Overview: In 2018 Hungary was the number 55 economy in the world in terms of GDP (current US$), the number 35 in total exports, the number 34 in total imports, and the number 14 most complex economy according to the Economic Complexity Index (ECI). In 2018, Hungary exported $122B and imported $113B, resulting in a positive trade balance of $8.04B. In 2018, Hungary's exports per capita were $12.4k and its imports per capita were $11.6k.
In 2018 Hungary exported a total of $122B, making it the number 35 exporter in the world. During the last five reported years the exports of Hungary have changed by $20.3B from $101B in 2013 to $122B in 2018.
In 2018 Hungary imported $113B, making it the number 34 trade destination in the world. During the last five reported years the imports of Hungary changed by $17B from $96.5B in 2013 to $113B in 2018.
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).
This section shows forecasts for total product exports and imports for Hungary. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
*The tariffs applied to imports for Hungary are:109: Caribbean Forum (CARIFORUM) - European Union Economic Partnership Agreements (EPA)119: Customs Union between EU and Turkey121: Economic Partnership Agreement (EPA) between the EU and the Southern African Development Community (SADC) EPA Group122: EU preferential tariff for sugar producing countries123: European Union Generalized System of Preference124: European Union GSP for Least Developed Countries136: Most Favoured Nation duty rate treatement160: Preferential tariff for Albania161: Preferential tariff for Algeria162: Preferential tariff for Andorra172: Preferential tariff for Bosnia and Herzegovina177: Preferential tariff for Cameroon181: Preferential tariff for Central American Common Market CACM (Spanish: Mercado Común Centroamericano MCCA) Central American Integration System SICA182: Preferential tariff for Chile189: Preferential tariff for Colombia205: Preferential tariff for Ecuador206: Preferential tariff for Egypt209: Preferential tariff for EPA countries218: Preferential tariff for European Union countries222: Preferential tariff for Faroe Islands223: Preferential tariff for Fiji224: Preferential tariff for for occupied Palestinian territory226: Preferential tariff for Georgia227: Preferential tariff for Ghana238: Preferential tariff for Iceland239: Preferential tariff for India244: Preferential tariff for Israel247: Preferential tariff for Jordan249: Preferential tariff for Korea, Republic of255: Preferential tariff for Lebanon258: Preferential tariff for Liechtenstein262: Preferential tariff for Macedonia270: Preferential tariff for Mexico272: Preferential tariff for Montenegro273: Preferential tariff for Morocco281: Preferential tariff for Norway283: Preferential tariff for Overseas Countries and Territories284: Preferential tariff for Pakistan287: Preferential tariff for Papua New Guinea289: Preferential tariff for Peru293: Preferential tariff for San Marino295: Preferential tariff for Selected Eastern and Southern African countries(Madagascar, Mauritius, Seychelles and Zimbabwe)299: Preferential tariff for Singapore302: Preferential tariff for South Africa306: Preferential tariff for Switzerland308: Preferential tariff for Syria318: Preferential tariff for the republic of Moldova321: Preferential tariff for Tunisia325: Preferential tariff for Ukraine341: Preferential tariffs for countries benefiting from the special incentive arrangement for sustainable development and good governance
During the last 20 years Hungary's economy has become relatively more complex, moving from the 29th 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.
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.
Hungary
