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.

Historical Data

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Yearly Exports

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Top Export (2019): Cars, $12.6B

Top Destination (2019): Germany, $32.6B

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).

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Yearly Imports

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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).

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Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

Hungary Exports Services (2018): $33B

Hungary Imports Services (2018): $24.3B

In 2018, Hungary exported $33B worth of services. The top services exported by Hungary in 2018 were Transportation ($10.4B), Other business services ($8.94B), Personal travel ($8.89B), Royalties and license fees ($2.52B), and Personal, cultural, and recreational services ($796M).

The top services imported by Hungary in 2018 were Other business services ($9.77B), Transportation ($7.15B), Personal travel ($3.18B), Royalties and license fees ($2.22B), and Personal, cultural, and recreational services ($745M).

Tariffs by Product

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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:
109: Caribbean Forum (CARIFORUM) - European Union Economic Partnership Agreements (EPA)
119: Customs Union between EU and Turkey
121: Economic Partnership Agreement (EPA) between the EU and the Southern African Development Community (SADC) EPA Group
122: EU preferential tariff for sugar producing countries
123: European Union Generalized System of Preference
124: European Union GSP for Least Developed Countries
136: Most Favoured Nation duty rate treatement
160: Preferential tariff for Albania
161: Preferential tariff for Algeria
162: Preferential tariff for Andorra
172: Preferential tariff for Bosnia and Herzegovina
177: Preferential tariff for Cameroon
181: Preferential tariff for Central American Common Market CACM (Spanish: Mercado Común Centroamericano MCCA) Central American Integration System SICA
182: Preferential tariff for Chile
189: Preferential tariff for Colombia
205: Preferential tariff for Ecuador
206: Preferential tariff for Egypt
209: Preferential tariff for EPA countries
218: Preferential tariff for European Union countries
222: Preferential tariff for Faroe Islands
223: Preferential tariff for Fiji
224: Preferential tariff for for occupied Palestinian territory
226: Preferential tariff for Georgia
227: Preferential tariff for Ghana
238: Preferential tariff for Iceland
239: Preferential tariff for India
244: Preferential tariff for Israel
247: Preferential tariff for Jordan
249: Preferential tariff for Korea, Republic of
255: Preferential tariff for Lebanon
258: Preferential tariff for Liechtenstein
262: Preferential tariff for Macedonia
270: Preferential tariff for Mexico
272: Preferential tariff for Montenegro
273: Preferential tariff for Morocco
281: Preferential tariff for Norway
283: Preferential tariff for Overseas Countries and Territories
284: Preferential tariff for Pakistan
287: Preferential tariff for Papua New Guinea
289: Preferential tariff for Peru
293: Preferential tariff for San Marino
295: Preferential tariff for Selected Eastern and Southern African countries(Madagascar, Mauritius, Seychelles and Zimbabwe)
299: Preferential tariff for Singapore
302: Preferential tariff for South Africa
306: Preferential tariff for Switzerland
308: Preferential tariff for Syria
318: Preferential tariff for the republic of Moldova
321: Preferential tariff for Tunisia
325: Preferential tariff for Ukraine
341: Preferential tariffs for countries benefiting from the special incentive arrangement for sustainable development and good governance

Economic Complexity

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Most Specialized Products by RCA Index

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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.

Most Complex Products by PCI

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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.

Export Opportunities by Relatedness

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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.

Relatedness Space

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This network shows the products most related to the production structure of Hungary. These are products that tend to be co-exported with the products that Hungary exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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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.

Economic Complexity Ranking

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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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