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Jan 10, 2017

Hungary's exports and foreign trade surplus at a record high

Statistics show that for the first eleven months of 2016 exports were 2.7 percent higher than in 2015, the previous record year

Hungary’s exports and foreign trade surplus were at a record high last year, according to Péter Szijjártó, minister of Foreign Affairs and Trade.

Commenting on data released by the Central Statistical Office (KSH), the minister said that over the first eleven months of the year exports were 2.7 percent higher than in 2015, the previous record year.

Hungary also registered a record high foreign trade surplus during the period, exceeding the previous record surplus posted in 2015 by 1.5 billion euros, he said.

Minister Szijjártó noted that Hungary’s trade surplus came to about 9.5 billion euros for January-November last year.

According to MTI, the minister said the “backbone” of the Hungarian economy is made up of multinational corporations which employ Hungarian workers and have supplier contracts with Hungarian small and medium-sized companies.

“The more exports Hungary can achieve, the more Hungarians will have jobs and the more Hungarian small and medium-sized companies can join the supply chains of international companies,” Mnister Szijjártó said.

The minister revealed that the Hungarian Investment Promotion Agency (HIPA) had brokered a record 71 investments last year, worth approximately 3.25 billion euros, also a record. These investments created a total of 17,647 jobs.

Minister Szijjártó also said that international competition for investments and export opportunities was getting more and more intense, adding that Hungary would have to fight hard to retain its position in 2017.

The minister said that Hungary had recently reached deals on three major projects with foreign investors. Two of the three projects will each create more than 1,000 jobs each and one will create about 1,000 workplaces. The projects are in the automotive, electronics and service sectors and more details will be released soon, he added.