In the sixth month of the year, Hungary’s foreign trade posted a surplus of 581 million Euros (172 billion Forints). In the first half of 2013, exports and imports were up by 1.9 percent and 3.2 percent, respectively, in comparison to the figures recorded for the initial six months of 2012.

In the first half of 2013, thanks mainly to an upturn in the second quarter, the volume of the imports and exports of machinery and equipment – which constitute 45.4 percent of total imports and 53.6 percent of exports – was up by 2.5 percent and 2.6 percent, respectively. The fact that in this product category the foreign trade turnover of road vehicles increased year-on-year with regard to both exports and imports signals a positive tendency.

The largest factor contributing to import growth was vehicle component trade, while the increase in exports was chiefly the result of vehicle turnover. According to the latest flash report of the Hungarian Central Statistical Office (KSH), in June 2013 the volume of exports decreased by 2.9 percent, whereas that of imports was up by 1.1 percent in comparison to the corresponding period of the previous year.

The value of exports to and imports from EU member states, which constitute a significant proportion of total, was EUR 30.8bn and EUR 25.8bn, respectively, in the observed period. Hungary’s foreign trade surplus with these countries totalled EUR 4.9bn, which is 304.4 million Euros more than the amount registered in the same period of the previous year. The volume of exports to and imports from the European Union increased by 1.7 percent and 1.1 percent, respectively, in comparison to the first half of the previous year. Exports and imports vis-á-vis non-EU countries were up by 2.4 percent and 8.1 percent, respectively.

In the period June-August 2013, manufacturing sector investments which have already been announced or implemented are expected – in addition to creating new jobs – to also contribute significantly to the growth of Hungary’s foreign trade surplus in the future, as the country’s exports will continue to pick up steam.

(Ministry for National Economy)