Hungary Posts EUR 1.8 bln Trade Surplus in March Despite Slowing Export Growth

While exports rose 5.0% and imports climbed 6.4% in volume terms compared to March 2024, month-on-month adjusted figures show a 0.3% drop in exports and a 2.1% increase in imports, signaling a potential slowdown in export momentum.

The value of exports reached EUR 13.4 bln, while imports totaled EUR 11.6 bln, both rising over 8% year-on-year in euro terms. Adjusted for calendar effects, exports dipped by 0.4%, while imports rose 2.0%.

Fuel and Machinery Trade Drive Gains

The surge in trade was primarily driven by strong performance in fuels and electric energy, where export volumes jumped 71% and import volumes grew by 57% from the previous year. This category contributed significantly to overall trade growth, adding 1.6 percentage points to exports and 4.2 points to imports.

Machinery and transport equipment also delivered solid results, with both export and import volumes up by nearly 6%. This segment contributed 3.3 and 2.7 percentage points to the respective trade volume increases.

In contrast, manufactured goods showed stagnation on the export side and a 2.6% decline in imports, holding back growth in the latter category by one percentage point.

EU Trade Surplus Slips, Extra-EU Surplus Grows

Trade with the EU-27 member states, which accounted for roughly three-quarters of both imports and exports, recorded a EUR 1.6 billion surplus, although this marked a EUR 191 million drop from March 2024. Export and import volumes with the bloc grew by 3.2% and 3.9%, respectively.

Hungary’s trade performance was stronger outside the EU. Exports to non-EU countries increased by 18%, while imports rose 10%, leading to a EUR 152 million surplus—up EUR 364 million from the previous year.

Q1 Trends Signal Stable Trade Surplus

For the January–March period, Hungary’s export value totaled EUR 37.6 billion (HUF 15,233 billion), with imports at EUR 33.7 billion (HUF 13,648 billion). Export volume rose 1.4% and imports 2.8% year-on-year, resulting in a EUR 3.9 billion quarterly surplus, up EUR 30 million from the same period in 2024.

In HUF terms, export prices increased 5.7% and import prices 4.6%, improving the terms of trade by 1.0%. The forint depreciated 4.2% against the euro and 7.6% against the U.S. dollar in the same period.

Despite export volume softening on a monthly basis, Hungary’s foreign trade continues to show robust year-on-year performance, buoyed by energy and machinery flows, and strengthened trade relations beyond the EU.