Hungary posts EUR 674 m trade surplus in July

Budapest, September 9 (MTI) – Hungary posted a preliminary trade surplus of 674.2 million euros in July, up from 235.9 million in July, the Central Statistical Office (KSH) on Wednesday shows.

Exports grew by 5.4 percent to 7.737 billion euros during the period and imports rose by 2.3 percent to 7.063 billion.

In January-July, the trade surplus reached 4.880 billion, up by 1.217 billion euros from the same period last year. Exports expanded by 7.6 percent while imports were up 5.5 percent.

Economy ministry state secretary Bela Glattfelder said the data showed that Hungary’s economy had become more competitive with rising exports. He said the surplus was partly due to low oil prices on the international market. Glattfelder said Hungary is likely to post a record trade surplus in the whole of 2015.

Erste analyst Gergely Urmossy said the trade surplus in July was slightly larger than expected, mainly because of the output of exporting automotive companies. The full-year trade surplus will be above 7 billion euros or even exceed 7.5 billion if economic growth in China continues and growth in the Eurozone strengthens, he said.

Takarekbank analyst Gergely Suppan said the trade data were better than expected, lifted by a stronger European economy and capacity growth in the industrial sector in Hungary. The July numbers reflect improved terms of trade due to falling oil prices and growing exports, he added. He said the trade surplus for the full year could reach 8.3 billion euros.

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