Hungary final Nov trade surplus EUR 652 m

Budapest, February 2 (MTI) – Hungary posted a trade surplus of 652 million euros in November, according to final data published by the Central Statistical Office on Wednesday, just slightly above the first reading of 651.5 million.

The figure compares with a surplus of 408 million euros in October and 457 million euros a year earlier.

    Imports in November were up an annual 18.3 percent in euro terms while exports rose by 20.2 percent.

    In Jan-Nov, imports rose 19.1 percent from the first 11 months of the previous year, while exports grew by 21 percent.

    Hungary’s trade balance was in surplus by 5.09 billion euros in the first 11 months, higher than 3.44 billion in 2009.

    Growth on German markets and weak domestic demand continued to cause Hungary’s trade surplus to widen in November, analysts told MTI on Wednesday.

    Erste Bank Hungary analyst Zoltan Arokszallasi attributed the surplus to faster growing exports, boosted by the recovery in Germany, Hungary’s biggest trading partner. He estimated last year’s trade surplus reached 5.5 billion euros. He said this was likely to narrow by around a billion euros in 2011 as domestic demand picks up on the back of personal income tax changes.

    CIB Bank’s Gyorgy Barta also said dynamic growth on German markets was the reason for the acceleration of Hungarian exports. Tax changes are likely to cause domestic demand to improve in 2011, he added.