Hungary2019 Economic Complexity : 1.46, Rank 14 of 146
2019 Product Exports | Imports: $121B | $115B, 33 of 225 | 34 of 225
2019 Per Capita Product Exports | Imports: $12.4k | $11.7k, 26 of 219 | 23 of 219
2017 Service Exports | Imports : $23.3B | $16.6B, 37 of 139 | 41 of 139
Overview: In 2019 Hungary was the number 55 economy in the world in terms of GDP (current US$), the number 33 in total exports, the number 34 in total imports, the number 54 economy in terms of GDP per capita (current US$) and the number 14 most complex economy according to the Economic Complexity Index (ECI).
Exports: The top exports of Hungary are Cars ($12.6B), Vehicle Parts ($7.2B), Packaged Medicaments ($3.68B), Spark-Ignition Engines ($3.57B), and Video Displays ($2.98B), exporting mostly to Germany ($32.6B), Romania ($6.21B), Italy ($5.91B), Slovakia ($5.88B), and Austria ($5.33B).
Imports: The top imports of Hungary are Vehicle Parts ($6.22B), Cars ($4.52B), Integrated Circuits ($3.3B), Packaged Medicaments ($3.06B), and Broadcasting Equipment ($2.76B), importing mostly from Germany ($28.9B), China ($7.06B), Poland ($6.96B), Austria ($6.56B), and Czechia ($6.3B).
In 2019, Hungary was the world's biggest importer of Terry Fabric ($15.6M)
Location: Hungary borders Austria, Croatia, Romania, Serbia, Slovakia, Slovenia, and Ukraine by land.
In 2019, Hungary exported a total of $121B, making it the number 33 exporter in the world. During the last five reported years the exports of Hungary have changed by $9.9B from $111B in 2014 to $121B in 2019.
The most recent exports are led by Cars ($12.6B), Vehicle Parts ($7.2B), Packaged Medicaments ($3.68B), Spark-Ignition Engines ($3.57B), and Video Displays ($2.98B). The most common destination for the exports of Hungary are Germany ($32.6B), Romania ($6.21B), Italy ($5.91B), Slovakia ($5.88B), and Austria ($5.33B).
Top Import (2019): Vehicle Parts, $6.22B
Top Origin (2019): Germany, $28.9B
In 2019 Hungary imported $115B, making it the number 34 trade destination in the world. During the last five reported years the imports of Hungary changed by $12.2B from $103B in 2014 to $115B in 2019.
The most recent imports of Hungary are led by Vehicle Parts ($6.22B), Cars ($4.52B), Integrated Circuits ($3.3B), Packaged Medicaments ($3.06B), and Broadcasting Equipment ($2.76B). The most common import partners for Hungary are Germany ($28.9B), China ($7.06B), Poland ($6.96B), Austria ($6.56B), and Czechia ($6.3B).
Hungary Exports Services (2017): $23.3B
Hungary Imports Services (2017): $16.6B
In 2017, Hungary exported $23.3B worth of services. The top services exported by Hungary in 2017 were Transportation ($6.63B), Travel ($6.18B), Miscellaneous business, professional, and technical services ($4.97B), Computer and information services ($2.2B), and Royalties and license fees ($1.79B).
The top services imported by Hungary in 2017 were Miscellaneous business, professional, and technical services ($5.08B), Transportation ($4.44B), Travel ($2.45B), Royalties and license fees ($1.56B), and Computer and information services ($1.55B).
The top product import tariffs by their MFN Ad Valorem value for Hungary are Sugar beet (178%) and Whey (173%).
Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.
*The tariffs applied to imports for Hungary are:
Hungary has a high level of specialization in Other Office Machines (14.4), Other Nitrogen Compounds (14.3), Radio Receivers (14), Other Leather Articles (12.4), and Tobacco Processing Machines (10.9). Specialization is measured using RCA, an index that takes the ratio between Hungary observed and expected exports in each product.
The highest complexity exports of Hungary according to the product complexity index (PCI) are Measuring or checking instruments nes (1.93), Electric solder, weld, braze,hot metal spray equipment (1.75), Equipment for physical and chemical analysis (1.72), Metal pickling preps, solder, brazing flux, weld cores (1.7), and Tools for working in the hand, non-electric motor (1.64). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Hungary according to the relatedness index, are Railway Freight Cars (0.32), Plastic Building Materials (0.31), Centrifuges (0.3), Plastic Wash Basins (0.3), and Fuel Wood (0.3). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Hungary is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.
During the last 20 years Hungary's economy has become relatively más complex, moving from the 26th to the 14th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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