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KSH: Hungary’s trade surplus up €113 mln in Feb

Telco

pixabay

Hungary’s external trade surplus reached €979.2 million in February, up €112.1 mln as compared to the same period a year earlier, according to a first release of data published by the Central Statistical Office (KSH) today.

Exports increased by 8% year-on-year reaching €7.773 billion in February while imports rose to €6.794 billion (7.4%), KSH noted.

According to KSH, the trade surplus reached €1.509 bln in January-February, down from €1.571 bln in the same period last year. Exports were up 4.6% to €14.607 bln and imports rose 5.7% to €13.098 bln.

Responding to the KSH release, Gergely Suppan of Takarékbank said he anticipated continued growth of the trade surplus, albeit at a slower pace, corresponding to the outlook for industrial output growth, Hungarian news agency MTI reported. He added that the trade surplus could near €8.8 bln this year if oil prices fall well below 2015 levels. Conversely, the trade surplus could exceed €9 bln if oil prices remain at their current level, MTI reported.

Dávid Németh of K&H Bank attributed the larger-than-expected surplus in part to low energy prices, specifically to vehicle fuel prices, MTI added.

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