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2023
Economic Complexity
Trade 1.41Rank 14 of 132
2021
Economic Complexity
Technology 0.79Rank 31 of 96
2022
Economic Complexity
Research 0.87Rank 27 of 140
2023
Product
Exports | Imports $150B | $145B35 of 226 |  33 of 226
2023
Per Capita Product
Exports | Imports $15.7k | $15.1k24 of 220 |  20 of 220

About

Overview In 2023, Hungary was the number 56 economy in the world in terms of GDP (current US$), the number 35 in total exports, the number 33 in total imports, the number 58 economy in terms of GDP per capita (current US$) and the number 14 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Hungary are Cars ($13.9B), Electric Batteries ($9.89B), Motor vehicles; parts and accessories (8701 to 8705) ($9.78B), Packaged Medicaments ($4.41B), and Computers ($4.07B), exporting mostly to Germany ($37.4B), Italy ($9.08B), Romania ($8.43B), United States ($7.66B), and Slovakia ($6.54B).

Imports The top imports of Hungary are Motor vehicles; parts and accessories (8701 to 8705) ($7.41B), Petroleum Gas ($4.75B), Integrated Circuits ($4.42B), Broadcasting Equipment ($3.98B), and Industrial Fatty Acids, Oils and Alcohols ($3.97B), importing mostly from Germany ($32.8B), China ($10.2B), Austria ($8.42B), Poland ($8.14B), and South Korea ($8.05B).

Location Hungary borders Austria, Croatia, Romania, Serbia, Slovakia, Slovenia, and Ukraine by land.

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

The following section uses the most recent trade data from partners of Hungary.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Cars$13.9B
Top Destination (2023)Germany$37.4B

In 2023, Hungary exported a total of $150B, making it the number 35 exporter in the world. During the last five reported years the exports of Hungary have changed by $31B from $119B in 2018 to $150B in 2023.

The most recent exports are led by Cars ($13.9B), Electric Batteries ($9.89B), Motor vehicles; parts and accessories (8701 to 8705) ($9.78B), Packaged Medicaments ($4.41B), and Computers ($4.07B). The most common destination for the exports of Hungary are Germany ($37.4B), Italy ($9.08B), Romania ($8.43B), United States ($7.66B), and Slovakia ($6.54B).

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Exports (2023)
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Destinations (2023)
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Market Growth

Flow
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Growth
Fastest Growing Export Markets (2022 - 2023)
Germany$4.08B (+ 12.2%)
Italy$978M (+ 12.1%)
Czechia$817M (+ 14.9%)
Fastest Growing Import Markets (2022 - 2023)
South Korea$2.07B (+ 34.6%)
Czechia$909M (+ 13%)
Germany$601M (+ 1.87%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

Hungary Exports Services (2020)$16.7B
Hungary Imports Services (2020)$15.6B

In 2020, Hungary exported $16.7B worth of services. The top services exported by Hungary in 2020 were Miscellaneous business, professional, and technical services ($5.38B), Other transport ($3.7B), Personal travel ($2.72B), Royalties and license fees ($1.27B), and Air transport ($1.21B).

The top services imported by Hungary in 2020 were Miscellaneous business, professional, and technical services ($6.04B), Other transport ($3.06B), Royalties and license fees ($1.27B), Air transport ($939M), and Personal travel ($838M).

Service Exports (2020)

Service Imports (2020)

Economic Complexity

Overview

Economic Complexity (Trade)1.41Rank 14 of 132
Economic Complexity (Technology)0.79Rank 31 of 96
Economic Complexity (Research)0.87Rank 27 of 140

Most Specialized Products by RCA Index

Hungary has a high level of specialization in Railway Passenger Cars (19.4), Other Nitrogen Compounds (16.9), Other Leather Articles (9.66), Electric Batteries (9.37), and Navigation Equipment (9.04). Specialization is measured using RCA, an index that takes the ratio between Hungary observed and expected exports in each product.

Export Opportunities by Relatedness

The top export opportunities for Hungary according to the relatedness index, were Plastic Building Materials (0.32), Centrifuges (0.31), Plastic Wash Basins (0.31), Corrugated Paper (0.31), and Refrigerators (0.31). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Hungary is not specialized in.

Product Space

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.

Relatedness Space

This network shows the products most related to the production structure of Hungary. These are products that tend to be co-exported with the products that Hungary exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2023)

Diversification Frontier

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Depth

The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Hungary's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨23rd to the 14th⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

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ECI (Trade) Ranking by Country

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