The trade balance of Vietnamese merchandise trade has turning to surplus in trading with Hungary after many years of deficit thanks to the growth in exports.
The latest statistics show that Vietnam's export turnover to Hungary in the first eight months of 2017 was USD 107 million, an increase of 108% compared to the same period of 2016. Thus, the export value to this market after 8 months of 2017 has exceeded the total export turnover of last year.
The growth of the exports to this market is mainly due to the increase of computers, electrical products, spare-parts and components thereof. As of the 8 first months 2016, export value of this group to Hungary reached only USD 5.59 million, however in the first 8 months of 2017, this number has reached USD 53.12 million.
By import side, the total value of imported goods from Hungary in the first 8 months of 2017 was USD 87.48 million, slightly increased by 5.7% over the same period of 2016.
The two major imports from Hungary in the first eight months of 2017 were pharmaceutical products (USD 20.63 million) and machineries, equipments, tools and instruments (USD 20.73 million). The total import value of these two groups accounted for 47% of the total import value of the whole country from this market.
Thanks to the high increase in exports, Vietnam's trade balance has shifted from a deficit of USD 31.5 million in eight months in 2016 to a surplus of USD 19.5 million in the 8 first months of 2017.