Hungarian export may hit record in 2017

The total value of Hungarian exports may reach the 100 billion euro landmark for the first time in 2017, based on data from the first nine months of the year, Foreign Minister Péter Szijjártó told parliament’s economic committee on Monday in Budapest.

With an export of 93 billion euros, Hungary’s trade surplus in 2016 reached 10 billion euros, Szijjártó said.

In an annual comparison, export has grown by 9 percent, 6.1 billion euros, he said. Fully 80 percent was directed to the European Union, he said. Export to countries outside of the EU grew faster than average, by 12 percent, the minister said.

As an export-oriented country, Hungary did well to open towards the fastest developing countries in the south and east, Szijjártó said.

Export to the East has grown by 15 percent, and to southern countries by 22 percent, he said.

Speaking of foreign investment in Hungary, Szijjártó said that, due to the government’s investment incentive system, 71 foreign investments launched in Hungary in 2016, totaling 1038 billion forints (EUR 3.3bn). In January-November 2017, 79 investments worth 949 billion forints were started, he said.

The government seeks to improve export possibilities for Hungarian companies worldwide and to entice foreign companies to invest in Hungary in an ever more competitive international environment, Szijjártó said.

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