Promising Hungarian export figures

New Hungarian foreign trade figures published by the Central Statistics Office (KSH) show a promising pickup. Data show an increase both in exports and imports for September and the trade surplus has not been this large since early 2011.

Quoted by the financial website portfolio.hu, industrial production data also indicate economic recovery. The first three quarters were enough only to work off the great contraction at the end of 2012, but if the momentum lasts, Hungary’s industry will not be in recession in 2013.

The website remarks that although, early autumn is generally the time for massive surpluses, this September figure of EUR 847 million is still outstanding. The last time the surplus was this big was 30 months ago.

This is the first time since 2011 when a real chance of Hungary’s exports breaking out of its stagnating trend can be seen. According to portfolio.hu’s seasonally adjusted data, the country’s exports reached an all-time high in euro terms.

The preliminary figures do not reveal what was behind this major export increase. The most likely trigger was vehicle sales since this area had the biggest rise in export capacities recently. Only the detailed report due out in early December will shed light on the reasons.