The multi-month upward trend of the volume of Hungary’s foreign trade continued in 2014: in the first month of the year, exports and imports increased by 6.1 percent and 3.6 percent, respectively, while foreign trade surplus is up by EUR 209 million, to EUR 482 million, in comparison to January 2013. Industrial output growth and the significant increase of industrial export orders have already augured positive data.

In January, the growth of exports exceeded that of imports, while foreign trade volume as a whole was rising dynamically. In January 2014, the value of exports and imports was EUR 6.6bn and EUR 6.1bn, respectively.

In the first month of the year, the volume of imports and exports of machinery and transport equipment gained 7.6 percent and 5.6 percent, respectively. The main driving force behind the increase in both directions continued to be the sales of road vehicles: while exports of road vehicles were up by more than 50 percent, imports were some one-third higher year-on-year. The key category lifting imports was that of components, while the division of motor vehicles was the most positive factor for exports.  The exports and imports of manufactured products were also higher by 5.6 percent and 10 percent, respectively. The trade volume of food, beverages and tobacco products also registered growth with exports and imports up by 15 percent and 7.9 percent, respectively, compared to January 2013.

In January 2014, Hungarian exports to and imports from the EU member states constituted 80 percent and 74 percent of total, respectively. In comparison to January 2013, Hungarian exports and imports vis-á-vis these countries were up by 7.2 percent and 14 percent, respectively. Exports to non-EU countries increased by 2 percent and thus the foreign trade deficit with these countries shrank by EUR 445 million.

In light of rebounding external demand and the dynamic growth of the motor vehicle sector the Ministry for National Economy is expecting foreign trade turnover to continue to improve.

(Ministry for National Economy)