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Hungary export growth set to slow in spite of July pickup - analysts

In spite of a pickup in export growth in July, the pace is likely to decelerate in the coming months because of a slowdown on Hungary's biggest export markets, analysts told MTI on Friday.

Year-on-year export growth accelerated to 6.6% in July from 3.1% in the previous month, the Central Statistical Office (KSH) said in the morning. Imports were up 3.0%. The trade surplus came to €373.8 million for the month.

Zsolt Kondrát of MKB Bank said export growth would decline in the coming months because of the downturn on foreign markets and could fall into the single digits next year. He said the July surplus was higher than expected but he kept his projection for the full-year surplus unchanged at €7.5 billion.

Gergely Suppan of TakarékBank also said the July surplus beat expectations, but added that export growth was likely to slow because of weakening demand on Hungary's export markets. He put the full-year surplus at €6.8 billion-7 billion.