Hungary September trade surplus bigger than expected - analysts

Automotive

Hungary’s trade surplus was much bigger than expected in September, analysts told MTI on Wednesday.

Hungary’s trade surplus widened to €741.5m in September from €501.2m in August and €506.6m in the same month a year earlier, the Central Statistics Office (KSH) said early Wednesday.

Zoltán Árokszállási of Erste Befektetési said the surplus was higher than the consensus around €600m and even over his own estimate of €680m.

Gergely Suppan, Magyar Takarékszövetkezeti Bank’s chief analyst, also said the surplus was well over expectations. The data show exports continue to be the engine for Hungary’s economic growth, he added. Export growth could slow as demand falls among the country’s trading partners, but the start of production at German carmaker Daimler’s new plant in Hungary could counter this, he said.

Suppan put Hungary’s trade surplus over €7.1bn this year and at more than €7.6bn in 2012.

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