Hungary flag Hungary: Economic and Political Overview

Foreign trade figures of Hungary

Foreign Trade in Figures

Hungary's economy is very open, with trade accounting for about 157.2% of GDP (World Bank, latest data available). Cars and the spare parts industry account for the highest share of exports and imports. Medicine and data processing machines are also among Hungary's main exports whereas telephones, electronic circuits and petroleum products are among the main imports.

The European Union is by far the largest economic partner of Hungary, with Germany being the main trading partner both for imports and exports (27.9% of exports, 24.6% of imports). Slovakia is the second top destination for Hungarian goods (5.4%), followed by Italy (5.3%), Romania (5.2%) and Austria (4.3%). China is the second supplier of goods to Hungary (7.9%), followed by Poland and Austria (5.8% each), and the Czech Republic (5.1% - data by Comtrade).

Hungary's trade balance, which was traditionally in deficit, started posting surpluses in the last decade owing in particular to the good health of the German economy. In 2020, the country’s trade balance was estimated at 1.7% of GDP by the World Bank. In the same year, exports of goods stood at USD 120.3 billion, down by 2.8% y-o-y; with imports following a similar trend (-4.3% - USD 115.3 billion). Imports of services lost almost one-fifth of their value compared to pre-pandemic levels, totalling USD 17,6 billion; whereas exports - at USD 22.2 billion – contracted by 26%. According to provisional data from the Hungarian Statistical Office, the value of exports amounted to EUR 98.1 billion and that of imports to EUR 95.9 billion in 2021. Overall, the surplus on the balance of external trade in goods decreased to EUR 2.3 billion.

 
Foreign Trade Values 20172018201920202021
Imports of Goods (million USD) 107,519120,741120,590115,353141,973
Exports of Goods (million USD) 113,806124,705123,796120,311141,921
Imports of Services (million USD) 18,30320,71621,51017,61420,199
Exports of Services (million USD) 26,62829,81930,02822,23826,088

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 164.3165.2163.4161.8157.2
Trade Balance (million USD) 4,3911,896-1,926-3,379-930
Trade Balance (Including Service) (million USD) 11,1819,7667,1404,6443,578
Imports of Goods and Services (Annual % Change) 3.48.57.08.2-4.4
Exports of Goods and Services (Annual % Change) 3.86.55.05.8-6.8
Imports of Goods and Services (in % of GDP) 77.879.279.579.577.5
Exports of Goods and Services (in % of GDP) 86.586.083.982.379.7

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2022 (e)2023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 5.24.26.06.36.2
Volume of imports of goods and services (Annual % change) 7.70.24.64.94.9

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Hungary is a member of the following international economic organisations: IMF, European Union, OECD, G-9, North Atlantic Treaty Organization (NATO), ICC, Central European Initiative (CEI), WTO, among others. For the full list of economic and other international organisations in which participates Hungary click here. International organisation membership of Hungary is also outlined here.
Free Trade Agreements
The up-to-date list of Free Trade Agreements signed by Hungary can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2021
Germany 26.7%
Italy 5.9%
Romania 5.3%
Slovakia 5.1%
Austria 4.5%
See More Countries 52.5%
Main Suppliers
(% of Imports)
2021
Germany 23.8%
China 7.1%
Austria 6.1%
Slovakia 5.9%
Poland 5.7%
See More Countries 51.5%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

141.3 bn USD of products exported in 2021
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 8.5%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 5.5%
Electric accumulators, incl. separators therefor,...Electric accumulators, incl. separators therefor, whether or not square or rectangular; parts thereof (excl. spent and those of unhardened rubber or textiles) 3.2%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 3.0%
Monitors and projectors, not incorporating...Monitors and projectors, not incorporating television reception apparatus; reception apparatus for television, whether or not incorporating radio-broadcast receivers or sound or video recording or reproducing apparatus 2.8%
See More Products 77.0%
138.9 bn USD of products imported in 2021
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 4.7%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 3.3%
Electrical energyElectrical energy 2.6%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 2.6%
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 2.5%
See More Products 84.3%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

19.7 bn USD of services exported in 2020
31.07%
25.44%
16.30%
13.31%
6.43%
2.29%
1.59%
1.54%
1.31%
0.58%
0.14%
17.0 bn USD of services imported in 2020
39.51%
24.94%
10.63%
7.46%
6.81%
2.51%
2.01%
1.73%
1.59%
1.44%
1.36%

Source: United Nations Statistics Division, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: November 2022