Foreign trade figures of Hungary

Foreign Trade in Figures

Hungary's economy is very open, with trade accounting for about 163% of GDP (World Bank, latest data available). Cars and the spare parts industry account for the highest share of exports and imports. In terms of product groups, machinery and transport equipment had the lion’s share of both exports and imports in 2022 (55.2% and 41.3%, respectively), followed by manufactured goods (30.6% and 35.8%, respectively). Food was the third main export group (7.2%); whereas it was fuel and electric energy for imports (15.1% - data Hungarian Central Statistical Office)

According to data from the Hungarian Central Statistical Office, Germany was the main export destination in 2022 (25.1% of the total), followed by Italy (5.6%), Romania (5.3%), Slovakia (5.1%), and Austria (4.5%); whereas imports came chiefly from Germany (21.1%), Austria (7.2%), China (6.7%), Slovakia (6.6%), and Russia (6.1%). Overall, Europe accounted for 88.2% of total exports and 81% of imports.

Hungary's trade balance, which was traditionally in deficit, started posting surpluses in the last decade owing in particular to the good performance of the German economy. In 2022, however, the country’s trade balance was estimated to be negative by 4.3% of GDP by the World Bank (for the first time since 2005). In the same year, exports of goods stood at USD 151.5 billion against USD 164.3 billion in imports (+6.8% and +14.9% year-on-year, respectively). As per services, exports reached USD 30.7 billion (+17.6%) vis-à-vis USD 22.2 billion in imports (+10.2%). The latest data published by the Central Statistical Office (KSH) shows that in January-September 2023 the value of service exports amounted to EUR 24.3 billion, and that of imports to EUR 15.9 billion. Concerning goods, exports amounted to EUR 125.6 billion (+4.3% y-o-y), and imports to EUR 117.7 billion (-2.2% y-o-y).