The volume of Hungary’s foreign trade turnover is increasing: in February 2014, exports and imports gained 8 percent and 7.8 percent, respectively, compared to the corresponding period of 2013. Thanks to the increases, Hungary’s foreign trade surplus was EUR 112 million higher than one year ago, totalling EUR 760 million.

In the second month of this year, the value of exports and imports was EUR 6.9bn and EUR 6.1bn, respectively. In the initial two months of the year, the imports and exports of machinery and transport equipment were up by 8.6 percent and 6.7 percent, respectively. With regard to both inbound and outbound trade, the key growth engine driving the increase continued to be the road vehicle division, as exports and imports concerning this product category soared by some 150 percent in comparison to the same period of 2013. Power generating machinery and equipment continued to be the main product group boosting imports, while motor vehicles were the primary growth factor behind the increase of exports. Exports and imports of manufactured products increased by 7.5 percent and 10 percent, respectively, year-on-year. The trade turnover of food, beverages and tobacco products also picked up, gaining 16 percent and 7.8 percent, respectively, compared to January-February 2013.

In the initial two months of 2014, 79.5 percent of exports headed to and 75 percent of imports originated from EU member states. Exports to and imports from EU member states was up by 9 percent and 15 percent, respectively, compared to January-February 2013.

(Ministry for National Economy)