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Trade Profile

In this page: Foreign Trade in Figures | Trade Compliance | Standards

 

Foreign Trade in Figures

Hungary's economy is very open, with trade accounting for about 173% of GDP (World Bank, 2015).

Hungary's trade balance is traditionally in deficit. However, owing to the global crisis, the volume of trade declined, with imports falling faster than exports. The trade balance has therefore been positive since 2009. Thanks in particular to the good health of the German economy, Hungarian exports have increased recently. Thus, in 2016, exports increased by 2.7% compared to the record year of 2015. As a result, the trade balance showed a surplus in 2016.

The European Union is by far the largest economic partner of Hungary (led by Germany), followed by the United States and China.

 
Foreign Trade Indicators 20112012201320142015
Imports of Goods (million USD) 102,44095,176100,111104,92392,600
Exports of Goods (million USD) 112,312103,570107,503110,61998,578
Imports of Services (million USD) 19,14815,58317,19617,64415,592
Exports of Services (million USD) 24,05620,48822,49824,35921,412
Imports of Goods and Services (Annual % Change) 4.4-3.54.510.96.1
Exports of Goods and Services (Annual % Change) 6.5-1.84.29.87.7
Imports of Goods and Services (in % of GDP) 81.080.179.081.781.8
Exports of Goods and Services (in % of GDP) 87.286.886.088.790.7
Trade Balance (million USD) 4,0723,7314,4293,1614,855
Foreign Trade (in % of GDP) 168.2166.8165.0170.4172.5

Source: World Trade Organisation (WTO) - 2016; World Bank - 2016

 

Main Partner Countries

Main Customers
(% of Exports)
2016
Germany 27.5%
Romania 5.0%
Slovakia 4.9%
France 4.8%
Italy 4.8%
Austria 4.7%
Czech Republic 4.1%
Poland 4.1%
United Kingdom 3.9%
United States 3.4%
Main Suppliers
(% of Imports)
2016
Germany 26.4%
Austria 6.4%
Poland 5.6%
Slovakia 5.3%
China 5.3%
Czech Republic 4.9%
Netherlands 4.9%
France 4.9%
Italy 4.8%
Romania 3.1%

Source: Comtrade, 2015

 

Main Products

103.1 bn USD of products exported in 2016
Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 10.7%
Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 5.7%
Spark-ignition reciprocating or rotary internal combustion piston engine 3.4%
Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses incl. those in the form of transdermal administration or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 3.2%
Compression-ignition internal combustion piston engine diesel or semi-diesel engines 2.7%
Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 2.6%
Electrical apparatus for line telephony or line telegraphy, incl. line telephone sets with cordless handsets and telecommunication apparatus for carrier-current line systems or for digital line systems; videophones; parts thereof 2.4%
Boards, panels, consoles, desks, cabinets and other bases, equipped with two or more apparatus of heading 8535 or 8536, for electric control or the distribution of electricity, incl. those incorporating instruments or apparatus of chapter 90, and numerical control apparatus (excl. switching apparatus for line telephony or line telegraphy) 2.2%
Television receivers, whether or not incorporating radio-broadcast receivers or sound or video recording or reproducing apparatus; video monitors and video projectors 2.2%
Insulated incl. enamelled or anodised wire, cable incl. coaxial cable and other insulated electric conductors, whether or not fitted with connectors; optical fibre cables, made-up of individually sheathed fibres, whether or not assembled with electric conductors or fitted with connectors 1.8%
92.0 bn USD of products imported in 2016
Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 5.6%
Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.9%
Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses incl. those in the form of transdermal administration or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.8%
Parts suitable for use solely or principally with internal combustion piston engine of heading 8407 or 8408 2.5%
Electronic integrated circuits and microassemblies 2.5%
Petroleum oils and oils obtained from bituminous minerals, crude 2.0%
Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 2.0%
Electrical apparatus for line telephony or line telegraphy, incl. line telephone sets with cordless handsets and telecommunication apparatus for carrier-current line systems or for digital line systems; videophones; parts thereof 1.8%
Insulated incl. enamelled or anodised wire, cable incl. coaxial cable and other insulated electric conductors, whether or not fitted with connectors; optical fibre cables, made-up of individually sheathed fibres, whether or not assembled with electric conductors or fitted with connectors 1.7%
Petroleum gas and other gaseous hydrocarbons 1.6%

Source: Comtrade, 2015

 
 
 

Main Services

47.2 bn USD of services exported in 2014
Other business services
26.92%
Transportation
25.47%
Travel
24.91%
Royalties and license fees
8.84%
Computer and information services
7.81%
Cultural and recreational services
2.10%
Construction services
1.41%
Communications services
1.22%
Financial services
0.60%
Government services
0.58%
Insurance services
0.13%
34.4 bn USD of services imported in 2014
Other business services
37.76%
Transportation
23.45%
Travel
11.83%
Royalties and license fees
10.07%
Computer and information services
7.95%
Cultural and recreational services
2.65%
Communications services
2.34%
Construction services
1.25%
Financial services
1.02%
Insurance services
0.93%
Government services
0.75%

Source: United Nations Statistics Division, Last Available Data

 

Exchange Rate System

Local Currency
Hungarian Forint (HUF)
Exchange Rate Regime

With effect from 26 February 2008, the forint exchange rate has been floating freely vis-à-vis the euro as a reference currency, with movements in the forint determined by the interaction between the forces of supply and demand.

Level of Currency Instability
The Exchange controls are managed by the National Bank of Hungary and only the authorized banks can handle operations on foreign currency.
 
 
Monetary Indicators 20112012201320142015
Hungarian Forint (HUF) - Average Annual Exchange Rate For 1 USD 201.06225.10223.70232.60279.33

Source: World Bank - 2016.

 
 

Trade Compliance

International Conventions
Member of World Trade Organisation
Member of OECD
Party to the Kyoto Protocol
Party to the Washington Convention on International Trade in Endangered Species of Wild Fauna and Flora
Party to the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal
Party to the Montreal Protocol on Substances That Deplete the Ozone Layer
Party to the Wassenaar Arrangement on Export Controls For Conventional Arms and Dual-Use Goods and Technologies
Party of the International Coffee Agreement 2007
Party of the ATA Convention on Temporary Admissions and Use of the Carnets
Yes.

As a Reminder, the ATA is a System Allowing the Free Movement of Goods Across Frontiers and Their Temporary Admission Into a Customs Territory With Relief From Duties and Taxes. The Goods Are Covered By a Single Document Known as the ATA Carnet That is Secured By an International Guarantee System.
Look Up the Other Member Countries And Read the Web Pages of the World Customs Organization Devoted to the ATA Carnet.
Party of the TIR Convention
Yes.

As a Reminder, the TIR Convention and its Transit Regime Contribute to the Facilitation of International Transport, Especially International Road Transport, Not Only in Europe and the Middle East, But Also in Other Parts of the World, Such as Africa and Latin America.
The UNCTAD Website Allows You to Read the TIR Convention, See the List of Member Countries And to Find Further Information.
Accompanying Documents For Imports
Although an estimated 95% of products no longer require an import license to enter Hungary, some products from non-WTO countries and China do. These include textiles, clothing, and shoes. In addition, Hungary restricts the same products typically done so by other western countries, such as arms/ammunition, military equipment, hazardous materials, materials for biological weapons, etc.

More information on the website of the Hungarian Trade License Office.
Free Zones
None.
For Further Information
National Tax and Customs Administration
Ministry for National Development and Economy
Non Tariff Barriers
Yes. EU Standard.
Sectors or Products For Which Commercial Disagreements Have Been Registered With the WTO
Consult the website of the European Union.
Assessment of Commercial Policy
The WTO pages dedicated to Hungary
Barriers to exchanges, inventoried by the United States

Learn more about How to Export to Hungary on Globaltrade.net, the Directory for International Trade Service Providers.

 

Standards

National Standards Organisations
Hungarian Standards Institution
Integration in the International Standards Network
Many EU members, including Hungary, adopt the standards of international bodies such as the International Standards Organisation.
The drafting of specific EU standards is handled by three European standards organisations: CENELEC, ETSI and CEN.
Hungary is a full member of International Electrotechnical Commission and International Communication Union.
Obligation to Use Standards
For information on which standard is compulsory visit the website on Hungarian Standards Institution (in Hungarian).
Classification of Standards
MSZ: Hungarian Standard
CE: European Standard
Assessment of the System of Standardization
At the moment the Hungarian consumer is not so aware of the importance of standards, and is not particularly looking for suitable products. Of course, in manufacturing and with industrial application the respect of standards is now in obligation.
Online Consultation of Standards
Hungarian Standards Institution
Certification Organisations
Hungarian Standards Institution

 

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Last Updates: June 2017