In September 2014, Hungary’s foreign trade volume continued to increase, as exports and imports were up by 9 percent and 10 percent, respectively. This growth resulted in an unprecedented foreign trade surplus of EUR 939 million, up by EUR 85 million year-on-year. These data were mainly the result of domestic economic expansion, steady output increases within the industrial sector – thanks especially to vehicle manufacturing and related divisions – as well as higher consumption.

Following temporary production suspension due to summer holidays, as companies had resumed work foreign trade has accordingly gained momentum: exports and imports totalled EUR 7.8bn and EUR 6.8bn, respectively, in September this year, and foreign trade posted a record high surplus of EUR 939 million in the observed month. In the initial nine months of the year, exports grew by 7.7 percent and imports gained 8.8 percent compared to the level one year ago. In this period, foreign trade surplus was also higher at EUR 5bn, constituting a year-on-year increase of EUR 105 million.

The volume of imports and exports of machinery and transport equipment was 7.8 percent and 8.9 percent higher, respectively, in the initial nine months of the year. Road vehicle manufacturing products continued to be the driver of growth, the exports of which soared by 40 percent compared to last September. The volume of exports regarding manufacturing industry products jumped by 7.1 percent, while an even higher increase of 9.8 percent was registered with regard to imports, compared to January-September 2013. In the observed period, the trade volume of medical and pharmaceutical products was some 5 percent higher. Imports of electricity and fuels gained 12 percent year-on-year, thanks to the filling-up of gas reserves. Exports to and imports from EU member states were up by some 10 percent and 14 percent, respectively, in the initial nine months of the year.

The Ministry is expecting that the long-term positive trend concerning foreign trade turnover will continue in the coming months. The upward industrial output growth trend in place for more than one year and steady increases in consumption will also underpin the above tendency.

Source: www.kormany.hu