OVERVIEW
Hungary is a country located in Central Europe known for its rich history, thermal baths and a strong cultural identity shaped by centuries of tradition, music and architecture.
Its capital, Budapest, is the heart of the nation that combines historical charm with modern life and has a central role in the politics, economics and cultural scenarios.
In 2023, Hungary ranked
- 56th in terms of GDP, currently valued as $212B, out of 195 economies in the world;
- 34th in terms of total exports out of 226 countries;
- 58th in terms of GDP per capita, valued with current US$, out of 196 economies in the world.
ECONOMIC COMPLEXITY RANKING
EXPORT
In 2023 it was estimated that the principal products that were exported from Hungary were
- Cars - $13.9B;
- Electric Batteries - $9.89B;
- Motor vehicles; parts and accessories - $9.78B;
- Packaged Medicaments - $4.41B;
- Computers - $4.07B.
On the other hand, the commonest destinations for Hungary exports were
- Germany - $37.4B;
- Italy - $9.08B;
- Romania - $8.43B;
- United States - $7.66B;
- Slovakia - $6.54B.
IMPORT
In 2023 the most imported products from other countries to Hungary were
- Motor vehicles; parts and accessories - $7.41B;
- Petroleum Gas - $4.75B;
- Integrated Circuits - $4.42B;
- Broadcasting Equipment - $3.98B;
- Industrial Fatty Acids, Oils and Alcohols - $3.97B.
These goods are mainly produced by
- Germany - $32.8B;
- China - $10.2B;
- Austria - $8.42B;
- Poland - $8.14B;
- South Korea - $8.05B.
YEARLY TRADE
During the last five reported years, the exports of Hungary have increased by $33.2B from $123B in 2018 to $156B in 2023.
The most recent exports are led by
- Cars - $14.4B;
- Electric Batteries - $10.2B;
- Motor vehicles; parts and accessories - $9.81B;
- Packaged Medicaments - $6.43B;
- Computers - $4.9B.
They were exported primarily to
- Germany - $38.4B;
- United States - $9.21B;
- Italy - $8.99B;
- Romania - $8.49B;
- Slovakia - $7.1B.
CONCLUSIONS
In 2023, Hungary strengthened its role in the regional cooperation and continued to attract tourism and investments, facing both opportunities and challenges, especially related to balancing tradition with innovation.
To summarize, its cultural and economic relevance in Central Europe remains strong, with promising prospects for the future.
Source: https://oec.world/en
