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. 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).

 
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 20232024 (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%
Poland 5.6%
See More Countries 52.7%

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%.

 
 

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Latest Update: February 2024

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