In the initial eleven months of 2014, the volume of exports and imports soared by 6.7 percent and 8.2 percent, respectively, in comparison to the corresponding period of the previous year. In November 2014, Hungary’s foreign trade showed a surplus of EUR 843 million, and thus in the initial eleven months of 2014 a surplus of EUR 6.2bn was accumulated. The Ministry for National Economy reckons with further growth in 2015.

In line with favourable processes within the industrial sector, foreign trade turnover growth has also accelerated. In November 2014, the volumes of exports and imports were both up by 5 percent in comparison to the same period in 2013.  The volume of exports and imports totalled EUR 7.6 percent and EUR 6.8 percent, respectively, and foreign trade surplus increased by EUR 87 million year-on-year.

The volume of imports regarding machinery and transport equipment grew by 7.1 percent, while that of exports increased by 7.9 percent in the initial eleven months of 2014. The volume of exports and imports of manufactured products was higher by 6.8 percent and 9.1 percent, respectively, compared to January-November 2013. Exports of food, beverages and tobacco products edged up by 2.9 percent, while respective imports were 5.3 percent higher compared to the initial eleven months of 2013. The volume of exports to and imports from EU member states jumped by 8.4 percent and 12 percent, respectively, in the period January-November 2014.

The Ministry is expecting to see positive full-year data for 2014 and continuing growth this year. This assumption is underpinned by an upward domestic consumption trend in place for one-and-a-half year now and the fact that industrial output has been on the rise for more than one year. Further expansion is expected from the model change of Suzuki at the beginning of the year and the new three-shift work schedule of Audi.

(Ministry for National Economy)