Hungary's Exports Hit Record Highs
- 14 Jul 2023 8:56 AM
- Hungary Matters
Hungary's exports in the first five months of 2023 grew by 11% from a record-high base in 2022, reaching the all-time record of 63.5 billion euros, according to the minister of foreign affairs and trade.
Péter Szijjártó said that exports were key to Hungary’s economic performance, as the country is “extremely deeply integrated into world economy”.
Exports usually come to 80% of Hungary’s GDP, he said during a two-day cabinet meeting in Sopron. The stronger the sector’s performance, the likelier that Hungarian economy continues growing, he said.
Last year, exports hit 142 billion euros, and data show that that was surpassed in the first five months of this year.
“This augurs the highest ever export performance by the end of the year. Meanwhile, imports only grew by 2%, turning the country’s trade balance positive after a setback due to growing energy prices last year,” he said.
The data shows the competitiveness of Hungary’s economy, he said. “This is good news … [suggesting] that we will be able to maintain economic growth in Hungary,” he said.
Topics on the agenda of the cabinet include the government’s push for peace and opposition to migration, its aim to push inflation down, protect jobs, families and pensions and keep household energy bills low, the PM’s press chief said.
Hungary Trade Surplus at Euro 1.089 Billion in May
Hungary’s trade surplus reached 1.089 billion euros in May, widening from 366 million euros in April, the Central Statistical Office (KSH) said in a first reading of data on Monday.
Exports rose by an annual 5.2% to 12.879 billion euros, a moderate increase, as in April, following a year of double-digit growth. Imports decreased by 5.4% to 11.790 billion euros, falling for the second month in a row after climbing for over two years.
Trade with other European Union member states accounted for 77% of Hungary’s exports and 69% of its imports during the month. In January-May, Hungary’s exports increased by an annual 10.5% to 63.415 billion euros, while imports rose by 2.5% to 60.906 billion euros. The trade surplus reached 2.509 billion.
XpatLoop Media Partner
LATEST NEWS IN business