Hungary automotive industry continues to lift exports, imports

Hungary ran a €431.0m trade surplus in July, KSH said. The figure was revised downward from €457.5m in the first reading published on September 6. The fresh data show exports were up 4.4% and imports rose 4.2% in euro terms during the period. The trade surplus for January-July came to €4.092 billion. Exports were up 1.0% and imports rose 1.5% during the period. In absolute terms, exports reached €46.521 billion and imports were €42.428 billion.
Exports of the road vehicle segment were up 5.7% at €4.758 billion, at current prices, in January-July. Vehicle segment imports climbed 9.7% to €3.052 billion. Exports and imports of the segment were probably supported by the start of production at German carmaker Daimler's plant in Kecskemet (C Hungary) in the spring. At the same time, exports of telecommunications, sound recording and playback equipment plunged 38.8% to €5.552 billion. Imports of the segment were practically flat at €4.074 billion.
The segment was likely affected by Finnish handset maker Nokia's recent decision to move production from Hungary to Asia. Hungary's terms of trade worsened 1.9% during the period as the forint weakened 9.3% to the euro and 19.4% to the dollar.