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Facts & Statistics

Value of Hungarian agricultural exports increased by 2.3 percent in 2020

Exports for the agriculture and food sector increased by 2.3 percent in value and 4.5 percent in volume in 2020 compared to the previous year.

The results were presented in the report of the Institute of Agricultural Economics (AKI).

The food economy improved its external trade balance by 5.3 percent, and the share of agriculture in the national economy grew by 9.2 percent.

Zoltán Fórián, a senior agricultural expert at the Erste Agricultural Competence Center, told a local business newspaper that the past year has accelerated a number of processes that were only expected later. These include the strengthening of consumer awareness and occupational hygiene, the transformation of sales channels and the rise in food prices in relation to value for money.

According to Fórián, the latter can be seen not only in the significant 4.8 percent increase in agricultural output but also in the expansion of foreign trade.

Foreign trade data has shown the predominance of cereals for many decades. The export volume of corn increased by almost 35 percent last year, although the average annual export price decreased by 12 percent, but this is also related to the year-end wave of price increases. Maize exports were already outstanding in 2019 and rose 19 percent further in 2020.

A significant increase in export value of 16.4 percent was also observed for wheat. The soaring exports of raw materials additionally signaled a halt to the growing trend in the share of highly processed foods over the past decade, although their share of exports, which is close to 40 percent, is a significant achievement.

Source
www.origo.hu
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