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
2020 Service Exports | Imports : $16.7B | $15.6B, 24 of 65 | 22 of 65
Overview In 2020, Hungary was the number 54 economy in the world in terms of GDP (current US$), the number 34 in total exports, the number 33 in total imports, the number 61 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), Motor vehicles; parts and accessories (8701 to 8705) ($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 Motor vehicles; parts and accessories (8701 to 8705) ($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.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*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), Motor vehicles; parts and accessories (8701 to 8705) ($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).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
Hungary Exports Services (2020): $16.7B
Hungary Imports Services (2020): $15.6B
In 2020, Hungary exported $16.7B worth of services. The top services exported by Hungary in 2020 were Miscellaneous business, professional, and technical services ($5.38B), Other transport ($3.7B), Personal travel ($2.72B), Royalties and license fees ($1.27B), and Air transport ($1.21B).
The top services imported by Hungary in 2020 were Miscellaneous business, professional, and technical services ($6.04B), Other transport ($3.06B), Royalties and license fees ($1.27B), Air transport ($939M), and Personal travel ($838M).
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 Preparations (1.61), Vegetable Parchment (1.6), Other Measuring Instruments (1.54), Air Pumps (1.5), and Transmissions (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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