Russia (RUS) and Hungary (HUN) Trade

2023

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Exports $6.19BRnk 10 / 137

2023

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About

Russia-Hungary Trade: In 2023, Russia exported $6.19B to Hungary. The main products that Russia exported to Hungary were Petroleum Gas ($3.67B), Crude Petroleum ($2.22B), and Nuclear Reactors ($151M). Over the past 5 years the exports of Russia to Hungary have increased at an annualized rate of 5.81%, from $4.67B in 2018 to $6.19B in 2023.

In 2020, Russia exported services to Hungary worth $163M, with Other business services ($83M), Construction services ($37.7M), and Transportation ($19.1M) being the largest in terms of value.

Hungary-Russia Trade: In 2023, Hungary exported $1.17B to Russia. The main products that Hungary exported to Russia were Packaged Medicaments ($293M), Special Pharmaceuticals ($174M), and Toilet Paper ($122M). Over the past 5 years the exports of Hungary to Russia have decreased at an annualized rate of 10.3%, from $2.02B in 2018 to $1.17B in 2023.

In 2020, Hungary exported services to Russia worth $111M, with Transportation ($46.1M), Travel ($34.8M), and Other business services ($11.9M) being the largest in terms of value.

Comparison: In 2023, Russia ranked 50 in the Economic Complexity Index (ECI 0.3), and 18 in total exports ($394B). That same year, Hungary ranked 14 in the Economic Complexity Index (ECI 1.41), and 35 in total exports ($150B).

Latest Trends

January, 2022

About

Overview In January 2022, Russia exported $786M and imported $157M from Hungary, resulting in a positive trade balance of $629M. Between January 2021 and January 2022 the exports of Russia have increased by $489M (165%) from $297M to $786M, while imports increased by $3M (1.95%) from $154M to $157M.

Trade In January 2022, the top exports of Russia to Hungary were Commodities not elsewhere specified ($142M), Crude Petroleum ($80.5M), Nuclear Reactors ($29.1M), Synthetic Rubber ($8.49M), and Refined Petroleum ($8.31M). In January 2022 the top imports of Russia from Hungary were Packaged Medicaments ($22.6M), Computers ($12.5M), Cars ($11.5M), Special Pharmaceuticals ($8.01M), and Pesticides ($6.28M).

Origins In January 2022 the exports of Russia were mainly from MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION ($726M), REPUBLIC OF TATARSTAN ($10.9M), PERM TERRITORY ($6.7M), ORENBURG REGION ($5.27M), and MOSCOW REGION ($4.54M), while imports destinations were mainly MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION ($76.8M), MOSCOW REGION ($22.5M), KALUGA REGION ($19.1M), ST. PETERSBURG ($7.29M), and ROSTOV REGION ($6.42M).

Growth In January 2022, the increase in Russia's year-by-year exports to Hungary was explained primarily by an increase in product exports in Nuclear Reactors ($13.7M or 89.1%), Synthetic Rubber ($6.36M or 299%), and Coal Briquettes ($1.2M or 89%). In January 2022, the increase in Russia's year-by-year imports from Hungary was explained primarily by an increase in product imports in Packaged Medicaments ($20.3M or 881%), Cars ($6.46M or 127%), and Pesticides ($2.98M or 90.4%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (January 2021 - January 2022)$489M(165%)

IMPORT GROWTH (January 2021 - January 2022)$3M(1.95%)

MAIN EXPORTER (January 2022)MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION$726M

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

To check Hungary and Russia 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, Russia exported $6.19B to Hungary. The main products exported from Russia to Hungary were Petroleum Gas ($3.67B), Crude Petroleum ($2.22B), and Nuclear Reactors ($151M). During the last 5 years the exports of Russia to Hungary have increased at an annualized rate of 5.81%, from $4.67B in 2018 to $6.19B in 2023.

In 2018, Hungary exported $1.17B to Russia. The main products exported from Hungary to Russia were Packaged Medicaments ($293M), Special Pharmaceuticals ($174M), and Toilet Paper ($122M). During the last 5 years the exports of Hungary to Russia have decreased at an annualized rate of 10.3%, from $2.02B in 2023 to $1.17B in 2018.

Exports from Russia () to Hungary () (2023)

Exports from Hungary () to Russia () (2023)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Russia
Top DestinationChina$129B

Hungary
Top DestinationGermany$37.4B

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

In 2023, countries that imported more from Russia than Hungary included China ($129B), India ($66.1B), and Turkey ($31B).

In 2023, countries that imported more from Hungary than Russia included Germany ($37.4B), Romania ($8.43B), and United Kingdom ($6.13B).

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

Comparative Advantage Russia - Hungary

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Russia had a large net trade with Hungary in the exports of Mineral Products ($5.89B), Machines ($153M), and Chemical Products ($75.2M).

During 2018, Hungary had a large net trade with Russia in the exports of Chemical Products ($659M), Paper Goods ($122M), and Machines ($114M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Russia Hungary+$197MCrude Petroleum

Top Product Potential Hungary Russia+$108MPackaged Medicaments

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

Rus Year

In 2020, Russia exported services to Hungary worth $163M, with Other business services ($83M), Construction services ($37.7M), and Transportation ($19.1M) being the largest in terms of value.

In 2020, Hungary exported services to Russia worth $111M, with Transportation ($46.1M), Travel ($34.8M), and Other business services ($11.9M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

Year

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

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

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