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The surplus was down EUR 756 million compared with January 2025. Export volumes declined by 9.9% year on year, while import volumes rose by 2.3%.
Based on seasonally and working-day adjusted data, export volumes fell 3.2% compared with December 2025, while imports increased 4.3% month on month.
In January, exports totaled EUR 11.5 billion, equivalent to HUF 4,407 billion. Imports also amounted to EUR 11.5 billion, or HUF 4,402 billion.
In euro terms, export values decreased 4.5% year on year, while import values rose 2.0%.
According to calendar-adjusted data, export volumes were down 6.8% and import volumes increased 5.1% compared with the same month a year earlier.
Price developments were mixed. In forint terms, export prices decreased 1.0% and import prices dropped 7.0% year on year. As a result, Hungary’s terms of trade improved by 6.4%.
During the period, the forint strengthened 6.7% against the euro and 18% against the U.S. dollar compared with January 2025.
The volume of machinery and transport equipment exports fell 6.0%, while imports of these products rose 12%. The category reduced total export volume by 3.2 percentage points and contributed 5.3 percentage points to the overall rise in import volume.
Exports of manufactured goods declined 18%, while imports fell 7.9%. The segment contributed 5.5 percentage points to the drop in total export volume and reduced overall import growth by 2.9 percentage points.
Exports of fuels and electric energy decreased 10%, while imports increased 9.8% year on year. The category lowered total export volume by 0.5 percentage points and added 1.1 percentage points to import growth.
Exports of food, beverages and tobacco slipped 5.7%, and imports dropped 13%. The group reduced total export volume by 0.4 percentage points and curbed import growth by 0.9 percentage points.
Exports to other European Union member states decreased 10%, while imports from those countries fell 1.9%. Trade with the EU-27 generated a surplus of EUR 661 million in January, although the balance deteriorated by EUR 597 million compared with a year earlier. The bloc accounted for 76% of Hungary’s exports and 70% of its imports.
In trade with countries outside the EU-27, export volumes fell 10% and import volumes rose 8.9%. The balance with these countries showed a deficit of EUR 648 million, EUR 159 million worse than in January 2025.
Overall, January’s data point to weakening external demand and rising import activity at the start of 2026, resulting in a sharply narrower trade surplus despite improved terms of trade.
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