Hungary’s trade balance returned to surplus in November, according to a first reading of data by the Central Statistical Office (KSH) on Monday shows.
Hungary, an export-driven economy where trade surpluses are the norm, has recorded trade deficits every month since July. In November, the trade balance showed a surplus of 81 million euros.
Exports increased by 7.7% year-on-year to 11.113 billion euros and imports by 13.6% to 11.033 billion euros.
Trade with other member states of the European Union accounted for 77% of Hungarian exports and 72% of its imports.
For the January-November period, exports rose 13.2 percent year-on-year to 109.255 billion euros and imports rose 17.2 percent to 106.895 billion euros. The trade surplus reached 2.360 billion euros, against 5.339 billion euros in the same period a year earlier.
Takarékbank chief analyst Gergely Suppan said industrial production growth, particularly in the automotive segment, led to an increase in exports in November, but the global chip shortage was still having an effect. Imports rose mainly due to investment demand and rising commodity and energy prices. The trade surplus is likely to have fallen to around 2 billion euros in 2021 from 5.62 billion in 2020 and the surplus is expected to continue to decline in the first half of 2022. The outlook for this year is surrounded by major uncertainties due to the supply chain disruptions and price fluctuations, he added.
In the photo illustration shown: Minister of Foreign Affairs and Trade Péter Szijjártó. Photo by Lajos Soos/MTI