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Hungary 2011 trade surplus may reach €7 bln - analysts

Hungary's 2011 trade surplus is likely to reach €7 billion, analysts said on Friday after the Central Statistics Office (KSH) published fresh trade data from May.

Hungary had a €720 million trade surplus in May, bringing the surplus so far this year to almost €3.3 billion, KSH said in the morning. Exports rose 19% and imports were up 14% from the same period a year earlier.

CIB Bank chief analyst György Barta said the May surplus was well over CIB Bank's €514 million estimate and analysts' consensus of €490 million.

Although exports of Germany, which is Hungary's biggest export market, have slowed, the slowdown has not affected the automotive industry, which means Hungarian manufacturers and suppliers could use more capacity, he added.

Barta put the full-year surplus at €7.0 billion.

Takarékbank’s Gergely Suppan said the 19% export increase still shows strong demand on foreign markets, while the rise in imports shows demand is still weak at home. He put the full-year surplus at €7.2 billion.