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Hungary flag Hungary:

Country risk of Hungary : International trade

Hungary's economy is very open, with trade accounting for about 157.2% of GDP (World Bank, latest data available). Cars and the spare parts industry account for the highest share of exports and imports. Medicine and data processing machines are also among Hungary's main exports whereas telephones, electronic circuits and petroleum products are among the main imports.

The European Union is by far the largest economic partner of Hungary, with Germany being the main trading partner both for imports and exports (27.9% of exports, 24.6% of imports). Slovakia is the second top destination for Hungarian goods (5.4%), followed by Italy (5.3%), Romania (5.2%) and Austria (4.3%). China is the second supplier of goods to Hungary (7.9%), followed by Poland and Austria (5.8% each), and the Czech Republic (5.1% - data by Comtrade).

Hungary's trade balance, which was traditionally in deficit, started posting surpluses in the last decade owing in particular to the good health of the German economy. In 2020, the country’s trade balance was estimated at 1.7% of GDP by the World Bank. In the same year, exports of goods stood at USD 120.3 billion, down by 2.8% y-o-y; with imports following a similar trend (-4.3% - USD 115.3 billion). Imports of services lost almost one-fifth of their value compared to pre-pandemic levels, totalling USD 17,6 billion; whereas exports - at USD 22.2 billion – contracted by 26%. According to provisional data from the Hungarian Statistical Office, the value of exports amounted to EUR 98.1 billion and that of imports to EUR 95.9 billion in 2021. Overall, the surplus on the balance of external trade in goods decreased to EUR 2.3 billion.

 
International Economic Cooperation
Hungary is a member of the following international economic organisations: IMF, European Union, OECD, G-9, North Atlantic Treaty Organization (NATO), ICC, Central European Initiative (CEI), WTO, among others. For the full list of economic and other international organisations in which participates Hungary click here. International organisation membership of Hungary is also outlined here.
Assessment of Commercial Policy
The WTO pages dedicated to Hungary
Barriers to exchanges, inventoried by the United States
Average Customs Duty (Excluding Agricultural Products)
Operations carried out within the EEA are duty-free.
The Common Customs Tariff of the European Union applies to goods originating outside Europe. Generally the duty is relatively low, ranging from 5.0% to 14% on industrial goods. However, many products have reduced duties or no duties at all by virtue of trade agreements (according to Eurostat, around 70% of the imports that enter the EU do so at zero tariff).
Agricultural products imported from outside the EU are subject to the Common Agricultural Policy (CAP), with custom duties on these items being supplemented with a system of variable levies or other charges.

For more information, consult the Taxation and Customs Guide published by the European Commission.

Useful Resources
National Tax and Customs Administration
National Organisation of Intellectual Property
Szellemi Tulajdon Nemzeti Hivatala (Hungarian Intellectual Property Office).

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Latest Update: June 2022