Hungary's foreign trade surplus widened by 18.3% y/y to EUR 1.93bn in the first quarter 2014, the statistics office said, revising down the preliminary estimate of EUR 1.92bn, published on May 8. Exports grew by 5.1% y/y to EUR 20.83bn in Q1 2014, while imports grew at the slower pace of 3.9% y/y to EUR 18.9bn.
In terms of specific commodity groups, exports of machinery and transport equipment, which had a 53.9% share in total, expanded by 6.4% y/y to EUR 11.2bn. Exports of manufactured goods increased by 4.8% y/y and accounted for a third of the total (32.3%). Exports of food, beverages, tobacco advanced by 11.3% y/y. By contrast, exports of crude material as well fuels and electric energy declined by 11.9% and 8.3% y/y, respectively.
On the import side, manufactured goods advanced by 8% y/y. Imports of machinery and transport equipment, which was the most traded category in the period with a 45.1% share of total, increased by 6.7% y/y to EUR 6.8bn. Imports of food, beverages, tobacco were up by 7.1% y/y as well, while imports of crude materials stagnated in the period. Finally, imports of fuels declined by 15.3% y/y in Q1.
In March alone, Hungary's foreign trade surplus widened by 3.1% y/y to EUR 688mn as exports rose by 7.3% y/y, while imports were up by 8.6% y/y.
|Foreign trade in Q1 2014, EUR mn|
|Import||% y/y||Export||% y/y|
|Food, beverages, tobacco||1,006||7.1||1,662||11.3|
|Fuels, electric energy||2,138||-15.3||642||-8.3|
|Machinery and transport equipment||8,531||6.7||11,219||6.4|
Union leaders are preparing for the first country-wide strike at Tesco stores in Hungary, which has unanimous support from workers, local media reported on September 4. This is just the latest in ... more
The Moscow-based International Investment Bank (IIB) announced on August 9 that it has signed off on its debut credit facility in Hungary. The Russian-led IIB decided around five years ... more
Manufacturers in Central Europe reported a step back in activity and confidence in July, purchasing managers’ indices (PMI) released by IHS Markit on August 1 showed. While, the indicators still ... more