Hungary survives Russian embargo by raising exports in neighbouring countries

Belgrade (MTI) – Hungarian companies have been able to survive the negative effects of a Russian embargo by successfully selling surplus products on the markets of neighbouring countries, Gyula Budai said.

The ministerial commissioner in charge of foreign trade measures triggered by the Russian embargo told MTI over the phone from Belgrade, where he held talks on Tuesday, that Hungarian-Serbian trade was growing steadily. Hungarian companies were able to raise their exports on the Serbian markets and new companies joined in, too, he said.

Budapest had asked Serbian agricultural officials to support Hungary’s efforts to sell surplus goods on Serbian markets, he added.

“This was successful,” Budai said, adding that exports rose mainly in processed food, vegetables, fruit, water fowl, poultry and pork.

Hungary exported products which would have caused a surplus on the domestic market to Serbia, Macedonia and Montenegro.

Last August Russia introduced a one-year embargo on imports of beef, pork, fruit, vegetables, poultry, fish, cheese, milk and dairy products from the European Union, the US, Australia, Canada and Norway. The measure has caused Hungary estimated losses of 70 million forints (EUR 236,000) daily, Budai said.

Source: http://mtva.hu/hu/hungary-matters