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Pricing

2022
Flag → Flag
Exports $5.24MRnk 79 / 166
2022
Flag → Flag
Top Product $4.52MBroadcasting Equipment
2022
Flag → Flag
Exports $27.2MRnk 85 / 205
2022
Flag → Flag
Top Product $4.73MElectric Generating Sets
2022
Flag
Economic Complexity (ECI) ECI -1.67Rnk 127 / 133
2022
Flag
Economic Complexity (ECI) ECI 1.38Rnk 14 / 133
2022
Flag  
GDP$477BCURRENT US$
Rnk 30 / 186
2012-2022
Flag
GDP GROWTH2.89%CURRENT US$
Rnk 159 / 186
2022
Flag
 GDP$179BCURRENT US$
Rnk 57 / 186
2012-2022
Flag
GDP GROWTH38.8%CURRENT US$
Rnk 86 / 186
2022
Flag
GDP PC $2,184CURRENT US$
Rnk 146 / 186
2012-2022
Flag
GDP PC GROWTH-19.9%CURRENT US$
Rnk 173 / 186
2022
Flag
GDP PC$18,463CURRENT US$
Rnk 55 / 186
2012-2022
Flag
GDP PC GROWTH42.2%CURRENT US$
Rnk 44 / 186

About

Nigeria-Hungary Trade: In 2022, Nigeria exported $5.24M to Hungary. The main products that Nigeria exported to Hungary were Broadcasting Equipment ($4.52M), Electrical Transformers ($210k), and Office Machine Parts ($205k). Over the past 5 years the exports of Nigeria to Hungary have increased at an annualized rate of 136%, from $71.9k in 2017 to $5.24M in 2022.

In 2022, Nigeria did not export any services to Hungary.

Hungary-Nigeria Trade: In 2022, Hungary exported $27.2M to Nigeria. The main products that Hungary exported to Nigeria were Electric Generating Sets ($4.73M), Other Nitrogen Compounds ($3.54M), and Used Clothing ($1.51M). Over the past 5 years the exports of Hungary to Nigeria have decreased at an annualized rate of 4.88%,  from $34.9M in 2017 to $27.2M in 2022.

In 2020, Hungary exported services to Nigeria worth $4.34M, with Travel ($4M), Financial services ($228k), and Other business services ($114k) being the largest in terms of value.

Comparison: In 2022,  Nigeria ranked 127 in the Economic Complexity Index (ECI -1.67), and 51 in total exports ($70.7B). That same year, Hungary ranked 14 in the Economic Complexity Index (ECI 1.38), and 35 in total exports ($145B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Nigeria exported $5.24M to Hungary. The main products exported from Nigeria to Hungary were Broadcasting Equipment ($4.52M), Electrical Transformers ($210k), and Office Machine Parts ($205k). During the last 5 years the exports of Nigeria to Hungary have increased at an annualized rate of 136%, from $71.9k in 2017 to $5.24M in 2022.

In 2017, Hungary exported $27.2M to Nigeria. The main products exported from Hungary to Nigeria were Electric Generating Sets ($4.73M), Other Nitrogen Compounds ($3.54M), and Used Clothing ($1.51M). During the last 5 years the exports of Hungary to Nigeria have decreased at an annualized rate of 4.88%, from $34.9M in 2022 to $27.2M in 2017.

Exports from Nigeria (Flag) to Hungary (Flag) (2022)

Exports from Hungary (Flag) to Nigeria (Flag) (2022)

Latest Data

Trade between Nigeria (Flag) and Hungary (Flag)

Nigeria Exports

Hungary Exports

Market Competitiveness

Color
Nigeria
Top DestinationSpain$9.41B
Hungary
Top DestinationGermany$35.5B

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

In 2022, countries that imported more from Nigeria than Hungary included India ($8.2B), Spain ($9.41B), and Indonesia ($3.83B).

In 2022, countries that imported more from Hungary than Nigeria included Germany ($35.5B), Romania ($7.94B), and Slovakia ($6.78B).

Difference in imports from Hungary (Flag) and Nigeria (Flag) (2022)

Comparative Advantage Nigeria - Hungary

Flow
Scale

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

During 2022, Nigeria had a large net trade with Hungary in the exports of Machines ($5.11M), Plastics and Rubbers ($106k), and Vegetable Products ($5.6k).

During 2017, Hungary had a large net trade with Nigeria in the exports of Machines ($11.8M), Chemical Products ($7.16M), and Textiles ($1.78M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Nigeria Hungary+$1.91MTelephones
Top Product Potential Hungary Nigeria+$2.41MElectric Generating Sets

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, Hungary exported services to Nigeria worth $4.34M, with Travel ($4M), Financial services ($228k), and Other business services ($114k) being the largest in terms of value.

Service trade data is presented based on availability.

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

Service Trade

Economic Complexity

Competitive Landscape

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

Product Space of Nigeria (Flag) and Hungary (Flag) (2022)

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