Hungary Export Data: The Trade Analysis of 2024

Hungary, situated in Central Europe, is surrounded by Austria, Slovakia, Ukraine, and Romania to the west, north, northeast, and east, respectively. It is gradually emerging as a top exporter in the international trade market. Hungary Import Data says, the surge in agricultural exports by 6.4% in the first quarter of 2024 and the strong performance of the automotive and battery production industries in the export economy, accounting for 80% of the share, has fuelled up the overall revenue rate. The growing investment in transport, overhauling railroads, and commodity sectors has influenced the role of Hungary as a Central Europe logistic hub.

The diversification and foreign direct investment have indulged the country in becoming the largest recipient of Chinese FDI in the European region. The increase in demand for specific essentials from the management authorities has led to an export trade value of 170 billion US dollars in 2024. Import Globals Hungary trade data gives a detailed analysis of the total amount of goods exported from the nation to the leading importers worldwide. The statistical overview of the year by trade increase helps the authorities looking for investment calculate the marketing strategies that foster their understanding regarding the latest trade information.

GOVERNMENT INITIATIVES SUPPORTING THE EXPORT TRADE OF HUNGARY IN 2024

The government authority’s growing focus on the trade sector has fuelled the revenue growth rate. The Competitiveness Strategy 2024–2030, launched in March 2024 under the Ministry, has offered incentives, R&D subsidies, supplier development, and export promotion measures to align the marketing strategies with international standards. The Export Partnership and Financing Scheme have allocated export credits and concessional loans via EXIM Bank, backed by a long-term framework.

This initiative was designed to ensure favorable export finance terms.

The workforce and R&D support have advanced the manufacturing, grain transition, and export-capable industries. The Eastern Opening and FDI incentives have provided services for significant expansion of the production for export.

THE LEADING VARIANTS OF GOODS EXPORTED FROM HUNGARY IN 2024

The technological evolution of the manufacturing units and the increasing investment in the transformation of the transportation port infrastructure has resulted in diversity in the export portfolio. According to the Hungary Export Data, the top 10 leading variants of goods exported from the nation in 2024 are,

  • Electrical & electronic equipment — The total annual export trade value of Electrical & electronic equipment exported from Hungary in 2024–43 billion US dollars
  • Vehicles — The total annual export trade value of Vehicles exported from Hungary in 2024–36 billion US dollars
  • Machinery, nuclear reactors, boilers– The total annual export trade value of Machinery, nuclear reactors, and boilers exported from Hungary in 2024–28 billion US dollars
  • Pharmaceuticals — The total annual export trade value of Pharmaceuticals exported from Hungary in 2024–22 billion US dollars
  • Plastics — The total annual export trade value of Plastics exported from Hungary in 2024–18 billion US dollars
  • Mineral fuels & oils– The total annual export trade value of Mineral fuels & oils exported from Hungary in 2024–15 billion US dollars
  • Optical, photographic, technical & medical apparatus– The total annual export trade value of Optical, photographic, technical & medical apparatus exported from Hungary in 2024–13 billion US dollars
  • Rubber & rubber products — The total annual export trade value of Rubber & rubber products exported from Hungary in 2024–10 billion US dollars
  • Cereals — The total annual export trade value of Cereals exported from Hungary in 2024–8 billion US dollars
  • Articles of iron or steel– The total annual export trade value of Articles of iron or steel exported from Hungary in 2024–6 billion US dollars

THE TOP 10 LEADING EXPORT TRADE PARTNERS OF HUNGARY IN 2024

Hungary’s stable bilateral relations with emerging markets have fueled the growth rate of the nation, especially in the export sector. According to the Hungary Customs Data, the top 10 export trade partners of the nation in 2024 are,

  1. Germany — The annual valuation of goods exported from Hungary to Germany in 2024–38 billion US dollars

Top 5 variants of goods exported

1. Mattresses

2. Wooden doors

3. Kitchen cabinets

4. Ceramic tiles

5. Glass containers

2. Romania — The annual valuation of goods exported from Hungary to Romania in 2024–27 billion US dollars

Top 5 variants of goods exported

1. Steel pipes

2. Iron rods

3. Aluminum bars

4. Copper wire

5. Zinc sheets

3. Poland — The annual valuation of goods exported from Hungary to Poland in 2024–22 billion US dollars

Top 5 variants of goods exported

1. Diesel fuel

2. Petroleum oils

3. Fuel additives

4. Ethanol

5. Natural gas

4. Italy — The annual valuation of goods exported from Hungary to Italy in 2024–18 billion US dollars

Top 5 variants of goods exported

1. Synthetic rubber

2. Medical rubber gloves

3. Plastic bottles

4. Pharmaceutical packaging

5. Gasoline

5. Slovakia — The annual valuation of goods exported from Hungary to Slovakia in 2024–14 billion US dollars

Top 5 variants of goods exported

1. Electric circuit breakers

2. Fiber optic cables

3. Switchboards

4. Plastic automotive components

5. Polyethylene sheets

6. Czech Republic — The annual valuation of goods exported from Hungary to Czech Republic in 2024–11 billion US dollars

Top 5 variants of goods exported

1. Solar panels

2. Lithium battery cells

3. Electrical transformers

4. Electric cables

5. Semiconductor devices

7. France — The annual valuation of goods exported from Hungary to France in 2024–9 billion US dollars

Top 5 variants of goods exported

1. Refrigerators

2. Air conditioning units

3. Flat-screen monitors

4. Welding machines

5. Turbochargers

8. Austria — The annual valuation of goods exported from Hungary to Austria in 2024–7 billion US dollars

Top 5 variants of goods exported

1. X-ray machines

2. Insulin

3. Industrial robots

4. Computers and laptops

5. Processors and microchips

9. United States — The annual valuation of goods exported from Hungary to the United States in 2024–6 billion US dollars

Top 5 variants of goods exported

1. Smartphones

2. Telecommunication equipment

3. Pharmaceutical tablets

4. Antibiotics

5. Medical syringes

10. United Kingdom — The annual valuation of goods exported from Hungary to the United Kingdom in 2024–5 billion US dollars

Top 5 variants of goods exported

1. Passenger cars

2. Lithium-ion batteries

3. Electric motors

4. Vehicle engine parts

5. Hybrid vehicles

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