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% of GDP (World Bank, latest data available). Cars and the spare parts industry account for the highest share of exports and imports. In the period Jan-Nov 2024, the main exported products were road vehicles (16.7%), electrical machinery, apparatus and appliances (16%), power generating machinery and equipment (6.7%), medical and pharmaceutical products (6.6%), telecommunications and sound recording and reproducing apparatus and equipment (6.5%), and office machines and automatic data processing machines (4.6%); while imports were led by electrical machinery, apparatus and appliances (14.4%), road vehicles (9.9%), medical and pharmaceutical products (5.3%), general industrial machinery and equipment (5.2% - data Hungarian Central Statistical Office).

According to data from the Hungarian Central Statistical Office, Germany was the main export destination in Jan-Nov 2024 (25.2% of the total), followed by Romania (5.4%), Poland (5.3%), Italy (5.2%), and Slovakia (5%);  whereas imports came chiefly from Germany (23%), China (6.7%), Poland (6.2%), Austria (6%), Slovakia (5.9%), and Czech Republic (5.4%). Overall, Europe accounted for 88.3% of total exports and 80.5% 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 2023, however, the country’s trade balance was estimated to be negative by 5.1% of GDP by the World Bank. In the same year, exports of goods stood at USD 160.9 billion against USD 155.9 billion in imports (+6.1% and -5.5% year-on-year, respectively). As per services, exports reached USD 34.7 billion (+12.9%) vis-à-vis USD 24.1 billion in imports (+8%). The latest data published by the Central Statistical Office (KSH) shows that from January to November 2024, Hungary's trade surplus amounted to EUR 11.1 billion. Exports during this period declined by 3.8% to EUR 133.9 billion, while imports fell by 5.6% to EUR 122.8 billion. Hungary’s terms of trade improved by 0.8%, with the forint weakening by 3.2% against the euro and 2.8% against the U.S. dollar.   

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 120,590116,020142,917165,136155,966
Exports of Goods (million USD) 123,796120,654141,830151,672160,955
Imports of Services (million USD) 22,21918,11721,28722,32224,119
Exports of Services (million USD) 30,15522,68926,90630,74434,707

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 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 0.04.65.65.85.9
Volume of imports of goods and services (Annual % change) -1.96.75.95.75.9

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)
2023
Germany 26.1%
Italy 5.8%
Romania 5.3%
Slovakia 5.0%
Poland 4.6%
See More Countries 53.2%
Main Suppliers
(% of Imports)
2023
Germany 22.6%
China 6.6%
Austria 6.1%
Poland 5.8%
Slovakia 5.4%
See More Countries 53.5%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

158.1 bn USD of products exported in 2023
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) 9.9%
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) 7.1%
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. 6.1%
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. 3.0%
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) 2.9%
See More Products 70.9%
148.9 bn USD of products imported in 2023
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. 5.3%
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) 3.4%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 3.2%
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 3.0%
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) 2.7%
See More Products 82.5%

Source: Comtrade, 2024. 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

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: February 2025