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).
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.
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).
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.
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.
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.