According to Comtrade, Hungary's top five customer markets in 2020 were Germany (28.0% of the total), Slovakia (5.4% of the total), Italy (5.2% of the total) , Romania (5.2% of the total) and Austria (4.3% of the total). These countries together accounted for 48.1% of the value of exports.
TRADE BALANCE WITH PORTUGAL
According to data from INE, Hungary was the 25th customer of Portuguese exports of goods in 2020, with a share of 0.6% in total, occupying the 18th position in terms of imports (0.7%). Over the 2016-2020 period, there was an average annual growth in exports of 9.3% and 10.6% in imports. The trade balance of goods was unfavorable to our country, having a deficit of 179 million euros in 2020.
In the export structure, Machines and Devices (30.4% of the total), Vehicles and Other Transport Material (20.9% of the total), Optical and Precision Instruments (14.3% of the total), Plastics and Rubber (11.3% of the total) and Chemical Products (5.8% of the total) stand out. The main groups of imported products were Machines and Devices (38.7% of the total), Vehicles and Other Transport Material (26.4% of the total), Chemical Products (17.7% of the total), Instruments Optics and Precision (3.2% of the total) and Plastics and Rubber (2.9% of the total).
LEGAL AND REGULATORY FRAMEWORK
Hungary is part of:
From the European Union that is part of a Customs Union (implies free movement of goods between Member States and adoption of the same Union Customs Code for third countries).
The Single Market (1993), an area without frontiers that ensures the free movement of goods, services, capital and people within the Community.
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by Jakob B. (Pixabay)