Trade volume continues double-digit expansion in May

Hungary's trade volume continued to grow at a rapid pace in May, albeit from a low base, when pandemic shutdowns still impacted a number of sectors, data released by the Central Statistical Office (KSH) on Friday show.

Exports rose by an annual 37.9 percent to 9.397 billion euros, while imports climbed 38.2 percent to 9.300 billion euros.

The 97 million euro trade surplus edged up from 87 million euros in the base period.

Trade with other European member states accounted for 77 percent of exports and 71 percent of imports.

For the period January-May, exports rose by an annual 21.1 percent to 48.791 billion euros and imports grew by 17.6 percent to 45.767 billion euros. The trade surplus reached 3.024 billion euros.

KSH noted that in a month-on-month comparison exports fell by 4.4 percent and imports dropped by 1.9 percent.

Commenting on the data, Gergely Suppan, the chief analyst of Takarekbank, said trade surplus is expected to come to 7 billion euros this year.

The growth forecast from last year’s 5.8 billion euro surplus is due to relatively weak domestic demand and a low base last year, when pandemic-related restrictions dampened consumption. Although domestic demand is expected to pick up in the second half of this year, exports are expected to remain high, especially in the automotive sector, he said.

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