Table 3: Hungarian Foreign Trade in Goods with EU Member States in 1999 (by SITC product group)
Table 3: Hungarian Foreign Trade in Goods with EU Member States in 1999 (by SITC product group)
Exports
|
Imports
|
Balance
USD million
1999
| |||||
|---|---|---|---|---|---|---|---|
USD million
1999
|
% share
1999
|
% change
1999/98
|
USD million
1999
|
% share
1999
|
% change
1999/98
| ||
Food, beverages, tobacco
|
972.6
|
5%
|
92.3%
|
317.0
|
2%
|
85.0%
|
655.6
|
Raw materials
|
417.8
|
2%
|
98.6%
|
242.7
|
1%
|
85.2%
|
175.1
|
Energy carriers
|
276.6
|
1%
|
93.3%
|
185.6
|
1%
|
91.9%
|
91
|
Processed products
|
5 388.2
|
28%
|
104.4%
|
7 466.9
|
41%
|
105,7%
|
-2 078.7
|
Machinery and equipment
|
12 012.5
|
63%
|
122.0%
|
9 836.4
|
54%
|
115.0%
|
2 176.1
|
Total with EU
|
19 067.8
|
100%
|
123.4%
|
18 048.6
|
100%
|
123.7%
|
1 019.2
|
Total Hungarian trade in goods
|
25 012.5
|
no data
|
120.4%
|
28 008.2
|
no data
|
121.1%
|
-2 995.7
|
Source: HBS, Ministry of Economy;
1It should be stressed that the Eurostat data – which only partially include the production of the Hungarian free trade zone industries – significantly deviate from the Hungarian customs statistics of the Hungarian Bureau of Statistics. According to the official Hungarian figures, a positive Hungarian foreign trade balance in excess of EUR 1 billion was generated in relation to the EU in 1999, while the Eurostat data indicate an almost EUR 1 billion Hungarian deficit for the same relation.
2In 1999, a chain of financial crises rocked the Far East and South America, the economic growth of our key export market (the EU) slowed down, the Russian economy collapsed, first a political then a military conflict arose in Yugoslavia, and several natural disasters happened in Hungary.
3According to this assumption, the more developed an economy is, the higher number of its sectors are connected to international trade, and, the greater the number of products exported and imported at the same time. Turning the argument around, the less developed an economy, the lower the number of its sectors involved in international trade, and the more concentrated its export structure (monocultures; complementary economies). The index can take on any value between 0 and 100, and the more this value approximates 100, the higher the ratio of sectoral trade is.
4According to the Competitiveness Yearbook published annually by the Swiss Institute for Management Development (IMD), the Hungarian economy moved one step ahead in the global ranking, to the 27th place from the 28th in the previous year. According to the study compiled on the basis of statistics and corporate managers’ statements, the economic environment in Hungary is “more business-friendly” than that of all the other CEE countries (Slovenia, being next in line, is only ranked 35th). This performance puts us ahead of three EU member states: Portugal (29th), Italy (30th), and Greece (32nd).
5Of the export turnover between January and October 2000, ca. 80% was realized in EUR and 20% in USD, whereas in imports the USD share approximated 35%.
