Hungary Import Data

Hungary's Import/Export Overview and Domestic Market Update

Imports & Exports

• Top Trade Partners: Hungary maintains close trade ties with Germany, Austria, Slovakia, Romania, and Italy, reflecting its strategic location within the European Union.

• Top 5 Imports: Automobiles, 15.6% of total imports; pharmaceutical products, 9.5%; machinery, 8.6%; electrical equipment, 7.3%; and plastics, 5.1%, illustrating the country's reliance on industrial inputs.

• Top 5 Exports: Automobiles, 21.9% of total exports; machinery, 11.2%; electrical equipment, 9.5%; pharmaceutical products, 7.3%; and vehicles parts, 5.6%, highlighting Hungary's strong manufacturing sector.

• Trade Balance: In 2023, Hungary enjoyed a modest trade surplus, primarily due to robust car exports, which offset increases in the cost of imported energy and raw materials.

• Policy Impact: Hungary's trade policy is aligned with EU regulations, focusing on enhancing trade agreements within the bloc and with strategic partners globally, while managing tariffs to protect strategic industries.

Domestic Market

• Consumer Spending: Consumer spending has been resilient but faces pressure from rising inflation, which has led to greater savings and reduced discretionary spending.

• Inflation & Interest Rates: Inflation rates have surpassed central bank targets, prompting the National Bank of Hungary to implement tighter monetary policies, including interest rate hikes, to curb price growth.

• Supply Chain Resilience: Hungary's supply chains have shown adaptability, with local manufacturers finding alternative sources and improving logistics to mitigate global supply chain disruptions.

• Industry Performance: The automotive and technology sectors continue to perform well, supported by significant foreign investment. The agricultural sector also thrives, benefiting from EU subsidies and favorable climate conditions.

Overall Outlook

Despite the challenges of inflation and evolving global trade dynamics, Hungary's economy shows resilience, driven by a robust export sector and a diversified domestic market. Strategic investments in technology and green energy are expected to fuel future growth.