STARTUP ECOSYSTEM

Hungary Export/Import Ratio

Hungary’s Trade Landscape in 2023: Key Exports, Imports, and Economic Impact

Hungary, a Central European nation bordered by Slovakia, Ukraine, Austria, Romania, Serbia, Croatia, and Slovenia, experienced notable trade dynamics in 2023. The country exported goods worth US$160.8 billion, marking a 31.6% increase from 2019’s $122.2 billion and a year-over-year rise of 7.3% from $149.9 billion in 2022. Simultaneously, Hungary imported goods valued at $148 billion, a 6.55% decline from $159 billion in 2022. This trade activity resulted in a $12.8 billion trade surplus, reversing the previous year’s $9.1 billion deficit.

Export Overview

The depreciation of the Hungarian forint by -21.5% since 2019, coupled with a 5.2% appreciation from 2022 to 2023, made Hungarian exports relatively cheaper for international buyers. Key export destinations included Germany (26%), Italy (5.76%), and Romania (5.29%), accounting for 71.7% of all exports. The majority (88.5%) of exports were delivered to European countries, followed by 5.8% to Asia and 4% to North America.

Hungary’s top export categories were:

  • Electrical Machinery and Equipment: $42.4 billion (26.4%)
  • Vehicles: $25.1 billion (15.6%)
  • Machinery, including Computers: $23.2 billion (14.4%)
  • Pharmaceuticals: $9.3 billion (5.8%)

The most valuable specific exports included motor cars ($15.5 billion), electric accumulators ($11.2 billion), and automotive parts ($9.67 billion). Pharmaceuticals showed the fastest growth (up 32%), followed by vehicles (13.7%) and electrical machinery (12.7%).

Source: Annual International Trade Statistics by country ( Exports in USD$ ), Trendy Economy, Hungary 

Import Composition

Hungary’s main import partners were Germany (22%), China (6.57%), and Austria (6.07%). Significant import categories included:

  • Electrical Machinery and Equipment: $31 billion (20%)
  • Machinery, including Computers: $20 billion (14.1%)
  • Vehicles: $14.9 billion (10%)
  • Mineral Fuels and Oils: $14.3 billion (9.62%)

Key imported products were automotive parts ($7.85 billion), telecommunication devices ($5.06 billion), and petroleum gases ($4.74 billion).

Source: Annual International Trade Statistics by country (Imports in USD$), Trendy Economy, HungaryTrendy Economy, Hungary

Trade Surpluses and Deficits

Hungary’s trade surplus was driven by strong exports in electrical machinery ($9.3 billion), vehicles ($8.5 billion), and pharmaceuticals ($2.3 billion). Conversely, the largest trade deficits occurred in mineral fuels (-$9.4 billion), chemical goods (-$3.8 billion), and iron and steel (-$1.8 billion). Notably, imports of mineral fuels, despite declining by -46.7%, still represented a significant deficit due to Hungary’s reliance on energy imports.

Economic Impact

Exports accounted for 38.1% of Hungary’s GDP ($421.7 billion in PPP terms), up from 36.6% in 2022, indicating an increasing reliance on international trade. The country’s unemployment rate averaged 3.9% in 2023, reflecting stable economic conditions despite global trade challenges.

Sources

2025-02-11T16:41:07+01:00

Hungary Startup density

Hungary’s startup ecosystem has evolved into a key player in Central and Eastern Europe (CEE), driven by a supportive business environment, strategic government initiatives, and a growing pool of entrepreneurial talent. The country's dynamic ecosystem has attracted both local and international investors, fostering innovation across diverse tech sectors.

2025-02-11T16:50:14+01:00

Hungary Export/Import Ratio

Hungary, a Central European nation bordered by Slovakia, Ukraine, Austria, Romania, Serbia, Croatia, and Slovenia, experienced notable trade dynamics in 2023. The country exported goods worth US$160.8 billion, marking a 31.6% increase from 2019’s $122.2 billion and a year-over-year rise of 7.3% from $149.9 billion in 2022. Simultaneously, Hungary imported goods valued at $148 billion, a 6.55% decline from $159 billion in 2022. This trade activity resulted in a $12.8 billion trade surplus, reversing the previous year’s $9.1 billion deficit.

2025-02-11T16:47:36+01:00

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