commenting on foreign trade data released by the Hungarian Central Statistical Office (KSH).

As the Minister of State pointed out, in the initial six months of the year foreign trade surplus was 30 percent higher year-on-year. In the observed period, the volume of Hungary’s exports exceeded that of imports by EUR 4.3bn, and this tendency may result in an all-time record by year-end.

Trade data show, he added, that the country has been performing excellently on foreign markets. The country has improved in terms of competitiveness and exports are rising much faster than imports. This trend is expected to continue in the second half of the year, as Hungarian companies have implemented investment projects that will sustain this process.

International market environment has also been favourable for Hungary. For example, as crude oil prices are seen to stay below USD 50 per barrel import prices are also set to remain subdued in the second half of 2015. Furthermore, modest oil prices boost demand in Hungary’s traditional export destination countries, Béla Glattfelder stressed.

(Ministry for National Economy)