Hungary’s export of Aluminium stranded wires reports growth during 2018-19; projected marginal drop in volume for 2020, earnings to keep rising

According to the GKI Economic Research Co., the annual growth rate in the Hungarian economy is about to slow down significantly in 2020 and after 5.1% in 2019 the GDP growth rate is forecasted at 2.7%. The growth remains balanced in 2020, which means both internal trends and export promote fast growth.

The major industries that contribute highly to the economy of Hungary are electrical goods, mining, metallurgy, construction materials, food processing, electronics, textiles, chemicals, pharmaceuticals, motor vehicles, information technology.

The landlocked Central European nation recorded aluminium stranded wires export during 2018-19 at 29,052 tonnes and the earnings stood at $48.39 million. The projected export for 2020 has been analysed to remain at 15,021 tonnes and earning to outreach $32.59 million. However, when the evaluated export volume and earnings of 2020 get assorted with the previous two years it denotes 44,073 tonnes and $80.98 million respectively.

Hungary’s export of aluminium stranded wires in 2018 stood at 13,763 tonnes and revenue generation remained at $ 19.39 million, whereas in 2019 the export of the stranded wires reflected growth by 11.08%, as the export volume reached to 15,289 tonnes and earnings surged to $32.59 million.

Aluminium stranded wires export for 2020 has been forecasted with a marginal drop by 1.75%, as the export volume to fall at 15,021 tonnes, while the earnings to remain strong and climb to $32.59 million.

The major trading nations for Hungary’s export of aluminium stranded wires are Czech Rep., Croatia, Germany, Latvia, Slovenia, Spain, Sweden, Switzerland, etc.