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 163% of GDP (World Bank, latest data available). Cars and the spare parts industry account for the highest share of exports and imports, followed by electric accumulators, telephones and monitors. Among the main imports, there are automotive parts, telephones, electrical energy and petroleum gas (Comtrade).

The European Union is by far the largest economic partner of Hungary, with Germany being the main trading partner for both imports and exports ( 23.8% of imports, 26.7% of exports). Italy is the second top destination for Hungarian goods (5.9%), followed by Romania (5.3%), Slovakia (5.1%), and Austria (4.5%). China is the second supplier of goods to Hungary (7.1%), followed by Austria (6.1%), Slovakia (5.9%), and Poland (5.7% - 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 performance of the German economy. In 2021, the country’s trade balance was estimated at 0.3% of GDP by the World Bank (from 1.9% one year earlier). In the same year, exports of goods stood at USD 141.9 billion, roughly at the same level as imports (+17.9% and +23% year-on-year, respectively). As per services, exports reached USD 26 billion (+17.3%) against USD 20.2 billion in imports (+14.6%). The latest data published by the Central Statistical Office (KSH) shows that in January-September 2022, the value of exports amounted to EUR 20.5 billion and that of imports to EUR 14.2 billion. Compared to the same period in 2021, the value of exports increased by 27% and that of imports by 21%.

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 120,741120,590116,020142,917164,294
Exports of Goods (million USD) 124,705123,796120,654141,830151,540
Imports of Services (million USD) 20,44822,21918,08620,20822,280
Exports of Services (million USD) 29,99430,15522,62726,14230,740

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

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 163.3160.8155.5160.2184.8
Trade Balance (million USD) -2,629-4,099-1,477-5,117-15,570
Trade Balance (Including Service) (million USD) 6,9013,8363,095687-7,162
Imports of Goods and Services (Annual % Change) 7.08.2-3.97.711.1
Exports of Goods and Services (Annual % Change) 5.05.4-6.18.811.8
Imports of Goods and Services (in % of GDP) 79.579.276.879.994.5
Exports of Goods and Services (in % of GDP) 83.881.578.780.390.4

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2023 (e)2024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 8.27.55.75.45.4
Volume of imports of goods and services (Annual % change) 2.39.95.35.15.2

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)
2022
Germany 25.2%
Italy 5.7%
Romania 5.3%
Slovakia 5.1%
Austria 4.5%
See More Countries 54.2%
Main Suppliers
(% of Imports)
2022
Germany 21.1%
Austria 7.3%
China 6.7%
Slovakia 6.7%
Russia 6.1%
See More Countries 52.2%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

149.9 bn USD of products exported in 2022
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) 8.1%
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. 5.2%
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) 5.0%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 3.2%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.7%
See More Products 75.8%
159.3 bn USD of products imported in 2022
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 6.2%
Electrical energyElectrical energy 4.7%
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. 4.2%
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%
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 2.4%
See More Products 79.5%

Source: Comtrade, 2023. 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

20.1 bn USD of services exported in 2020
31.30%
25.51%
15.97%
13.63%
5.94%
2.26%
1.66%
1.64%
1.40%
0.57%
0.13%
17.2 bn USD of services imported in 2020
38.04%
24.14%
11.67%
8.16%
6.72%
2.75%
2.19%
1.88%
1.68%
1.39%
1.39%

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: November 2023