Positive trends in Hungary’s trade continued in May as well: including the month’s growth, Hungary’s foreign trade balance posted a surplus of EUR 3.5 billion in the period from January to May. This figure is EUR 741 million higher than in the corresponding period last year.

In spite of unfavourable calendar effects – this year Pentecost was in May, while last year it was in June – exports also increased in May (by 1.7%), while imports decreased by 0.8%. Once this temporary effect ends, the dynamic expansion of foreign trade can continue in the coming period.

In May 2015 exports reached EUR 7.2 billion, while imports were at EUR 6.7 billion, thus the foreign trade surplus amounted to EUR 507 million. This figure is EUR 225 million higher than for May last year. Exports in the first five months of the year surpassed EUR 37 billion, while imports reached almost EUR 34 billion, meaning that Hungary recorded a foreign trade surplus of EUR 3.5 billion in January–May 2015.

For machinery and transport equipment, exports in May increased by 2.1% and imports by 1.7%. For processed goods, exports increased by 1.3% and imports by 0.8%; more specifically, foreign trade turnover in pharmaceuticals and pharmaceutical products increased by more than one tenth, and similar growth was also recorded in the field of chemicals. The exports of food products, beverages and tobacco products increased by 3.6%, while imports recorded 6.7% growth. The volume of wheat and wheat produce exports was one and a half times higher than last year.

Data from the first five months of the year shows that the dynamic expansion of car manufacturing (up 22.6%), exports from electronic companies and a significant increase in pharmaceutical exports (up 17.8%) have also contributed to the expansion of Hungarian foreign trade. Favourable foreign trade processes have played an important role in the fact that the Hungarian current account balance has posted a record in the first quarter of the year. All this allows Hungary to reduce its external debt at a faster pace than expected, and it significantly reduces the vulnerability of the Hungarian economy.

All in all, these favourable export trends are expected to remain for the rest of the year; as a result of these, foreign trade could significantly contribute to the growth of the Hungarian economy in 2015 as well.

(Ministry for National Economy)