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2023
Flag → Flag
Exports $3.01BRnk 26 / 220
2023
Flag → Flag
Top Product $389MPackaged Medicaments
2023
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Exports $3.88BRnk 12 / 201
2023
Flag → Flag
Top Product $1.2BElectric Batteries
2023
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Economic Complexity (ECI) ECI 1.23Rnk 20 / 132
2023
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Economic Complexity (ECI) ECI 1.41Rnk 14 / 132
2023
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GDP$645BCURRENT US$
Rnk 23 / 195
2013-2023
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GDP GROWTH23%CURRENT US$
Rnk 132 / 195
2023
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 GDP$212BCURRENT US$
Rnk 56 / 195
2013-2023
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GDP GROWTH56.5%CURRENT US$
Rnk 60 / 195
2023
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GDP PC $54,701CURRENT US$
Rnk 20 / 195
2013-2023
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GDP PC GROWTH16.5%CURRENT US$
Rnk 113 / 195
2023
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GDP PC$22,142CURRENT US$
Rnk 58 / 196
2013-2023
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GDP PC GROWTH61.4%CURRENT US$
Rnk 29 / 195

About

Belgium-Hungary Trade: In 2023, Belgium exported $3.01B to Hungary. The main products that Belgium exported to Hungary were Packaged Medicaments ($389M), Vaccines, blood, antisera, toxins and cultures ($161M), and Integrated Circuits ($136M). Over the past 5 years the exports of Belgium to Hungary have increased at an annualized rate of 2.9%, from $2.61B in 2018 to $3.01B in 2023.

In 2020, Belgium exported services to Hungary worth $690M, with Other business services ($477M), Computer and information services ($121M), and Transportation ($43.4M) being the largest in terms of value.

Hungary-Belgium Trade: In 2023, Hungary exported $3.88B to Belgium. The main products that Hungary exported to Belgium were Electric Batteries ($1.2B), Cars ($379M), and Electric Motors ($297M). Over the past 5 years the exports of Hungary to Belgium have increased at an annualized rate of 9.25%,  from $2.28B in 2018 to $3.88B in 2023.

In 2020, Hungary exported services to Belgium worth $413M, with Other business services ($235M), Transportation ($84.8M), and Computer and information services ($41.7M) being the largest in terms of value.

Comparison: In 2023,  Belgium ranked 20 in the Economic Complexity Index (ECI 1.23), and 13 in total exports ($437B). That same year, Hungary ranked 14 in the Economic Complexity Index (ECI 1.41), and 35 in total exports ($150B).

Latest Trends

October, 2024

About

Overview In October 2024, Belgium exported €199M and imported €149M from Hungary, resulting in a positive trade balance of €49.9M. Between October 2023 and October 2024 the exports of Belgium have increased by €21.1M (11.8%) from €178M to €199M, while imports decreased by €-95M (-38.9%) from €244M to €149M.

Trade In October 2024, the top exports of Belgium to Hungary were Pharmaceutical products (€43.4M), Cars, tractors, trucks & parts thereof. (€28.7M), Machinery, mechanical appliances, & parts (€17.5M), Electrical machinery and electronics (€14.8M), and Plastics & articles thereof (€13.5M). In October 2024 the top imports of Belgium from Hungary were Electrical machinery and electronics (€93.7M), Cars, tractors, trucks & parts thereof. (€40.5M), Organic chemicals (€17.9M), Machinery, mechanical appliances, & parts (€8.85M), and Leather articles (€4.04M).

Growth In October 2024, the increase in Belgium's year-by-year exports to Hungary was explained primarily by an increase in product exports in Chemical products n.e.s. (€7.35M or 314%), Machinery, mechanical appliances, & parts (€5.66M or 47.8%), and Unclassified (€5.41M or 271%). In October 2024, the decrease in Belgium's year-by-year imports  from Hungary was explained primarily by an decrease in product imports  in Optical, photo, & film equipment; medical... (€-1.66M or -47.1%), Glass & glassware (€-1.62M or -31.2%), and Rubber & articles thereof (€-1.26M or -41.8%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (October 2023 - October 2024)€21.1M(11.8%)
IMPORT GROWTH (October 2023 - October 2024)€-95M(-38.9%)

This section shows exports and imports data at subnational level for Belgium. Click any date in the line plot or any product to explore the exports or imports behavior of Belgium over time.

To check Hungary and Belgium trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Hungary and Belgium Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Belgium exported $3.01B to Hungary. The main products exported from Belgium to Hungary were Packaged Medicaments ($389M), Vaccines, blood, antisera, toxins and cultures ($161M), and Integrated Circuits ($136M). During the last 5 years the exports of Belgium to Hungary have increased at an annualized rate of 2.9%, from $2.61B in 2018 to $3.01B in 2023.

In 2018, Hungary exported $3.88B to Belgium. The main products exported from Hungary to Belgium were Electric Batteries ($1.2B), Cars ($379M), and Electric Motors ($297M). During the last 5 years the exports of Hungary to Belgium have increased at an annualized rate of 9.25%, from $2.28B in 2023 to $3.88B in 2018.

Exports from Belgium (Flag) to Hungary (Flag) (2023)

Exports from Hungary (Flag) to Belgium (Flag) (2023)

Market Competitiveness

Color
Belgium
Top DestinationFrance$85.6B
Hungary
Top DestinationGermany$37.4B

This map shows whether countries import more from Belgium or Hungary. Each country is colored based on the difference in imports they receive from Belgium and Hungary or the difference in the growth in imports.

In 2023, countries that imported more from Belgium than Hungary included France ($85.6B), Netherlands ($67.3B), and Germany ($60.8B).

In 2023, countries that imported more from Hungary than Belgium included Slovakia ($6.54B), Romania ($8.43B), and Czechia ($6.3B).

Difference in imports from Hungary (Flag) and Belgium (Flag) (2023)

Comparative Advantage Belgium - Hungary

Flow
Scale

This chart compares trade between Belgium and Hungary by product, considering products traded by both, Belgium and Hungary.

During 2023, Belgium had a large net trade with Hungary in the exports of Chemical Products ($978M), Machines ($545M), and Plastics and Rubbers ($368M).

During 2018, Hungary had a large net trade with Belgium in the exports of Machines ($2.15B), Transportation ($723M), and Chemical Products ($295M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Belgium Hungary+$69.3MVaccines, blood, antisera, toxins and cultures
Top Product Potential Hungary Belgium+$166MCars

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

In 2020, Belgium exported services to Hungary worth $690M, with Other business services ($477M), Computer and information services ($121M), and Transportation ($43.4M) being the largest in terms of value.

In 2020, Hungary exported services to Belgium worth $413M, with Other business services ($235M), Transportation ($84.8M), and Computer and information services ($41.7M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Belgium (Flag) to Hungary (Flag) (2020)

Services Exports from Hungary (Flag) to Belgium (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Belgium and Hungary. This means that a dot/product with the flag of Belgium indicates it has a comparative advantage over Hungary. Similarly, a dot/product with the flag of Hungary indicates it has a comparative advantage over Belgium.

Product Space of Belgium (Flag) and Hungary (Flag) (2023)

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