Hungary’s trade surplus narrowed sharply to 69 million euros in July, far below expectations

⑴ Hungary’s trade surplus in July narrowed sharply from 503 million euros in the same period last year to 69 million euros, far below the market expectation of 1.305 billion euros, marking the smallest surplus since a deficit occurred in July 2024. Export growth lagged behind imports. ⑵ Exports in July rose 10.8% year-on-year to 13.661 billion euros, with an increase in machinery and transport equipment exports offset by a decline in manufactured goods exports. Imports grew 14.9% year-on-year to 13.592 billion euros, driven by higher purchases of machinery and transport equipment, while imports of manufactured goods fell. From January to July this year, the trade surplus decreased from 6.361 billion euros in the same period last year to 4.981 billion euros.