“The fact that, as a country of just over ten million people, Hungary produces 105 billion euros in exports is a tribute to the work of the Hungarian people”, Minister of Foreign Affairs and Trade Péter Szijjártó said in reaction to the foreign trade figures published by the Central Statistical Office (CSO) on Monday.

Based on the CSO’s second set of estimates, in 2018 euro exports increased by 4.2 percent, imports were 7.3 percent higher than in the previous year, and the foreign trade surplus was 5.557 billion euros, 2.520 billion euros less than the 2017 figure of 8.078 billion euros. The total value of exports increased to 104.885 billion euros from 100.680 billion euros in the previous year, while imports increased to 99.327 billion euros from 92.602 billion euros in 2017.

“Behind the increase in imports are the investment figures, which are breaking records every year: the number of investing companies is increasing, and factories are being built in which international companies are installing machinery that predominantly produce for export”, the Minister explained.

He also explained that the export performance of the Hungarian economy achieved a record value last year; the income of the enterprises operating in Hungary was 105 billion euros, out of which they can create new jobs, increase the salaries of their employees, and realise technological development projects that increase added value, thus facilitating the dimensional shift of the Hungarian economy. “There is huge global competition not only for investments, but also for export opportunities. The Hungarian Government is also doing everything possible to help the enterprises operating in Hungary to market their goods and services on as many foreign markets as possible”, he said.

Mr. Szijjártó also spoke about the fact that Germany is the Hungarian economy’s number one export market: last year, 27 percent of exports were destined for Germany. “Germany is the European Union’s strongest economy, and the quality of the work of the Hungarian people is clearly indicated by the fact that we are able to ship products and services to the strongest European economy in this quantity”, he explained. “It is also becoming clear that the strength of Central European economic cooperation is beginning to catch up to that of political cooperation, in view of the fact that three out of Hungary’s five largest exports markets, Slovakia, Romania an Austria, are neighbouring countries, and all three of our Visegrád Group partners are in the top ten. This clearly indicates that Central European economic cooperation is becoming increasingly strong, and cooperation between the Central European region and Germany could be the engine of growth of the European economy in the upcoming period”, he emphasised.

“The Hungarian investment environment is one of the most favourable in Europe, as confirmed by the lowest tax rates in Europe, the competitive knowledge of the Hungarian people, and the export figures”, he also pointed out.

(Cabinet Office of the Prime Minister/MTI)