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22-11-2023
Hungary exported products worth $149.6 billion globally in 2022. This export value represents a 6% year-on-year increase compared to the $141.2 billion in 2021.
Hungary's Most Valuable Export Customers
The latest country-specific data shows that Hungarian exports are mainly purchased by importers from Germany (25.2% of Hungary's total), Italy (5.7%), Romania (5.3%), Slovakia (5.1%), Austria (4.5%), Poland (4.3%), France (4.23%), the Czech Republic (4.15%), the Netherlands (3.6%), the United States (3.6%), and the United States (3.6%), the United States (3.5%), the United Kingdom (3.2%) and Spain (2.6%).
Hungary's Top 10 Export Products
1. Motors, equipment: $37.5 billion (25.1% of total exports)
2. Vehicles: 21.9 billion dollars (14.7%)
3. Machinery including computers: 21.6 billion dollars (14.4%)
4. Pharmaceuticals: $7 billion (4.7%)
5. Fossil fuels including oil: $6.5 billion (4.3%)
6. Plastics, plastic products: $6 billion (4%)
7. Optical, technical, medical equipment: $4.1 billion (2.8%)
8. Rubber, rubber products: $3.1 billion (2%)
9. Iron and steel: $2.2 billion (1.5%)
10. Iron and steel products: $2.1 billion (1.4%)
Hungary's top ten exports accounted for about three-quarters (74.9%) of the total value of its global exports.
Fossil fuels, including oil, are the fastest growing of the top ten export categories, increasing by 43.6% from 2021 to 2022. This product category is driven by increased revenues from Hungary's exports of electricity and refined petroleum. The second highest growth in export sales was in electrical machinery and equipment, which increased by 7.7%. Hungary's exports of iron and steel products grew third fastest, by 7.4%.
The biggest fall in Hungary's top ten export categories was plastics, both materials and plastic products, down -6.1% year-on-year.
Drilling down to the more detailed four-digit HS code level, Hungary's most valuable export product was automobiles (8.1% of the European country's total exports). This was followed by automotive parts or accessories (5.2%), storage batteries (5%), computers including optical readers (3.2%), dose-mixing medicines (2.7%), telephony equipment including smartphones (2.6%), electrical energy (2.3%), TV receivers, monitors and projectors (2.1%), piston engines (2%) and then insulated wires or cables (1.8%).
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