Imports/Exports in Hungary

Overview by Globlatrade.net:

The Hungarian economy is very open, trade representing roughly 160% of the GDP.

The trade balance is traditionally a deficit. However, as an effect of the global recession, the volume of trade has decreased and due to the fall in imports being quicker than the increase in exports, the trade balance became positive.

The European Union is by far Hungary's biggest economic partner (Germany and Russia in the lead), followed by China.

 
Foreign Trade Indicators 20062007200820092010
Imports of Goods (million USD) 78,26295,565108,94077,76188,125
Exports of Goods (million USD) 75,25595,400108,50483,00895,484
Imports of Services (million USD) 11,91015,54418,54116,33115,529
Exports of Services (million USD) 13,56717,09120,01818,28518,386
Imports of Goods and Services (Annual % Change) 14.813.44.7--
Exports of Goods and Services (Annual % Change) 18.616.44.8--
Imports of Goods and Services (in % of GDP) 77.878.880.2--
Exports of Goods and Services (in % of GDP) 77.180.481.4--
Trade Balance (million USD) -2,572277-535,678-
Trade Balance (Including Service) (million USD) -1,0031,7111,233--
Foreign Trade (in % of GDP) 154.9159.1161.7--

Source: WTO - World Trade Organization ; World Bank

 

Main Partner Countries

Main Customers
(% of Exports)
2010
Germany 25.2%
Italy 5.5%
United Kingdom 5.4%
Romania 5.4%
Slovakia 5.2%
Other partnersClose extended list 53.3%
Main Suppliers
(% of Imports)
2010
Germany 25.5%
Russia 7.8%
China 7.1%
Austria 6.3%
Netherlands 4.3%
Other partnersClose extended list 49.0%

Source: Comtrade

 

Main Products

Main Exports
(% of Exports)
2010
Transmission apparatus for radio-telephony,...Transmission apparatus for radio-telephony, radio-telegraphy, radio-broadcasting or television, whether or not incorporating reception apparatus or sound recording or reproducing apparatus; television cameras; still image video cameras and other video camera recorders; digital cameras 10.6%
Television receivers, whether or not incorporating...Television receivers, whether or not incorporating radio-broadcast receivers or sound or video recording or reproducing apparatus; video monitors and video projectors 6.2%
Motor cars and other motor vehicles principally...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) 4.4%
Parts and accessories for tractors, motor vehicles...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. 3.5%
Medicaments consisting of mixed or unmixed...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) 3.1%
Other productsClose extended list 72.3%
Main Imports
(% of Imports)
2010
Electrical apparatus for line telephony or line...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 4.5%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with transmission and reception apparatus for radio-telephony, radio-telegraphy, radio-broadcasting, television, television cameras, still image video cameras and other video camera recorders, radar apparatus, radio navigational aid apparatus or radio remote control apparatus, n.e.s. 4.2%
Electronic integrated circuits and microassembliesElectronic integrated circuits and microassemblies 4.1%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 3.4%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 3.4%
Other productsClose extended list 80.4%

Source: Comtrade

 

Exchange Rate System

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 20052006200720082009
Hungarian Forint (HUF) - Average Annual Exchange Rate For 1 USD 199.58210.39183.63172.11202.34

Source: World Bank

 
 

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