Hungary (HUN) and Armenia (ARM) Trade | The Observatory of Economic Complexity

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Hungary-Armenia Trade: In 2023, Hungary exported $36M to Armenia. The main products that Hungary exported to Armenia were Packaged Medicaments ($8.84M), Cars ($3.49M), and Other Office Machines ($2.51M). Over the past 5 years the exports of Hungary to Armenia have increased at an annualized rate of 15.4%, from $17.6M in 2018 to $36M in 2023.

In 2023, Hungary did not export any services to Armenia.

Armenia-Hungary Trade: In 2023, Armenia exported $1.46M to Hungary. The main products that Armenia exported to Hungary were Computers ($211k), Other Stone Articles ($207k), and Broadcasting Equipment ($121k). Over the past 5 years the exports of Armenia to Hungary have increased at an annualized rate of 4.94%, from $1.14M in 2018 to $1.46M in 2023.

In 2023, Armenia did not export any services to Hungary.

Comparison: In 2023, Hungary ranked 14 in the Economic Complexity Index (ECI 1.41), and 35 in total exports ($150B). That same year, Armenia ranked 57 in the Economic Complexity Index (ECI 0.094), and 107 in total exports ($9.02B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Hungary exported $36M to Armenia. The main products exported from Hungary to Armenia were Packaged Medicaments ($8.84M), Cars ($3.49M), and Other Office Machines ($2.51M). During the last 5 years the exports of Hungary to Armenia have increased at an annualized rate of 15.4%, from $17.6M in 2018 to $36M in 2023.

In 2018, Armenia exported $1.46M to Hungary. The main products exported from Armenia to Hungary were Computers ($211k), Other Stone Articles ($207k), and Broadcasting Equipment ($121k). During the last 5 years the exports of Armenia to Hungary have increased at an annualized rate of 4.94%, from $1.14M in 2023 to $1.46M in 2018.

Exports from Hungary () to Armenia () (2023)

Exports from Armenia () to Hungary () (2023)

Latest Data

Trade between Hungary () and Armenia ()

Hungary Exports

Date

Armenia Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Hungary
Top DestinationGermany$37.4B

Armenia
Top DestinationRussia$3.38B

This map shows whether countries import more from Hungary or Armenia. Each country is colored based on the difference in imports they receive from Hungary and Armenia or the difference in the growth in imports.

In 2023, countries that imported more from Hungary than Armenia included Germany ($37.4B), Italy ($9.08B), and Romania ($8.43B).

In 2023, countries that imported more from Armenia than Hungary included Russia ($3.38B), United Arab Emirates ($2.25B), and Georgia ($340M).

Difference in imports from Armenia () and Hungary () (2023)

Comparative Advantage Hungary - Armenia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between Hungary and Armenia by product, considering products traded by both, Hungary and Armenia.

During 2023, Hungary had a large net trade with Armenia in the exports of Chemical Products ($11.7M), Machines ($8.87M), and Transportation ($4.59M).

During 2018, Armenia had a large net trade with Hungary in the exports of Machines ($580k), Stone And Glass ($218k), and Instruments ($180k).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Hungary Armenia+$5.06MCars

Top Product Potential Armenia Hungary+$350kHard Liquor

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

Year

This visualization shows the product space at the HS4 level with the flags of Hungary and Armenia. This means that a dot/product with the flag of Hungary indicates it has a comparative advantage over Armenia. Similarly, a dot/product with the flag of Armenia indicates it has a comparative advantage over Hungary.

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Historical Data

Bilateral Trade by Products

Exports from Hungary () to Armenia () (2023)

Exports from Armenia () to Hungary () (2023)

Latest Data

Trade between Hungary () and Armenia ()

Hungary Exports

Armenia Exports

Market Competitiveness

Difference in imports from Armenia () and Hungary () (2023)

Comparative Advantage Hungary - Armenia

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Hungary () and Armenia () (2023)

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