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Declines in domestic sales could not be fully offset by a 4.5% increase in exports. In addition, companies in the sector suffered losses due to the strengthening of the forint and what they saw as excessively high interest rates. As a result, the Hungarian food sector's profitability halved in 2004, with profits falling below 3% of sales revenues on average.
The performance of various sub-sectors was uneven during the year. In volume terms, production was up 56% in the sugar processing sector and by 48% in meat product manufacturing. Modest growth of 3-4% was recorded in the soft drink and fruit juice, poultry processing, and bakery and pastry sectors.
At the same time, production volumes declined by 4% in the dairy sector, and by 10-13% in the milliing industry, in vegetable and fruit processing, and meat processing. The largest decrease in production was seen in beer manufacturing, by over 20%.
