Canada (CAN) and Hungary (HUN) Trade

2023

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Exports $108MRnk 80 / 215

2023

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About

Canada-Hungary Trade: In 2023, Canada exported $108M to Hungary. The main products that Canada exported to Hungary were Gas Turbines ($16.7M), Scrap Aluminium ($12.7M), and Other Printed Material ($9.73M). Over the past 5 years the exports of Canada to Hungary have increased at an annualized rate of 2.28%, from $96.9M in 2018 to $108M in 2023.

In 2020, Canada exported services to Hungary worth $5.22M, with Royalties and license fees ($2.98M), Communications services ($1.49M), and Computer and information services ($746k) being the largest in terms of value.

Hungary-Canada Trade: In 2023, Hungary exported $744M to Canada. The main products that Hungary exported to Canada were Cars ($182M), Harvesting Machinery ($33M), and Centrifuges ($31.7M). Over the past 5 years the exports of Hungary to Canada have increased at an annualized rate of 4.79%, from $588M in 2018 to $744M in 2023.

In 2020, Hungary exported services to Canada worth $39.2M, with Travel ($15.6M), Personal, cultural, and recreational services ($6.85M), and Other business services ($6.74M) being the largest in terms of value.

Comparison: In 2023, Canada ranked 30 in the Economic Complexity Index (ECI 0.9), and 10 in total exports ($574B). That same year, Hungary ranked 14 in the Economic Complexity Index (ECI 1.41), and 35 in total exports ($150B).

Latest Trends

November, 2024

About

Overview In November 2024, Canada exported C$10M and imported C$129M from Hungary, resulting in a negative trade balance of C$119M. Between November 2023 and November 2024 the exports of Canada have increased by C$1.61M (19.1%) from C$8.44M to C$10M, while imports increased by C$46.8M (57.2%) from C$81.8M to C$129M.

Trade In November 2024, the top exports of Canada to Hungary were Machines and apparatus of a kind... (C$1.88M), Scrap Aluminium (C$1.47M), Animal Food (C$414k), Dried Legumes (C$218k), and Chemical Analysis Instruments (C$196k). In November 2024 the top imports of Canada from Hungary were Cars (C$7.59M), Packaged Medicaments (C$4.69M), Computers (C$3.18M), Electrical Transformers (C$2.39M), and Gas Turbines (C$2.23M).

Origins In November 2024 the exports of Canada were mainly from Quebec (C$4.85M), Ontario (C$3.39M), Manitoba (C$882k), Alberta (C$349k), and British Columbia (C$300k), while imports destinations were mainly Ontario (C$115M), Quebec (C$6.72M), Alberta (C$2.44M), British Columbia (C$2M), and Manitoba (C$1.9M).

Growth In November 2024, the increase in Canada's year-by-year exports to Hungary was explained primarily by an increase in product exports in Animal Food (C$305k or 281%), Medical Instruments (C$135k or 16.4k%), and Other Paper Machinery (C$116k or 223%). In November 2024, the increase in Canada's year-by-year imports from Hungary was explained primarily by an increase in product imports in Gas Turbines (C$2.17M or 3.73k%), Electrical Transformers (C$1.85M or 346%), and Other Paper Machinery (C$1.43M or 78.4k%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (November 2023 - November 2024)C$1.61M(19.1%)

IMPORT GROWTH (November 2023 - November 2024)C$46.8M(57.2%)

MAIN EXPORTER (November 2024)QuebecC$4.85M

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

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

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Canada exported $108M to Hungary. The main products exported from Canada to Hungary were Gas Turbines ($16.7M), Scrap Aluminium ($12.7M), and Other Printed Material ($9.73M). During the last 5 years the exports of Canada to Hungary have increased at an annualized rate of 2.28%, from $96.9M in 2018 to $108M in 2023.

In 2018, Hungary exported $744M to Canada. The main products exported from Hungary to Canada were Cars ($182M), Harvesting Machinery ($33M), and Centrifuges ($31.7M). During the last 5 years the exports of Hungary to Canada have increased at an annualized rate of 4.79%, from $588M in 2023 to $744M in 2018.

Exports from Canada () to Hungary () (2023)

Exports from Hungary () to Canada () (2023)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Canada
Top DestinationUnited States$410B

Hungary
Top DestinationGermany$37.4B

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

In 2023, countries that imported more from Canada than Hungary included United States ($410B), China ($31.1B), and Japan ($13.4B).

In 2023, countries that imported more from Hungary than Canada included Germany ($37.4B), Romania ($8.43B), and Italy ($9.08B).

Difference in imports from Hungary () and Canada () (2023)

Comparative Advantage Canada - Hungary

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Canada had a large net trade with Hungary in the exports of Machines ($50.2M), Metals ($17.9M), and Paper Goods ($9.96M).

During 2018, Hungary had a large net trade with Canada in the exports of Machines ($307M), Transportation ($203M), and Chemical Products ($64.9M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Canada Hungary+$5.34MMachinery Having Individual Functions

Top Product Potential Hungary Canada+$106MCars

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

Hun Year

Can Year

Service trade data is presented based on availability.

Services Exports from Canada () to Hungary () (2020)

Services Exports from Hungary () to Canada () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

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

Product Space of Canada () and Hungary () (2023)

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