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:
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.
Hungary Investment in key sectors
Hungary's economic development is closely tied to its strategic focus on technology and education, with both sectors receiving strong public and private investments. These investments foster innovation, workforce development, and global competitiveness.
Hungary Funding volume
Hungary’s startup ecosystem experienced a significant contraction in venture capital investment in 2023, mirroring global trends of economic uncertainty and reduced funding. After a record-breaking year in 2022, investment volume dropped by over 60%, reflecting the downturn across Europe.
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.
Hungary Innovation index
Hungary continues to strengthen its position in global innovation through strategic investments in research and development (R&D), patent activity, and high-tech industries. The Global Innovation Index (GII) 2024 ranks Hungary 36th out of 133 economies, a slight decline from 35th in 2023. Despite this small drop, Hungary remains one of the most innovative economies in Central and Eastern Europe (CEE) and maintains a strong high-income economy status.