Hungary2020 Economic Complexity : 1.4, Rank 14 of 127
2020 Product Exports | Imports: $118B | $110B, 34 of 226 | 33 of 226
2020 Per Capita Product Exports | Imports: $12.1k | $11.3k, 18 of 219 | 23 of 219
2018 Service Exports | Imports : $33B | $24.3B, 32 of 125 | 41 of 125
Overview In 2020 Hungary was the number 54 economy in the world in terms of GDP (current US$), the number 34 in total exports, the number 33 in total imports, the number 52 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 ($11.5B), Vehicle Parts ($6.73B), Packaged Medicaments ($3.69B), Video Displays ($3.55B), and Spark-Ignition Engines ($2.67B), exporting mostly to Germany ($31.4B), Romania ($6.28B), Italy ($5.87B), Slovakia ($5.42B), and France ($4.96B).
Imports The top imports of Hungary are Vehicle Parts ($5.72B), Cars ($4.05B), Packaged Medicaments ($3.19B), Integrated Circuits ($3B), and Broadcasting Equipment ($2.67B), importing mostly from Germany ($26.9B), China ($8.48B), Poland ($6.63B), Czechia ($6.13B), and Austria ($6.06B).
Location Hungary borders Austria, Croatia, Romania, Serbia, Slovakia, Slovenia, and Ukraine by land.
The following section uses the most recent trade data from partners of Hungary.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
In 2020, Hungary exported a total of $118B, making it the number 34 exporter in the world. During the last five reported years the exports of Hungary have changed by $16.3B from $101B in 2015 to $118B in 2020.
The most recent exports are led by Cars ($11.5B), Vehicle Parts ($6.73B), Packaged Medicaments ($3.69B), Video Displays ($3.55B), and Spark-Ignition Engines ($2.67B). The most common destination for the exports of Hungary are Germany ($31.4B), Romania ($6.28B), Italy ($5.87B), Slovakia ($5.42B), and France ($4.96B).
Top Import (2020): Vehicle Parts, $5.72B
Top Origin (2020): Germany, $26.9B
In 2020 Hungary imported $110B, making it the number 33 trade destination in the world. During the last five reported years the imports of Hungary changed by $20B from $89.9B in 2015 to $110B in 2020.
The most recent imports of Hungary are led by Vehicle Parts ($5.72B), Cars ($4.05B), Packaged Medicaments ($3.19B), Integrated Circuits ($3B), and Broadcasting Equipment ($2.67B). The most common import partners for Hungary are Germany ($26.9B), China ($8.48B), Poland ($6.63B), Czechia ($6.13B), and Austria ($6.06B).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
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).
The top product import tariffs by their MFN Ad Valorem value for Hungary are Vermouth and other flavoured grape wines - pack > 2l (72.3k%)and Vermouth and other flavoured grape wines - pack > 2l (50.6k%).
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 Nitrogen Compounds (15.2), Radio Receivers (13.6), Other Office Machines (13), Other Leather Articles (10.7), and Other Meat (10.2). 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 Metal pickling preps, solder, brazing flux, weld cores (1.61), Glazed transparent, translucent papers (1.6), Measuring or checking instruments nes (1.54), Air, vacuum pumps, compressors, ventilating fans, etc (1.5), and Shafts, cranks, gears, clutches, flywheel, pulleys etc (1.47). 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), Beer (0.31), Other Furniture (0.31), and Fermented Milk Products (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 a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
During the last 20 years Hungary's economy has become relatively more complex, moving from the 27th 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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