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Foreign Minister projects €6-8 bln trade surplus in 2011

Hungary could have a trade surplus of €6-8 billion this year, Foreign Minister János Martonyi said on Thursday.

Hungary's foreign trade turned into a surplus in 2009 with the deepening of the economic crisis, and the country registered a €5.5 billion surplus in 2010 and a preliminary surplus of €3.1 billion in the first five months of 2011.

The general government's position must be improved substantially in the coming years, Martonyi said, addressing a meeting of the Hungarian European Business Council (HEBC).

Hungary has been for seven years under the Excessive Deficit Procedure, which is a big burden, Martonyi said, noting that recent developments have been favorable.

The HEBC was established at the initiative of the European Round Table of Industrialists in 1998. Its members had combined net sales revenue of almost HUF 3,500 billion and employed closed to 18,000 people in 2010.