Hungary’s exports of goods and services total $145.3 billion.
As a result, the country is positioned as:
The economy ranks 35th in terms of product exports.
37th largest economy in terms of service exports
Imports totaled $129.9 billion, resulting in a $26.4 billion positive trade balance.
Export and Import Distribution by Product Categories
According to OEC data, Hungary’s largest export class are machines, which account for 47.6 billion dollars of their total export trades.
Other significant export product categories include:
20.4 billion dollars for transportation
11.3 billion dollars in chemical products
7.82 billion dollars in plastics and rubber
6.4 billion dollars in metals
Export and Import Distribution by Destination Country and Origin
Germany with 32.6 billion dollars, Italy with 6.29 billion dollars and Romania with 6.18 billion dollars are the top destinations for Hungarian exports. Another is Slovakia with 5.76 billion Euros
Austria with 5.42 billion Euros.
The following are the top countries of origin for Hungarian imports:
Poland with 6.8 billion dollars, Germany with 29.6 billion dollars,
China with 6.67 billion dollars, Austria with 6.24 billion dollars,
The Czech Republic with 5.98 billion dollars.
Hungary’s Top Imports
Here is a list of the most important products imported by Hungary, including both commodities and other notable imports.
Imports of Commodities.
3 billion dollars in crude petroleum
2.1 billion dollars for petroleum gas
2 billion dollars in refined petroleum
781 million dollars for other iron products
750 million dollars for raw aluminum
Other Significant Imports
Vehicle components with 5.8 billion dollars, Automobiles with 4.6 billion dollars, 3.2 billion dollars for packaged pharmaceuticals, 3.1 billion dollars for integrated circuits, 2.2 billion dollars in office machine parts
Hungary’s Top 10 Exports
Hungary, a Central European country with land borders with Slovakia, Ukraine, Austria, Romania, Serbia, Croatia, and Slovenia, shipped 120.3 billion dollars in goods around the world in 2020.
This dollar amount represents a 16.8 percent increase since 2016, but a minus 1.5 percent decrease from 2019 to 2020.
According to the average 2020 exchange rate, the Hungarian forint has depreciated by minus 9.4 percent against the US dollar since 2016 and by minus 6 percent from 2019 to 2020.
Because of Hungary’s weaker local currency, exports paid for in stronger US dollars are less expensive for international buyers.
According to the most recent country-specific data, importers in Germany account for 28 percent of the global total, Slovakia for 5.4 percent, Romania for 5.3 percent, Italy 5.2 percent, Austria with 4.5 percent, France with 4.2 percent, Poland 4.1 percent, Czech Republic also with 4.1 percent, the Netherlands with 3.5 percent, the United Kingdom with 3.1 percent, Spain with 2.8 percent, and the United States purchased 73.0 percent of products exported from Hungary with 2.7 percent.
In terms of value, 88.8 percent of Hungary’s exports were delivered to other European countries, while 6.1 percent were sold to Asian importers.
Hungary exported another 3.5 percent of its total exports to North America.
Africa got just 0.6 percent, Latin America with 0.4 percent excluding Mexico but including the Caribbean, and Oceania with 0.3 percent led by Australia, received smaller percentages.
With a population of 9.7 million people, Hungary’s total export value of 120.3 billion dollars in 2020 equates to roughly 10,500 dollars for each resident of the landlocked European country.
The export product groups listed below have the highest dollar value in Hungarian global shipments in 2020.
The percentage share of each export category in terms of total exports from Hungary is also shown.
29.5 billion dollars in electrical machinery and equipment accounts for 24.6 percent of total exports
19.2 billion dollars for machinery, including computers, accounts for 16 percent
17.9 billion dollars for automobiles accounts for 14.9 percent
7.5 billion dollars in pharmaceuticals accounts for 6.2 percent
Plastics and plastic products: 4.5 billion accounts for 3.7 percent
Optical, technical, and medical equipment: 3.6 billion dollars account for 3 percent
Mineral fuels, including oil, totaled 3.1 billion dollars accounting for 2.5 percent
Rubber and rubber products: 2.4 billion is equivalent to 2 percent
Cereals are worth 1.8 billion accounting for 1.5 percent
1.7 billion for furniture, bedding, lighting, signs, and prefabricated buildings accounts for 1.4 percent
The top ten exports from Hungary accounted for more than three quarters or 75.8 percent of the total value of its global shipments.
Pharmaceuticals are the fastest growing of the top ten export categories, increasing by 23.6 percent between 2019 and 2020.
Cereals came in second for increasing export sales, with a 22.6 percent increase.
Hungary’s shipments of electrical machinery and equipment saw the third-fastest increase in value, rising by 6 percent.
Vehicles were the leading decliner among Hungary’s top ten export categories, falling by minus 17.6 percent year on year.
Cars are Hungary’s most valuable export product accounting for 8.3 percent of the total.
Following that are automotive parts or accessories with 5 percent, medication mixes in dosage accounts for 3.5 percent, mobile phones account for 3 percent, computers including optical readers account for 2.9 percent, television receivers, monitors, and projectors account for 2.8 percent, piston engines account for 2.5 percent, and electric storage batteries accounts for 2.5 percent.
In terms of macroeconomics, Hungary’s total exported goods account for 38 percent of its total GDP in 2020 valued at 316.3 billion dollars in Purchasing Power Parity US dollars.
In 2020, exports will account for 38 percent of the total GDP in PPP terms, up from 37.2 percent in 2019.
Based on a short timeframe, this suggests a relatively increasing reliance on products sold on international markets for Hungary’s total economic performance.
There is a significant amount of re-exporting activity in these metrics.
The unemployment rate is another important indicator of a country’s economic performance.
According to Trading Economics, Hungary’s average unemployment rate for 2020 was 4.3 percent, up from 3.5 percent the previous year.
Budapest is Hungary’s capital city.