FX.co ★ Hungary’s Trade Surplus Shrinks Sharply in January as Export-Import Gap Narrows

Hungary’s trade balance posted a steep month-over-month decline at the start of 2026, with the surplus narrowing to EUR 12.4 million in January from EUR 417.7 million in December 2025. The latest data, updated on 2 March 2026, underscore a significant loss of momentum in the country’s external balance over the month.

The January 2026 figure suggests that the gap between exports and imports tightened considerably compared with the previous month, when Hungary recorded a much stronger surplus. On a month-over-month basis, the “actual” reading for January is measured against December 2025, while the December 2025 surplus itself reflected the change versus November, highlighting how sharply conditions have shifted in just one month.

While the data release does not specify the underlying drivers, the abrupt moderation in the surplus points to a combination of softer export performance, stronger import demand, or both, and will likely draw attention from analysts tracking Hungary’s external position and its implications for growth and currency dynamics.