Hungary had a 1.009 billion euro trade deficit in October, the Central Statistical Office (KSH) said in a first reading of data on Thursday.
The gap widened from 745 million euros in September, but narrowed from 1.580 billion in August, the largest in a series of consecutive monthly deficits running for more than a year, an anomaly for Hungary, an export-driven economy where trade surpluses are the norm.
Exports rose by an annual 21.0 percent to 12.4 billion euros, while imports increased by 25.7 percent to 13.4 billion.
For the period January-October, Hungary’s exports increased by an annual 19.9 percent, while imports rose by 29.5 percent. The trade deficit reached 6.809 billion euros for the period.
Hungary has signed a 45 million euro agreement clearing the way for the start of development work on a port the country is establishing in Trieste, with a view to making it operational by 2026, the minister of foreign affairs and trade said in Rome on Wednesday.
Hungary purchased the plot to give Hungarian businesses quicker and easier access to sea ports, the foreign ministry cited Péter Szijjártó as saying after talks with Italian Deputy Prime Minister Matteo Salvini. Hungary presented its development plan to establish a port capable of handling 2.5 million tonnes of goods a year, Szijjártó said.
Hungary aims to make Trieste one of central Europe’s most important ports through the joint development programme, the minister added. Szijjártó praised Salvini, saying that “Europe still has politicians in leadership positions who are sober-minded when it comes to migration”. He said Salvini knew what it was like “when someone puts the protection of their country’s and Europe’s security over liberal hypocrisy”.
He said that like the Hungarian government, Salvini saw the security risks posed by immigration and had the courage to speak out against it. “It’s important for the voices speaking out against illegal migration to become one and as loud as possible, and to force Brussels to stop supporting migration,” Szijjártó said.
The minister said Hungary was under pressure both from the constant flow of refugees from Ukraine and “the illegal migrants keeping the southern border under siege”. The Hungarian authorities have prevented 225,000 people from crossing the country’s border illegally so far this year, he said, adding that criminal proceedings were under way against more than 1,500 people smugglers who had fired on police officers.
Migration should be stopped rather than managed, Szijjártó said, adding that if Brussels refused to change its “pro-migration policy”, Hungary could expect even greater pressure on its southern border, with the number of illegal entry attempts potentially exceeding the numbers seen in 2015. Regarding economic ties, Szijjártó said cooperation with Italy, one of the world’s most developed economies, could help Hungary avoid recession.
Italian businesses make up the ninth largest investor community in Hungary, Szijjártó said. Italy is Hungary’s fourth biggest trading partner, with bilateral trade turnover reaching a record 12 billion euros last year, and expected to increase by 20-25 percent this year, he added. Szijjártó is scheduled to meet Italy’s ministers for economic development and energy later in the day. He will also meet the head of the United Nations’ World Food Programme and the head of the Italian space agency, with whom he will sign a memorandum of understanding on the peaceful use of space.
Hungary had a 745 million euro trade deficit in September, the Central Statistical Office (KSH) said in a second reading of data on Thursday.
The gap – revised from 652 million euros in the first reading – was well under the 1.580 billion one in August, the largest in a series of consecutive monthly deficits running for more than a year, an anomaly for Hungary, an export-driven economy where trade surpluses are the norm.
Exports rose by an annual 29.0 percent to 13.367 billion euros, while imports increased by 35.1 percent to 14.112 billion euros.
Mahart Container Center, one of Hungary’s leading container terminal operators, has leased a new, 30,000 sqm operational area at Budapest Airport from September, which the tenant is using for storing shipping containers. The major advantage of the site is that it has excellent road connections, and can store up to 2800 TEU containers (twenty-foot equivalent units). The agreement brings Budapest Airport another step closer to becoming an intermodal hub. The establishment of the storage area is part of a series of development projects for which the European Union’s Connecting Europe Facility (CEF) has provided 14,841,000 EUR in funding in 2018.
In September, Mahart Container Center (MCC) took possession of the approximately 30,000 square meter operational area that Budapest Airport has established with support from the European Union, near the industrial rail track at the airport. MCC will primarily use the leased space to store empty containers, to supplement its existing container terminal in Csepel. The partnership is an important step towards intermodality for Budapest Airport; MCC will transport the containers to the requested location mainly by road.
“There is huge potential at Budapest Airport in terms of air freight transport, and even more potential if we look beyond the world of air transport,” said René Droese, Chief Development Officer for Budapest Airport. He added: “There is fierce competition between countries in the region for intermodal freight developments and investments. Here in Budapest, we have excellent conditions – logistics environment, infrastructure – for this, so we are delighted to welcome Mahart Container Center as one of the first representatives of intermodality at the airport as we jointly put Hungary at the center of the economic map of the region”, bud.hu said.
“The lease of the container depot at Budapest Airport fits perfectly into MAHART Container Center’s business policy. The area has excellent characteristics, it is easily accessible and is suitable for storing a large amount of containers. The containers stored here will help to relieve congestion at our Csepel terminal, contributing to efficient operations. By using the new depot, we will be able to serve new business partners, which will give us the opportunity to further develop environmentally friendly intermodal transport solutions,” said managing director Zoltán Fábián.
The final destination for air cargo arriving at Budapest Airport is not necessarily Hungary. In many cases, the cargo handled here is also used to supply other Central and Eastern European countries. Freight transport plays an extremely important role in supplying the economy and commerce, and thus, Hungarian society. Since its handover, the BUD Cargo City has been making steady progress towards becoming the leading aerial gateway to East-Central Europe, and opening to intermodal transport could further strengthen its role as a regional freight handling hub.
The development of the container terminal site is part of a major infrastructure development project for which the European Union’s Connecting Europe Facility (CEF) provided a total of 14 841 000 EUR in grants in 2018.
Trade is a tool to bring about peace and mutual understanding between communities, the regional development minister told a business forum organised by the Zala County and the Prekmurje chambers of commerce in Lenti, in southwest Hungary, on Thursday.
Joint economic regions, independent from “borders which merely outline administrative units”, make trade easier, cheaper and safer, thereby boosting growth and prosperity, Tibor Navracsics said.
Aleksander Jevsek, the Slovenian minister for development and EU cohesion, said the joint projects offer new business opportunities in the region. The next financial cycle prioritises digitalisation, innovation, green transition and shaping a smart society, and will offer opportunities to companies as well as local authorities and non-profits, the traditional beneficiaries of cross-border schemes, he said.
Hungary’s consumer price index in October was up an annual 21.1 percent and 2 percent higher month on month, the Central Statistical Office (KSH) said on Wednesday.
Household energy and food prices were the key drivers, increasing by 40 percent and 64.4 percent, respectively. Durable consumer goods prices grew by 14.9 percent, while the price of services rose by 8.3 percent. Core inflation, which excludes volatile fuel and food prices, was 22.3 percent. CPI calculated with a basket of goods and services used by pensioners was 23.6 percent.
Hungary trade deficit narrows to EUR 652 m in September
Hungary posted a trade deficit in September of 652 million euros, according to a first reading of Central Statistical Office (KSH) data published on Wednesday. The gap narrowed from 1.580 billion in August. Exports increased by an annual 27.5 percent to 13.214 billion euros, while imports were up 32.8 percent at 13.867 billion.
Trade with other European Union member states accounted for 76 percent of Hungary’s exports and 67 percent of its imports during the month. In the January-September period, Hungary’s exports grew by an annual 19.6 percent to 105.132 billion euros, while imports rose by 29.7 percent to 110.839 billion. The trade deficit amounted to 5.707 billion in the period.
Finance Minister: Government successful in taming budget
After a surplus in September, the budget posted a surplus of over 100 billion forints (EUR 248m) in October, the third largest October surplus in the past 20 years, Mihaly Varga, the finance minister, said on Wednesday. Varga said on Facebook the budget posted a surplus of 101.3 billion forints in October.
He added that the government was pursuing fiscal discipline in the face of the “sanctions crisis” while also guaranteeing the scheme to cap energy bills and preserving family benefits as well as the value of pensions.
Suppose you’re already investing your time and energy in the stock market and want to unravel the mystery of trading but don’t know where to start. In this article, we’ll show you how to combine your life with trading and make it as simple as possible.
Many people will tell you that trading is too complicated and that you must read hundreds of books to get started. But, if you don’t know where to start, it will be hard for you to understand the concept properly.
And this can be a problem because we have limited time. We’re busy with family and work, and maybe there’s even something we should do other than reading books.
Methods to combine your life with trading
Find a trading style that suits you
If you want to find out how to combine your life with trading, you first need to know what type of trader you are. There are many different styles of traders, and they have different personalities. Some people are emotional, and some are analytical. Others like to be with the crowd, and others prefer working alone.
Some people like day trading, while others prefer swing trading, and others prefer moving averages, etc. Knowing what kind of trader you want to be will help you decide which style suits you the best.
You should also find out a favorable platform among MT4 forex brokers, and that’s what a lot of people do. But there are many people who want to trade from the comfort of their own home. This makes forex very popular for people who want to combine their lives with trading. Because of this, forex is becoming more and more popular by the day.
Don’t ride the learning curve
When you first start, it may be tempting to learn everything about trading. But this is not a good idea because too much information will overwhelm you.
You should find a topic that interests you and then stick to that for a while before moving on to something else. This way, you’ll easily find what works for you and the next time you want to try something new, there won’t be overwhelming information that can confuse you.
Also, remember that you will never be perfect, and there will always be something that you will want to learn more about. But we can guarantee that if you learn about trading in this slow way, the odds of you losing money are very small.
Have a trading plan
It would help if you always had a plan on how to combine your life with trading. Plans are important because they give you something to focus on. This way, you’ll know what kind of trading style works for you and how you like to execute your trades.
It would help if you didn’t think about trading too much while away from home. You can relax and focus on your normal life unless there’s something that needs your attention in the market. The more time you spend thinking about trading, the less time you have for yourself.
Understand what you’re getting yourself into
When you first start, it might seem like you’re getting into a lot of money trading. There’s a lot of money going in and out of your account, which can seem very exciting. But this is not always the case.
The problem is that most people don’t know what they’re doing. They know how to read a chart, the basics of trading and technical analysis, but they don’t understand what the market is doing now. This lack of understanding can start to ruin your trade quickly.
What do you want out of life?
A fascinating survey reveals how people organize their days. On a typical weekday, the average American works for 7:45 hours. At the same time, the typical American spends only 25 minutes per day on schooling while watching 2 hours and 9 minutes of television daily.
Change your lifestyle
If you’re serious about trading, you have to change your lifestyle. This includes what time you go to bed and how much time you spend on the computer.
The problem is that many people spend all their time thinking about trading, and then, when it comes to action, they don’t know what they’re doing. They aren’t focused on the market and stand to lose money.
You should also remember that trading is gambling if you don’t know what you’re doing. If there’s one thing that can ruin your life, it is gambling. It’s not fun like other games because your life is at stake.
Get rid of the noise
In trading, it’s important to keep your mind open for new trading techniques and ideas. But you have to do this without getting overwhelmed.
Spending much time reading about trading and new things, you’ll never know what works for you. You should get rid of anything that creates noise.
Don’t compare yourself with other people
When you start trading, comparing yourself with others is easy. You start to watch everyone else and wonder what they’re doing behind you.
This is natural, but it’s not good because you won’t get anything done.
If you compare yourself with other successful people, you’ll feel like you’re wasting time because the others are better. It’s important to remember that all of us are in different stages of trading, and we shouldn’t compare ourselves with others.
The dangers of demo trading
The market is filled with traders looking for information about the best trading strategies. It’s easy to find information about demo trading; many learn how to trade from a demo account. Most people don’t use real accounts because they’re afraid they’ll lose everything.
This way, these traders are just trying new things without risking money. The problem is that they never learn what works and doesn’t because they never take any risks. When they finally get on a real account and make mistakes, they can do more harm than good.
Keep your eyes open
It’s important to focus on the markets and not on other traders. Remember that everything goes in cycles, and no trader will ever be perfect. It’s important to keep your eyes open, but you shouldn’t let them get in the way of doing what you want.
The market is always moving and adjusting, so you must do the same. Don’t focus too much on other traders because it won’t help you.
Hungary and Georgia’s governments have agreed to help companies find investment opportunities and business partners on one another’s market, State Secretary of Defence Tamás Vargha said after a session of the Hungarian-Georgian inter-governmental committee for economic cooperation on Friday.
On this occasion, the Hungarian University of Agriculture and Life Sciences and Shota Rustaveli University of Batumi signed a cooperation agreement, the ministry said in a statement. The agreement, Vargha said, may boost cooperation in wine production and other branches of agriculture with rich traditions in Georgia.
The state secretary confirmed Hungary’s commitment to Georgia’s Euro-Atlantic integration, calling it a mistake that that country, unlike Moldova and Ukraine, had not been granted EU candidate membership status earlier this year. He pledged Hungarian support in accelerating the accession process.
Both countries have a vested interest in establishing a large electricity line under the Black Sea to connect their grids, Vargha said. He noted that the low-cost air link established between Hungary and Georgia would booth both business ties and tourism.
The ministry said that two-way trade amounted to 60.4 million euros in the first seven months of this year, 116 percent more than during the corresponding period of 2021. Last year Hungary granted state scholarships to 121 Georgian students, it said.
We have reported before that food prices in Hungary are well above those of other countries in the region. Now, our country has lost another “race”: many foodstuffs are more expensive in the Hungarian Lidl than in Germany. Read more below.
Lidl in Hungary is more expensive than in Germany
Pénzcentrum has found out that it is cheaper to buy these three products far to the west of us than here. Of course, we should not forget that people there earn on average 3 times as much as here, so it is much easier for them to buy these foodstuffs. In fact, the site calculated that some products are 40 percent cheaper abroad than in the Hungarian shop.
The latest data for August show that nowhere else in the region have food prices risen at the same rate as in Hungary in one year. This time, Pénzcentrum found a video on TikTok that shows how much one product costs in a Hungarian Lidl and a German Lidl within a few days. The three products concerned are: chopped pork, bananas and Pick salami.
The video shows that the Dulano brand meat (340g), which costs EUR 2.49 in Germany, costs HUF 1 199 in Hungary. If we calculate with 425 forints for one euro, the German mean costs 1 058 forints, 141 forints cheaper than in the Hungarian Lidl.
The second product tested was bananas. One kilogram cost EUR 1.09 at the German Lidl, which would come to HUF 463 if we calculate with 425 forints/euro. In comparison, the price in the Hungarian shop was 649 forints per kilo, 186 forints more expensive than in Germany.
The third product concerned was Pick salami. The price comparison of this is trickier: it is available in 250-gram packs in the German unit, whereas in the Hungarian shop it is 380 grams. But never mind, we can calculate where the product is more expensive by using the price labels and the unit price per kilo. In the German Lild, the price per kilo of the Pick salami is EUR 15.96, which is HUF 6 783 converted into euros. This compares with a unit price of HUF 9 734 for the meat product in Hungarian shops. That is more than 2 951 forints more expensive.
Conclusion
As we can see, the price differences are staggering in the same discount store in the two countries. This is despite the fact that the average net salary in Germany is basically three times higher than in Hungary. It also seems completely incomprehensible, for example, how a Hungarian Pick salami produced in Hungary can cost one and a half times the price of one in Germany.
The finance ministry and KSH published the latest economic data about the surplus and trade deficit in Hungary.
Budget runs HUF 181 bn surplus for September
Hungary’s cash flow-based budget deficit, excluding local councils, had a 2,691.7 billion forints (EUR 6.3bn) deficit at the end of September, after running a 181.0 billion forint surplus for the month, the finance ministry said in a first reading of data on Monday.
The full-year cash flow-based budget deficit target is 3,152.7 billion forints.
The central budget deficit reached 2,773.0 billion forints at the end of September. The social security funds were 171.3 billion in the red, while the separate state funds had a surplus of 252.6 billion.
Hungary trade deficit reaches EUR 1.3 bn in August
Hungary had a 1.3 billion euros trade deficit in August, a first reading of data released by the Central Statistical Office (KSH) on Monday shows.
The gap, a hair over the deficit in July, was the largest one in a string of consecutive deficits running for more than a year, an anomaly for Hungary, an export-driven economy where trade surpluses are the norm.
Exports rose by an annual 37.1 percent to 11.466 billion euros, while imports increased by 40.6 percent to 12.765 billion euros.
Trade with other European Union member states accounted for 75 percent of Hungary’s exports and 69 percent of its imports during the month.
For the period January-August, Hungary’s exports increased by an annual 18.6 percent to 91.941 billion euros, while imports rose by 29.0 percent to 96.716 billion. The trade deficit reached 4.775 billion euros for the period.
Andras Horvath, chief analyst at Magyar Bankholding, blamed the swelling trade deficit on higher energy and commodities prices, noting that energy prices alone accounted for more than three-fourths of the deterioration in the trade balance in January-July. He said the gap would grow at a slower pace in the coming months as consumption and investments moderate, and he put the full-year deficit at 7 billion-7.5 billion euros.
Hungary had a 1.298 billion euro trade deficit in July, the Central Statistical Office(KSH) said in a second reading of data on Monday.
Trade deficit
A first reading of the data, released on September 8, showed a 1.150 billion euro trade deficit.
Monday’s data show exports rose by an annual 12.8 percent to 10.802 billion euros, while imports increased by 24.1 percent to 12.100 billion euros.
For the period January-July, Hungary’s trade deficit reached 3.475 billion euros. Exports rose by 16.4 percent to 80.475 billion euros and imports climbed 27.4 percent to 83.951 billion euros.
Hungary’s terms of trade deteriorated 6.5 percent in July from the same month a year earlier as the forint weakened 13 percent to the euro and 31 percent against the dollar.
Hungary’s seasonally-adjusted Purchasing Managers Index (PMI) fell to 49.6 points in September from 57.8 in August, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim) said on Monday.
A PMI over 50 signals expansion in the manufacturing sector.
Among the PMI sub-indices, the new orders index fell from the previous month but remained over 50.
The production volume index also fell and dropped below the 50-point mark.
The employment index fell but still showed growth.
Delivery times were longer than in August.
The gauge of purchased inventories decreased and was under the 50-point mark.
Kazakhstan is one of Hungary’s most reliable partners in the current crisis in terms of energy supply, the finance minister said after meeting Almassadam Satkaliyev, the head of Kazakh state-owned energy asset management company Samruk-Kazyna.
Ties between the two countries have strengthened in the past 20 years, contributing to Hungary’s current energy security, the ministry cited Varga as saying.
Varga and Satkaliyev discussed energy ties. Cooperation should be strengthened even further in view of the Russia-Ukraine war, Varga said, adding that Kazakhstan counted on Hungarian expertise in nuclear energy.
Hungary mainly imports crude, oil products and gas from Kazakhstan. Imports topped 155 million dollars in the first half of 2022, the minister said.
In July 2022, the volume of sales in retail trade increased by 3.8% according to raw data and by 4.3% when adjusted for calendar effects compared to the same period of the previous year. In July, calendar-adjusted sales volumes decreased by 2.9% in specialised and non-specialised food shops and rose by 3.2% in non-food retailing and by 27.6% in automotive fuel retailing. In January–July 2022, the volume of sales – also according to calendar adjusted data – was 9.3% higher than in the corresponding period of the previous year.
According to KSH, in July 2022, compared to the same period of the previous year, adjusted for calendar effects:
The volume of domestic retail sales increased by 4.3%.
The volume of sales decreased by 2.9% in specialized and non-specialized food retailing. The volume of sales decreased by 3.3% in non-specialized food and beverages shops accounting for 75% of food retailing and by 1.3% in specialized food, beverage and tobacco stores.
The turnover of non-food retailing increased by a total of 3.2% in volume. Sales volumes rose by 14% in second-hand goods shops, by 7.1% in pharmaceutical, medical goods and cosmetics shops, by 4.7% in textiles, clothing and footwear shops, by 4.5% in books, computer equipment and other specialized stores, by 3.3 in non-specialized shops dealing in manufactured goods and by 1.4% furniture and electrical goods stores.
The volume of mail order and internet retailing accounting for 7.0% of all retail sales and involving a wide range of goods rose by 2.9%.
The volume of sales in automotive fuel stations increased by 27.6%.
Sales in motor vehicles and motor vehicle parts and accessories stores not belonging to retail data increased by 3.5%.
Domestic retail sales amounted to HUF 1,472 billion at current prices.
Specialized and non-specialized food shops accounted for 47% of all retail sales, while the relevant figures for non-food retail trade and retail trade of petrol stations were 34% and 19% respectively.
In January–July 2022, compared to the same period of the previous year, adjusted for calendar effects:
The volume of retail trade increased by 9.3%.
The volume of sales rose by 1.4% in specialized and non-specialized food shops, by 11.0% in non-food retail trade and by 29.6% in automotive fuel retail trade.
Magyar Bankholding chief analyst Gergely Suppán said retail sales growth was lower than expected, suggesting the impact of fiscal transfers early in the year, such as a big tax refund for parents raising children, has tapered off, while households deal with rising inflation. He attributed the drop in food sales to the recovery in the catering sector as more consumers eat out rather than stock up at the supermarket.
He said retail sales growth could continue to slow in the coming months as households face higher energy bills because of restrictions on regulated utility prices and inflation bites into purchasing power. He added that purchases by foreign visitors to Hungary could provide some relief to the sector.
ING Bank senior analyst Péter Virovácz said the fresh data show consumers dialing back consumption at the start of the third quarter as they adapt to climbing inflation. Fiscal tightening, such as the restrictions of regulated utilities prices and the narrowing of eligibility for a popular sole proprietors’ tax, could amplify the trend, he added.
H.E. Ambassador Francisco Munis is a career diplomat and currently the Ambassador of Malaysia to Hungary. He is also the Malaysian Ambassador to Slovenia and North Macedonia. He talked about his previous diplomatic posts, his favourite Hungarian dishes, the attractions he would recommend you to visit in Malaysia, the Malaysian students studying at Hungarian universities, and he even gave advice to Malaysian tourists visiting Hungary.
Had you visited Hungary in the past before you were appointed Ambassador to Budapest?
Prior to my appointment as the Ambassador to Hungary, I have never set foot in Budapest. Although I did visit some nearby countries and heard a lot about Budapest, it was not opportune for me then to pay a visit. Now that I am residing in Budapest, I have ample of opportunity to visit not only Budapest but the whole of Hungary. It has been over a year now since I last arrived in Budapest and I’ve learned more about Hungary by visiting places and meeting people.
What was your first thought when you were told that the Hungarian capital would provide the setting for the next important chapter in your life?
The eastern European region was foreign to me. Months before my arrival, I took the effort to read as much as I could about the Malaysian-Hungarian relations, the region and the dynamics of Hungary within its region. Indeed, Budapest provided a new chapter in my career and personal life, seeing the world from the Hungarian and eastern European perspectives.
Photo: Embassy of Malaysia in Budapest
I am also privileged that since the establishment of diplomatic relations in 1969, the Malaysian-Hungarian relations is at all times, cordial and friendly. At the bilateral level, both countries have a very good political relation. Both countries also collaborated closely at the multilateral fora. These has facilitated my job to promote and enhance further the friendship between our two countries.
Please tell us a little about your previous diplomatic posts. Which place was the most interesting professionally? And which one was the most exotic?
I have served in several countries for my diplomatic postings. From local culture, politics, geography, demography, environment to its international trade, investment and tourism potentials, every country is different in background and every country is of importance to Malaysia. I would say that all the countries that I have served before including Hungary, were both interesting and exotic in their own way.
Hungary in particular, would be a professionally interesting post, especially in reviving all the pre-pandemic bilateral initiatives that were planned but disrupted during the pandemic years and of course in recommending post-pandemic, new exchanges.
There are many excellent products made in Hungary. Which Hungarian products would likely be in demand in Malaysia? And what kind of Malaysian products can Hungarian customers purchase here?
If we look at Malaysia’s imports from Hungary, it is traditionally and largely dominated by machineries and electrical related products. Likewise, Malaysia’s exports to Hungary were also largely dominated by electrical and electronic products, as well as machineries and some agricultural commodities, such as palm oil and rubber based products. We would like to see these traditional products be complimented with new ones. We have been encouraging both our exporters and importers and business people to look into new areas such tourism related products, environmental technology, food and services.
Regional conflicts around the globe are on the front page of newspapers. When it comes to international and regional volatility, what is Malaysia’s position?
Malaysia puts a lot of value to its relations with other countries and has always urged all parties to address any volatile situation carefully and in the best manner possible. Conflicts could only lead to consequences. For Malaysia, peace, stability and prosperity must always be maintained, in its own region or in other regions.
Photo: DNH
Malaysia’s position in any volatile situations has always been in line with and in compliance to international law and the United Nations’ Charter. In promoting peace, Malaysia has always called for efforts to restrain and refrain from provocative actions and promoted to all parties to play role to facilitate peaceful dialogue. Malaysia always believes in upholding the principles of the UN Charter and abiding with the UNGA Resolutions.
In its own region, Malaysia’s position for peace is also reflected in its regional grouping of ASEAN (Association of South East Asian Nations). For example, Malaysia fully subscribes to the ASEAN’s 1976 Treaty of Amity and Cooperation in Southeast Asia, which embodies the universal principles of peaceful coexistence and friendly cooperation.
If we look at the recent Joint Communiqué of the 55th ASEAN Foreign Ministers’ Meeting on 3 August 2022, ASEAN and Malaysia in particular continue to reaffirm respect for sovereignty, political independence and territorial integrity, as well as reiterating the call for compliance with international law and the United Nations Charter. The Joint Communique also underlined the importance of an immediate cessation of hostilities and the creation of an enabling environment for the peaceful resolution of conflict and supported the efforts of the United Nations in the search for a peaceful solution.
Simply, for Malaysia, peace must prevail.
Photo: DNH
Let’s come back to Hungary. You aim to raise awareness of Malaysia’s tourism and trade values through a number of events. What are the most important upcoming events organized by the Embassy?
Based on Malaysia’s tourism data, between the five-year period 2017-2021, Malaysia registered 32,259 Hungarians visiting Malaysia with the highest recorded during pre-Covid pandemic years (2017-2019) and fell to the lowest during the Covid pandemic years (2020-2021).
In terms of bilateral trade, based on the Malaysian trade data, between the five-year period of 2017-2021, total accumulated trade stood at Ringgit Malaysia 7.84 billion (about Euro 1.7 billion) and steadily hovered around Euro 340 million a year even during the pandemic years.
In terms of tourists and trade exchange, we need to increase the volumes and also work towards increasing investment opportunities for both sides.
We have been working closely with our Malaysian and Hungarian partners to promote Malaysia as a destination for Hungarians and we aim to organize more tourism promotion events in Hungary.
We have also been working closely with our Malaysian partners by meeting up with many Hungarian companies and encouraging them to look towards Malaysia for their industry needs.
While, the volume of investment is minimal and much to be desired, we hope that our effort to promote investment opportunities in Malaysia will soon bear result with more Hungarian investors looking towards Malaysia. We are also looking at Malaysia’s participation in local trade and investment events and likewise inviting Hungarians enterprises to participate in similar events in Malaysia.
We hope that soon more new agreements / MOUs, by both public and private sectors will be signed between Malaysia and Hungary. We also hope to see more high-level visits between both countries.
How many Malaysian students enroll in Hungarian universities each year with the help of Stipendium Hungaricum? What are the general experiences of Malaysian students studying in Hungary?
Thanks to the Government of Hungary, we have 30 placements per year for Malaysians to study in Hungary at the various level of studies since 2018. Currently, we have about 80 students all over Hungary studying under the Stipendium Hungaricum programme. We also have some self-sponsored students studying in Hungary. We are encouraging more Malaysians to take the opportunity to study in Hungary under the programme. Most Malaysian students intending to study abroad preferred traditional destinations. In recent years however, many were also looking to study at non-traditional destinations including Hungary.
By studying at new destinations such as Hungary, it would open up new experiences to young Malaysians. Those Malaysians who have completed their studies in Hungary described their experiences as enriching and something different … it is like saying I have graduated from Hungary and it catches attention, as in Malaysia one rarely heard of people graduating from non-traditional destinations. Likewise, Malaysia also welcomes Hungarians to study in Malaysia either by their own or under the various scholarships offered by Malaysian entities to foreign students.
You have been in our country for more than a year. Apart from Budapest, what other Hungarian cities have you visited?
Throughout the one year, I have been around Hungary visiting places and meeting people. I have been to Debrecen and Szeged. I also ventured into other towns such as Miskolc, Gyor, Komarom, the Balaton area, Gyula and some other border towns. I look forward to visit more places in Hungary such as Pecs and Sopron.
What advice or recommendation would you give to Malaysian tourists who are planning to visit Hungary?
We noticed that the number of Malaysian tourists to Hungary is beginning to pick up after the ease of pandemic border restrictions. This is a good sign. The tourism industry provided the platform for people to learn more about the culture of the country they are visiting and this would help to bridge connectivity between the people of our countries.
We would advise and recommend that while Malaysians enjoy their time in Hungary, they should also strive to be responsible visitors by adhering to local laws and they should be well prepared in terms of their documentation and funding before visiting, so as to avoid disruptions during their visit. In the case of emergency, the Embassy is here to facilitate.
Photo: DNH
What are the three must-see attractions Hungarian tourists should explore when visiting your country?
We welcome Hungarian tourists to Malaysia! The people of Hungary and Malaysia can take the opportunity to visit each other with ease, as both countries facilitated visa free entry for tourism purposes under our bilateral agreement. Malaysian people are also the most-friendliest in welcoming tourists.
I would say Malaysia offers many attractions. The three must experience moments would be the cultural varieties, the beaches and islands and the flora and fauna. All these can be experienced differently in the three different parts of Malaysia, which are the Peninsular Malaysia and the Malaysian Borneo of Sabah and Sarawak.
Other than that, Malaysia also offers industry and niche tourism products. For ease of reference these websites offer extensive information on Malaysian tourism HERE, HERE and HERE.
Malaysia has been welcoming back international travelers after the full reopening of its borders beginning 1 April 2022, two years after the COVID-19 pandemic-related border closures. I would like to welcome all Hungarian travelers visiting Malaysia, Selamat Datang ke Malaysia !
The last question is about Hungarian gastronomy, we just simply cannot miss it. What is your favorite local dish and why?
The Goulash and the Lángos were introduced to me on the day of my arrival in Budapest. I must say that these two dishes go well together and one of my local favourite, as it is tasty and easier to consume anytime of the day. Both dishes are also similar to what we have in Malaysia although prepared differently. I think both these dishes are also popular in Malaysia. I was informed that there is one Malaysian-Hungarian couple who is now residing in Malaysia selling goulash and langos at their home restaurant. There are also many other restaurateurs in Malaysia popularizing these two dishes in their restaurants. On the same sentiment, I wish that one day, there will be a Malaysian restaurant in Hungary.
People often do not realise that they are getting less for their money than before. It is not only inflation and various global market trends that are causing prices to rise. Shops are also playing tricks to make us get less for our money. In the last year and a half, many products have been packaged smaller. This means that the prices that customers are used to do not change, but the shops still make a profit. Shrink inflation is also being seen in a number of products.
Smaller packaging, same price
There are many legends about how some products are packaged much smaller than expected. Many people think that milk is only 0.9 litres. Or a packet of cigarettes has less than it should. But these are legends, and are strictly regulated by the European Union and the Hungarian authorities.
But there is a basis for this legend too, napi.hu writes. Inflation has been around or above 10 percent for more than 10 months. The phenomenon is called “shrinkflation” or “deflation”. It is a process whereby the filling weight of some goods in the usual packaging is reduced.
So if you shop out of habit, you will not notice that the packaging is smaller than it should be. Shrink inflation is a mood-boosting service, experts say. People do not feel that products are becoming more expensive, while they are affected in the same way as if they were more expensive. One’s money is worth less, one can buy less in the shop, but often does not even notice.
The first time shops use shrink inflation is in relation to their own brand products. You see it first in the case of their own-packaged salami, ham and dairy products. Now you can also find 80 gram packets of salami instead of 100 grams, and 450 or 400 grams of sour cream instead of 500 grams.
A comparative article was made with the help of mindenár.hu. The most frequent changes in the past year and a half have been in the weight and presentation of bakery products. In processed dairy products, yoghurts and sour cream have seen the biggest decreases.
The least product shrinkage was seen in cut and pre-packaged cheeses. Similarly, beer and butter have very few smaller packs. The Central Statistics Office said this trick is also reflected in the inflation figures.
After a thirty-year hiatus, freight transport along the Szeged-Röszke railway line has resumed, with the first cargo train passing through Serbia on Monday evening before proceeding to the port of Piraeus and on to China, Dávid Vitézy, the Ministry of Technology and Industry state secretary for transport, told a press conference at the site.
The project received 40 billion forints (EUR 100m) of government support.
The completion of the renovation has paved the way for the full reconstruction of the Hungarian section of the Budapest-Belgrade railway line which, he said, catered to growing demand for a competitive and environmentally friendly mode of transport connecting Europe to China and, more broadly, to Asia via Turkey via Balkan routes.
The development of the Budapest-Belgrade railway line will provide a solution for both land transport needs, via Turkey, and combined water and rail transport needs. Thus, the most important rail transport routes from Asia will pass through Hungary, opening up huge potential for economic development, he said.
The renewed Röszke line, together with the investment on the Serbian side, will reconnect Szeged and Subotica on a modern railway line. The development will continue on the Hungarian side, the renovation of the section – including the overhead line – should be completed by next autumn, and passenger transport can start then, Dávid Vitézy said.
Zoltán Pafféri, President and CEO of MÁV Zrt., reminded that the 20 wagons of Rail Cargo Hungaria Zrt. are the first trains to pass through the Szeged-Röszke line in seven years. The line, built in 1863, ceased to operate regular services in 2015.
The European Union has set a target of increasing the share of rail and waterborne transport in short- and medium-distance freight and passenger transport by 50 percent by 2050, thus reducing emissions by 60 percent.
The demand for freight transport between Budapest and Belgrade has already increased compared to previous years, and this demand can really develop once the project is completed,” said the CEO.
Zoltán Pafféri said it was symbolic that the first train on the renovated Röszke line is heading for China, proving that European businesses have a return.
MÁV Zrt. will be able to guarantee the border crossing for up to ten trains a day between 18:00 and 08:00 from 1 August, he said.
At the same time, the President and CEO asked drivers on the Szeged-Röszke line not to drive out of routine and to approach level crossings with special care. As part of the project, 13 level crossings on the line will be modernised, with light or light and semi-blocking, and the crossing roads will also be renovated.
It is true that Ecuador is far away from Hungary, but we will see that there are important links that can benefit both countries. José Luis Salazar, Ecuador’s ambassador to Hungary, was interviewed by Daily News Hungary:
Daily News Hungary (DNH):Hungary and Ecuador are more than 10,000 kilometres apart. What did you know about Hungary before you were appointed ambassador to our country?
Ambassador H.E. Mr. José Luis Salazar: Although I had never been to Hungary before, I knew that your country was part of the Austro-Hungarian Empire under Emperor Franz Joseph I until the end of WWI and then at the end of WWII was invaded by the Nazis until 1945 when the Soviets arrived and stayed until 1990. As I am a history lover, I had learned a lot about your country before assuming the Ambassadorship of Ecuador in Hungary which also oversees 4 countries from Budapest: Croatia, Serbia, Romania, and Bulgaria.
DNH:In our previous discussion, you have already made it clear that you came here not as a career diplomat but as a businessman. Tell us a little about yourself and your previous professional experience.
Ambassador Salazar: After graduating from Georgetown University in Washington D.C. in 1977, I started working for Citibank in Ecuador and in 1980, I moved to a local Bank that was being founded under the name of Banco Bolivariano in Guayaquil and I worked there until 1997 and resigned to open McDonald’s in Ecuador as CEO/Joint Venture Partner where, after 18 years and 24 restaurants, I decided to sell my shares to the Corporation. Since then, I have been participating in several Boards of Directors and closely involved with the largest non-profit organization in Ecuador (Junta de Beneficencia) as a volunteer.
DNH: How do you see the Hungarian market as a potential export destination for Ecuadorian products?
Ambassador Salazar: Without any doubt, Hungary is a very attractive market for Ecuadorian products and at present, Hungarian importers are already buying bananas, roses, cocoa, and black pepper from Ecuador, but there is also an excellent potential to export shrimps, tuna fish, teak wood, coffee, broccoli, to name a few products.
DNH: And what Hungarian products are worth bringing to Ecuador?
Ambassador Salazar: At this time, all of the Suzuki vehicles that are imported from Ecuador are produced in Hungary and I also see the opportunity for other products like, for example, wines.
DNH: What kind of cultural and educational cooperation can the two countries engage in?
Ambassador Salazar: Since the year 2015, Ecuador is an important partner of the Stipendium Hungaricum Scholarship Program and every year, 75 Ecuadorean students come to Hungary to pursue their Master or PhD degrees. I also see that there are many other fields where Ecuador and Hungary can establish cooperation agreements like water treatment, medicine, and forestry to name some, where we can learn from Hungary’s best practices in those fields.
DNH: What is the number of Ecuadorians currently living in Hungary?
Ambassador Salazar: At the present, we estimate that there are over 300 Ecuadorean nationals living in Hungary, the majority of them students but there are also a good number that have settled here permanently and have started their families and are very happy to live in this beautiful country.
DNH: What are the major upcoming events happening at the Embassy?
Ambassador Salazar: On August 31st, we will inaugurate a painting exhibition at Instituto Cervantes and it will be there for 3 full days. The paintings belong to our famous artist Servio Zapata who is very well known in Ecuador as he is one of the most prestigious painters.
José Luis Salazar, Ecuador ambassador to Hungary and Alpár Kató, the owner of Daily News Hungary. Photo: Daily News Hungary
DNH: Since your appointment, you have met a lot of people. What is your impression of the Hungarian people?
Ambassador Salazar: My wife and I are very happy to be here in Budapest and we have found that its people are very friendly and educated. I must admit that we were impressed by the excellent level of security the city has.
DNH: You must have familiarised yourself with Hungary to some extent by now, so you may know many attractions outside of Budapest. Which is your favourite rural town?
Ambassador Salazar: So far I have only visited Eger, Balaton and Gödöllő and hopefully, in a few more weeks, I will have the opportunity to visit the Tokaj region and as my wife and I are very fond of wines, I have high expectations to visit this famous region.
DNH: Hungary has a rich gastronomy, full of culture and flavour. What are your favorite local foods and drinks?
Ambassador Salazar: My wife and I love the Goulash both as a soup and as a stew.
DNH: Finally, what message do you have for those who have not yet been to Ecuador? Why should one visit this beautiful exotic country far away from Hungary?
Ambassador Salazar: Ecuador is a land of contrast, very natural and with all kind of attractions as we have 4 regions that are completely different, the coastal region with its pristine beaches, mangrove trees and rivers and mild/hot weather, the Andean region with its volcanoes, green valleys and with a cold/mild weather, the Amazon region with its world-class diversity and virgin jungles with mild and humid weather and last but surely not least the world-famous Galápagos Islands with its unique animals and volcanic landscapes. All of this magical paradise is only 12 hours away on a direct flight from Amsterdam (KLM) or Madrid (Iberia).
Hungary is prepared to cooperate closely in helping to expand efforts to free grain stuck in Ukraine, István Nagy, the minister of agriculture, said after talks with his Ukrainian counterpart in Lviv on Thursday.
The current grain crisis concerns not just Ukraine and Hungary, but the entire world, the agriculture ministry cited Nagy as saying. If Ukraine’s seaports remain closed and the country’s grain is not shipped out, parts of the world could face a famine, and the people living there could set off for Europe, triggering a severe migrant crisis, Nagy said. He urged immediate and long-term solutions to the grain crisis, saying Hungary was prepared to cooperate in expanding efforts to move grain out of Ukraine. He underlined the importance of developing rail transport, trans-shipment ports and silos, adding that the European Union may also support such investments.
Nagy called for the establishment of a business zone in the Hungary-Ukraine border region that could house grain processing facilities, arguing that such an investment would ensure long-term food security for the world.
But these border-region investments should also serve to expand bilateral economic ties, the minister said. “Our north-eastern neighbour looks to Hungary as a solution to the ongoing crisis and has expressed its gratitude to the Hungarian government for its constructive approach,” Nagy added.
Ukraine is the world’s fourth largest grain exporter, representing 9 percent of the global market share of exports, he said. It also accounts for 42 percent of global sunflower oil and 16 percent of corn supplies, he added. “Before the war, our neighbour produced enough grain for 400 million people. Nearly 90 percent of its exports were handled through the Black Sea ports,” Nagy said. The minister urged an immediate ceasefire and talks between Russia and Ukraine. Hungary, since the very beginning, has argued for peace, he noted.
“Today it’s clear to everyone that the war hurts Europe the most,”
Later in the day, Nagy discussed grain exports with Viktor Mikita, head of the military administration of Subcarpathia. Nagy said his discussions focused on operational and practical issues, and they agreed to prepare a joint action plan to be presented to the European Union, with a request for funds to expand capacity at border crossings. The 4,000 tonnes of wheat that cross the Ukraine-Hungary border each day potentially could be doubled by increasing efficiencies, though this would not unlock the current logjam, he said. “This is why a much bigger infrastructure investment is needed,” the minister said.
Mikita said Transcarpathia had a big role to play in solving the grain crisis caused by the blockade of the Black Sea ports. Establishing alternative routes on land is an interstate project, though local public administrations must also play a role in this, he added.
