As per Europe Import Data by Import Globals, this country has a GDP of more than $200 billion, and its capital is Budapest. It is a key aspect of trade networks across Europe.

Because Hungary has a solid industrial base, a trained workforce, and a good location in the European Union, exports make up a large percentage of the country's GDP.

This blog article speaks about Hungary's five biggest exports, how essential they are to the economy, and the global marketplaces that make people want them.

A glimpse into Hungary's Economy based on Exports

A lot of Hungary's exports are high-value industrial items, such as vehicles, tools, and electronics. It can trade with other European countries because it is in the EU. As per Hungary Export Data by Import Globals, its most important commercial relationship is with Germany. But Hungary also does a lot of business with the US and Asian economies.

Exports make up more than 80% of Hungary's GDP, which illustrates how much it relies on other nations' demand. The government has traditionally wanted foreign direct investment, especially in industry. Because of this, Hungary is becoming a bigger part of global supply chains.

The 5 Most Important Things That Hungary Sends Out

Most of Hungary's exports are industrial, which indicates how good the country is at creating goods, how skilled its people are, and how effectively it fits into European supply systems. Import Globals' Hungary Import Export Trade Data says that the top five export categories account for more than 60% of all products sent out of the country. This means that the economy is focused on high-value industrial commodities. Let's take a closer look at each category.

1. Automobiles and Parts for Automobiles (HS 87)

Hungary is becoming an important center for cars in Central Europe. Some of the large firms with huge assembly factories include Audi, Mercedes-Benz, and Suzuki. Import Globals' Hungary Import Data says that the country's vehicle industry manufactures a number of diverse parts, such as engines, gearboxes, electronics, body parts, and even full cars.

Hungary is a wonderful place in Europe to swiftly deliver autos to markets in Western Europe. Germany is still the leading consumer of Hungarian vehicles, followed by Austria, France, and other EU countries. The car sector has a highly qualified staff, the latest production tools, and strong ties to local suppliers. All of these things work together to make sure that the result fulfills standards throughout the world.

Contribution: About 20% of All Exports

The value of Exports in 2024 will be $32 Billion

The greatest destinations to visit are Germany, Austria, and France.

2. Machines and other mechanical things (HS 84)

Machinery is Hungary's second-largest export industry. This comprises industrial equipment, machine tools, turbines, pumps, and other specialist mechanical devices. As per Hungary Import Trade Analysis by Import Globals, these items are particularly vital for many industries in the US and other nations, including construction, manufacturing, and energy.

Hungary's machinery sector has grown thanks to years of money spent on research and development, technical education, and creating items with great precision. Businesses in this field are part of European supply chains and create high-quality machines that meet both EU and global standards. Hungary can serve many various levels of the market, as indicated by the fact that it sells both complete equipment and parts for larger industrial systems.

Contribution: around 15% of total exports

Value of Exports: $24 billion

Germany, Italy, and France are important places.

3. Electrical Equipment and Machinery (HS 85)

Electrical machinery and equipment is Hungary's third biggest export sector. This includes batteries, semiconductors, transformers, telecommunications equipment, and other electronic components. The industry has grown swiftly because more and more people demand electronics for their automobiles, renewable energy systems, and other consumer gadgets.

Hungary is home to manufacturers and assembly plants for many of the world's biggest electronics businesses. As per Europe Exporter Data by Import Globals, these are mostly in Budapest, Debrecen, and other industrial centers. These companies create parts that are worth a lot of money and are sent out as independent goods or as parts of greater things, like vehicles or industrial machinery. Both the European electric vehicle (EV) market and digital infrastructure projects are developing, which provides this business with even more opportunities to do well.

Contribution: around 14% of total exports

The value of exports is $22 billion.

Germany, Austria, and Poland are the main places to go.

4. Drugs (HS 30)

Hungary has had a pharmaceutical industry for a long time, and it is recognized for manufacturing pharmaceuticals that work well. Gedeon Richter and Egis are two of the greatest firms in the world for both generic and brand-name medications. Import Globals did research on Hungary Importer Data and found that they sell their goods in other nations as well as their own. Hungary manufactures medications for the heart, cancer, and the central nervous system, as well as active pharmaceutical ingredients (APIs).

Pharmaceutical exports make a lot of money, but they don't send a lot of products. They support Hungary's trade balance and provide jobs, research, and new ideas. Hungary's main clients are still in the EU, but the country is selling more and more goods to new markets in Asia, Africa, and Latin America. This illustrates how competitive Hungary's drug industry is across the world.

Contribution: around 7% of total exports

Value of Exports: $11 billion

Germany, France, and Poland are the best places to visit.

5. Mineral fuels and oils (HS 27)

Hungary imports more crude oil and other energy sources than it exports, but it has established a niche in re-exporting refined petroleum products and petrochemicals. These include items like diesel, gasoline, lubricants, and chemical feedstocks that businesses use.

As per Europe Import Trade Statistics by Import Globals, the mineral fuels sector is smaller than the machinery or automotive exports, but it is essential since it supports Hungary's energy-intensive businesses and trade flows in the area. Hungary might also exploit its location and transportation to its advantage by refining and sending chemicals and energy supplies to adjacent countries.

Contribution: around 5% of total exports

Value of Exports: $8 billion

The main places to visit are Germany, Austria, and Slovakia.

The role of Foreign Investment in Exports

Foreign direct investment has been very important in shaping Hungary's export profile. Hungary is a good place for big electronics and automobile companies to make things since it is in the middle of Europe, has a trained workforce, and low labor prices. As per Europe Import Export Trade Data by Import Globals, these investments not only help exports, but they also bring in new jobs and technology.

Problems with Hungary's Export Growth

Hungary is doing well, yet it still has problems, including depending too heavily on EU markets. When the economy in Germany and Western Europe slows down, it's dangerous to depend on them too much. As per Europe Import Shipment Data by Import Globals, Hungary depends on energy since it obtains most of its fundamental energy needs from foreign nations. This renders it weak to changes in energy prices throughout the world.

Geopolitical Pressures: Ongoing tensions between the EU and Russia and changes in international commerce might make it hard for goods to get through.

What will Happen Next?

Hungary wants to send more goods to other countries by putting money into green technology, IT services, and businesses that are founded on new concepts. As per Hungary Import Export Trade Analysis by Import Globals, the government's plan to encourage the production of electric automobiles would likely lead to even more car exports. Also, improved ties with Asia and North America might help Europe rely less on its old markets.

Hungary is likely to continue to be a leading exporter in Central Europe because it blends its capacity to make things with new ideas and long-term growth.

Last Thoughts

Hungary's economy depends a lot on exports, especially of cars, electronics, and other manufactured items. There are a lot of different types of pharmaceuticals and refined fuels, and strong ties to the EU and other nations keep demand stable. Hungary's exports will probably be more stable and its standing in the world will be stronger if it invests in technology and renewable energy in the future. Import Globals is a leading data provider of Hungary Import Export Trade Data.

FAQs

Que. What is Hungary's most important export?
Ans. Hungary's major exports are vehicles and car parts, which make up around 20% of total exports.

Que. With whom does Hungary conduct the most business?
Ans. Germany is Hungary's most crucial trade partner. Germany gets almost a quarter of Hungary's exports.

Que. Does Hungary send services to other places?
Ans. Hungary does export IT, logistics, and financial services, but most of its economy is based on exporting goods.

Que. What will happen to Hungary's exports in the future?
Ans. In the next years, Hungary is expected to produce more electric vehicles, green technologies, and trade with countries that are not part of the EU.

Que. Where can you obtain detailed Hungary Export Import Global Trade Data?
Ans. Visit www.importglobals.com or email info@importglobals.com for more information on up-to-date data.