Hungary’s surplus in external trade in goods reached EUR 665 million in February, narrowing by EUR 342 mln year-on-year as import growth outpaced exports, according to the latest data.
According to data released by the Central Statistical Office (KSH), export volume fell by 2.3% compared with the same month a year earlier, while import volume rose by 6.7%. On a seasonally and working-day adjusted basis, however, exports increased by 2.6% and imports by 1.2% compared with January.
The value of exports totaled EUR 12.7 billion in February, while imports came to EUR 12 bln. In euro terms, export value rose by 2.6% and import value by 5.9% year-on-year.
Price trends supported Hungary’s terms of trade. Export prices in forint terms declined by 1.3%, while import prices dropped by 6.9%, resulting in a 5.9% improvement in the terms of trade. The forint strengthened by 6.1% against the euro and by 17% against the U.S. dollar over the same period.
Machinery and transport equipment remained a key driver, with export volume increasing by 2.5% and import volume surging by 19%. This category mitigated the overall export decline and significantly contributed to import growth.
By contrast, manufactured goods weighed on performance. Their export volume fell by 11%, while imports declined by 2.1%, contributing to the overall drop in exports.
Trade in fuels and electric energy also declined, with export volume down 3.3% and imports falling by 5%. Food, beverages and tobacco saw decreases as well, with export volume down 2.8% and imports off 2.4%.
Trade with European Union member states remained dominant but showed mixed trends. Export volume to EU-27 countries fell by 3.4%, while imports from those countries edged down by 0.4%. The trade surplus with the EU improved slightly by EUR 29 million to EUR 1.279 bln. The bloc accounted for 74% of Hungary’s exports and 67% of its imports.
In contrast, trade with non-EU countries showed stronger import growth. Export volume to these markets increased by 1.8%, while imports jumped by 18%, resulting in a deterioration of the trade balance by EUR 371 million and a deficit of EUR 614 million.
For the first two months of 2026, Hungary recorded exports worth EUR 24 bln and imports totaling EUR 23 bln. Over the period, export volume declined by 6%, while import volume increased by 4.6%.
The cumulative trade surplus for January–February stood at EUR 957 mln, down EUR 818 mln from a year earlier. Over the same period, the terms of trade improved by 7.4%, supported by a 0.1% decline in export prices and a 7% drop in import prices in forint terms, alongside continued currency strengthening against both the euro and the U.S. dollar.