Portuguese Lighting Network Issue 15 | Page 51

Hungary is one of the most open economies in the European Union with around 9.7 million inhabitants and a GDP per capita of 18 220 USD. Its industry is very focused on exports and benefits greatly from foreign direct investment. The productive sector that stands out is the automotive, electronics, informatics, metallurgy, building materials, chemistry, pharmaceutical and food sectors.

After a few years of economic growth, in 2020 the gross domestic product contracted 5.1%, as a result of the current global pandemic, which led to a decrease in demand, particularly by EU partners, and tourism. With the increase in investment, consumption and exports in 2021, a gradual recovery in economic activity is expected (4% according to EIU projections).

The current pandemic has changed some consumption habits and e-commerce is playing an increasingly important role in the Hungarian market, so Portuguese companies should consider exporting to this market.

IMPORTS

According to Comtrade, imports from Hungary registered a value of 113 billion USD in 2020 (117 billion USD in 2019). The five main groups of imported products were Machines and Apparatus (37.9% of the total), Chemical Products (11.3% of the total), Vehicles and Other Transport Material (10.7% of the total), Common Metals (7.7% of the total) and Plastics and Rubber (6.2% of the total).

According to Comtrade, the top five suppliers to Hungary in 2020 were Germany (24.8% of the total), China (7.7% of the total), Austria (5.8% of the total), Poland (5.8% of the total) and Czechia (5.1% of the total). These countries together accounted for 49.2% of the value of imports.

EXPORTS

According to Comtrade, Hungarian exports registered a value of USD 119 billion in 2020 (USD 122 billion in 2019). The five main groups of products exported were Machines and Apparatus (40.3% of the total), Vehicles and Other Transport Material (16.8% of the total), Chemical Products (10.1% of the total), Plastics and Rubber (5.7% of the total) and Agricultural Products (5.1% of the total).

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MERCADO / MARKET

by RENE RAUSCHENBERGER (Pixabay)