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Foreign trade trends 2018 in Hungary

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Last year’s forecasts predicted a slight fall in Hungary’s foreign trade balance in the year of 2018. As the inflow of EU cohesion sources began in 2017, and reached its peak in 2018, it was easily predictable that import will grow accordingly. In the case of these extra investments, import growth is expected, as well as further supplementary import on ... Read More »

Hungary to enhance cooperation with Huawei despite US concerns

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Hungarian Finance Minister Mihaly Varga met with leaders of the Export-Import Bank of China and executives of Huawei during his trip to Beijing on April 9 and assured them of the government’s commitment to future cooperation despite warnings from the US. Hungary is committed to the development of the ICT sector, as digital transformation is key to scaling up economic ... Read More »

Ohio, Hungary sign deal pledging economic cooperation

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Ohio and Hungary have struck up a partnership aimed at strengthening economic, technological and commercial cooperation. Ohio Development Services Director Lydia Mihalik (mih-HAY’-lihk) and Hungary’s minister of foreign affairs and trade, H.E. Péter Szijjártó (zy-JAR’-doh), recently signed a memorandum of understanding. The document pledges broader economic cooperation between the parties. Mihalik said the partnership goes beyond trade, which totaled $186 ... Read More »

Hungary PMI falls to 52.4 in March

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Hungaryʼs seasonally adjusted Purchasing Managersʼ Index (PMI) fell to 52.4 in March, from 55.5 in February, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said. An index value above 50 shows expansion in the manufacturing sector, while a value under 50 signals contraction, noted state news agency MTI in its report. Among the sub-indices ... Read More »

First Alipay terminal in Hungary inaugurated

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The first terminal of Chinese mobile and online payment platform Alipay was inaugurated in Hungary, the National Bank of Hungary (MNB) announced at its fifth annual Budapest Renminbi Initiative conference. The conference was opened by MNB Deputy Governor Márton Nagy, who was followed at the podium by Levente Magyar, parliamentary state secretary at the Ministry of Foreign Affairs and Trade; ... Read More »

Hungary ICT sector revenue climbs 7% in 2018

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The sector accounted for 3.7% of total corporate revenue in the national economy, the KSH said. Revenue of IT companies grew by 17% to HUF 1,469 bln, while revenue of telecommunications firms was up 1.7% at HUF 1,218 bln. Revenue of publishers was up 2.3% at HUF 293 bln, while revenue of film, television and recording companies fell 3.2% to ... Read More »

Business counts cost as Eskom battles power shortages

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State utility Eskom will make more power cuts this week as it struggles with capacity shortages that threaten to stymie President Cyril Ramaphosa’s efforts to boost investments and economic growth. Eskom supplies more than 90% of the power in SA but has suffered repeated faults at its coal-fired power stations, along with low water levels at hydroelectric plants and diesel ... Read More »

Problems with Hungary ‘not yet solved’ – says EPPʼs Weber

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Despite what he described as “constructive” dialogue with Hungarian Prime Minister Viktor Orbán in their meeting Tuesday, Manfred Weber, the leader of the European Peopleʼs Party (EPP) in the European Parliament, indicated afterwards that much remains to be done if Fideszʼs expulsion from the EPP is to be avoided. The head of the EU’s largest political group said the EPP ... Read More »

Uzbekistan discusses production of pharmaceuticals with major Hungarian brand

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Uzbek Minister of Investments and Foreign Trade held meeting with the President of Chamber of Commerce and Industry of Hungary Laszlo Parragh, Trend reports via Uzbek media. The main issues of discussion were systemic measures to expand bilateral cooperation between the business circles of Hungary and Uzbekistan. In this regard, the importance of enhancing mutual visits of entrepreneurs was noted, ... Read More »

January sees 5.4% rise in retail sales

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In January 2019, the volume of sales in retail shops, according to both raw and calendar-adjusted data, grew by 5.4% compared to January 2018. The volume of sales, adjusted for calendar effects, rose by 3.9% in specialized and non-specialized food shops, by 6.4% in non-food retail, and by 7.2% in automotive fuel retail. In January 2019, the volume of sales ... Read More »

Central bank policy-makers maintain base rate

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The Monetary Council of the National Bank of Hungary (MNB) decided once again to keep the central bankʼs key rate on hold at 0.90% at a monthly policy meeting on Tuesday. However, rate-setters have made use of “unconventional, targeted” instruments to ease monetary policy further, state news agency MTI reported. The Council has left the base rate on hold since ... Read More »

Hungary offers Russian bank diplomatic status, complete with immunity

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The Moscow-based Russian International Investment Bank (IIB), which is moving its headquarters to Budapest this year, will receive all conceivable privileges from the Hungarian government. According to a parliamentary proposition to introduce the IIB into the Hungarian legal system, the Hungarian government would provide the bank with a number of extra rights. Based on the proposition of the governing party ... Read More »

Hungary to open foreign trade office in Jerusalem

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At a joint press conference with Netanyahu, Orbán said he had informed the Israeli prime minister about the upcoming elections to the European Parliament in May, an important goal of which will be to crack down on anti-Semitism in Europe. Efforts are being made to ensure that the EUʼs new leaders will not finance NGOs that interfere in political matters ... Read More »

Hungary tells UK Jewish group to ‘mind its own business’ over antisemitism

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A Hungarian government minister has accused a senior representative of British Jews of politically-motivated lying, telling her to “mind your own business” following a meeting in which she raised concerns about antisemitism. The secretary of state, Vince Szalay-Bobrovniczky, wrote to Marie van der Zyl, the president of the Board of Deputies of British Jews, this week to take issue with ... Read More »

US warns Hungary, other allies to shun business with Huawei

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The United States may be forced to scale back certain operations in Europe and elsewhere if countries continue to do business with the Chinese telecommunications company Huawei, Secretary of State Mike Pompeo said Monday in a new warning that underscores U.S. concerns about the firm. In Budapest on the first leg of a five-nation European tour during which he is ... Read More »

November trade surplus revised down to EUR 478 mln

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In a first reading published January 9, the KSH had put the November surplus at EUR 496 mln. Imports rose 7.3% year-on-year in value terms to EUR 8.996 bln in November, while exports were up 4.5% at EUR 9.474 bln. The trade surplus was down EUR 204 mln from the same month a year earlier. The import volume of machinery ... Read More »

Audi’s Hungarian workers end one-week strike – trade union

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BUDAPEST (Reuters) – Audi workers in Hungary reached a deal on a wage increase on Wednesday, ending a strike that has paralysed the carmaker’s plant in Gyor, western Hungary, since last Thursday, the AHFSZ trade union said on its Facebook page. Audi spokeswoman Judit Mithay-Marko confirmed that a deal had been reached. The strike of thousands of workers led to ... Read More »

Hungary Audi workers in rare strike over wages

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Audi, one of Hungary’s largest exporters, employs some 13,000 staff in the western city of Gyor where it has made engines since 1994. Car-making accounts for almost a third of Hungary’s total industrial output, and around 20 percent of exports. The plant’s largest union – the 9,000-member AHFSZ – said the strike would last from Thursday to January 31 and ... Read More »

Is Hungary becoming a rogue state in the center of Europe?

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Most of the international criticism directed at Hungary over the past nine years has focused on domestic indicators such as the rule of law, separation of powers and press freedom. Prime Minister Viktor Orban has been remarkably blunt about his designs for Hungary, citing China, Russia and Turkey as models. After an election in April widely deemed free but not ... Read More »

Hungarian minimum wage to reach monthly Eur 460

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The basic minimum wage is expected to rise to 150,000 forints (EUR 460) before tax in 2019, while the minimum monthly wage of skilled workers is likely to increase to 200,000 forints, the daily Magyar Idők said on Monday, citing unnamed sources. The paper said employers and unions are expected to reach a deal on next year’s pay rises by ... Read More »