Hungary’s Resilient Trade Surplus Amid Export Fluctuations
Hungary’s External Trade Declines in August 2024
In August 2024, Hungary experienced a decline in external trade, with exports falling by 4.1% and imports down by 4.2% compared to the same period last year, according to the Hungarian Central Statistical Office (KSH).
The value of exports reached EUR 10.9B (HUF 4,305B), while imports amounted to EUR 10.2B (HUF 4,040B), resulting in a trade balance of EUR 671M (HUF 265B). This represents a deterioration of the trade balance by EUR 10M compared to previous figures.
The level of foreign trade in goods was significantly lower than the previous month, with exports down by 7.8% and imports decreasing by 12%.
Notably, Hungary’s trade continues to heavily rely on EU Member States, with 75% of exports and 70% of imports taking place within the EU27 framework.
Despite the current slowdown, Hungary had previously seen a positive trend in trade dynamics, with a reported EUR 1B export surplus despite the overall trade slowdown in recent months.
It is essential to monitor how Hungary navigates these challenges in its trade dynamics and strives to maintain a balance in its external trade activities.
