Hungarian Online Retail Business Expanding

Economy

“Hungary is committed to maintaining strong bilateral trade relations with the United States of America. Last year, trade between the two countries exceeded 5.4 billion USD” – said Mihály Varga when he visited the center of Amazon where Susan Pointer and Dave Bozeman welcomed him.In a meeting with Amazon, one of the largest online trading companies in the world, the Hungarian Finance Minister emphasized that the foreign trade balance between Hungary and the United States showed a surplus of nearly 1 billion USD in 2017, which shows the importance of bilateral relations.

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Mihály Varga said that with a 4% share in retail sales in Hungary, the volume of mail-order and online retail sales continued to grow by 28% last year, with the commercial traffic rising from 308 billion in 2016 to nearly 400 billion forints in 2017. This means that there is still a considerable potential for online commerce development, which contributes significantly to the growth of the business and to the increase in consumption. As he said, based on the continuous economic development and the significant rise in earnings, Hungarians expect a considerable growth in retail trade in the country.

Mihály Varga also visited the Boeing Group during his trip. After a visit to the company, the finance minister said that the Hungarian government had previously contributed with a significant amount of money to the engineering and construction of the German Diehl aircraft manufacturing company in Debrecen, which is among the first suppliers of Boeing. He also said that our country is committed to the development of research and progression, in particular, the development of high added value products, to which the Hungarian higher education institutions have been involved in the last few years.

Source: www.kormany.hu

Photo: www.kormany.hu / www.pixabay.com

 

 

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