Fresh data showing Hungary ran a trade surplus of HUF 423.5 million in January came as little surprise to analysts.

The preliminary data published by the Central Statistics Office early on Friday show exports came to €6.253 billion and imports reached €5.830 billion.

Zoltán Árokszállási of Erste said the surplus was a hair under the €425 million estimate and noted that imports rose at a slightly faster rate than exports. He added that this year’s trade surplus was likely to be larger than last year’s.

TakarékBank’s Gergely Suppan also said the January surplus was a bit less than expected, but added that the export dynamic would improve because of the better outlook for the Germany economy, Hungary’s biggest export market, and new automotive industry capacity that is about to go online.