Exports drop in August as car production slows

Automotive

Hungary's exports decreased 4.1% in August as compared with a year ago, the Central Statistics Office reported today. The first such decrease in several months was apparently caused by a drop in production, especially in the automotive sector. 

The trade surplus was EUR 270 mln in August, as imports also dropped, by 0.5%.

Analysts say that the general economic slowdown in Europe has had an impact on Hungary's large automotive production sector, which up until now has been increasing at dizzying speed and driving months of growth in production and exports for Hungary. The vehicle production sector and its supportive industries are estimated to contribute as much as 10% of Hungary's GDP.

According to reports, the Audi plant in Győr, which trumpeted the production of its 100,000th car in a September announcement, had overproduced given Europe's weak market, and the plant stopped production in August.

The slowdown in Hungarian automotive production coincides with similar slowdowns being reported in Poland and Czech Republic.

Hungary Account Deficit at EUR 561 mln in Q4 Debt

Hungary Account Deficit at EUR 561 mln in Q4

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.