In the initial seven months of the year, the volume of Hungarian exports and imports of goods rose by 8.3 percent and 6.9 percent, respectively, thus the foreign trade sector accumulated a surplus of EUR 4.9bn. In comparison to the corresponding period of the previous year, surplus was up by EUR 1.2bn.

According to preliminary data from the month of July, the volume of exports and imports was up year-on-year by 5.4 percent and 3.3 percent, respectively. The fact that import volume growth was behind that of exports may further improve the trade balance, Minister of State for Economic Regulation Béla Glattfelder said.

As he pointed out -- commenting on the latest data released by the Hungarian Central Statistical Office -- foreign trade surplus may this year hit a record high, as the surplus accumulated in the initial seven months of the year is clearly one of the highest amounts recorded in past years. This good result was partly the consequence of higher output at Hungary’s industrial sector and low oil and energy prices, he added.

Data also show that the manufacturing sector has recently posted massive export volume increases of several products. In addition to the motor vehicle manufacturing sector, the pharmaceuticals industry has also contributed to export growth, thus the structure of the trade of goods has also improved, Béla Glattfelder said.

(Ministry for National Economy)