The volume growth of Hungary’s foreign trade has remained on an upward path: in November 2013, exports and imports were up by 6.3 percent and 2.9 percent, respectively, year-on-year. Thanks to the revival of trade activity, foreign trade surplus increased to EUR 825 million, slightly below the two-and-a-half year record of EUR 830 million registered in September 2013.

In January-November last year, exports and imports were 4.5 percent and 4.4 percent higher, respectively, in comparison to 2012. In November last year, exports and imports totalled EUR 7.4bn and some EUR 6.6bn, respectively. Thus, foreign trade posted a surplus of EUR 825 million, EUR 258 million above the figure in the corresponding period of the previous year. The surplus of foreign trade in January-November 2013 was EUR 7bn, up by EUR 470 million compared to the level of the previous year.

In January-November 2013, imports and exports of machinery and transport equipment, constituting 50 percent of total turnover, were up by 3.6 percent and 4.7 percent, respectively. The foreign trade volume of road vehicles has also been reinvigorated thanks to new, Hungarian-made models: exports were up by almost one-fourth and imports by one-sixth in the observed period. As far as manufactured products are concerned, exports and imports increased markedly, by 7 percent and 6.7 percent, respectively, in comparison to January-November 2012. The foreign trade of products related to the chemicals and vehicle manufacturing also surged.

In accordance with the “opening to the east, retaining the west” policy set out in Hungary’s foreign trade strategy, foreign trade volume increased vis-á-vis both the EU member states and non-EU countries. With regard to the former, in January-November 2013 Hungarian foreign trade surplus was up by EUR 9.4bn. Exports to and imports from EU member states improved by 3.7 percent and 4.3 percent, respectively, compared to January-November 2012. The volume of exports to and imports from non-EU destinations gained 6.8 percent and 4.6 percent, respectively.

(Ministry for National Economy)