Hungary - Export Britain

Export Britain


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Ease of trading across borders

Importing a standard container of goods into Hungary requires:



Hungary has a medium-sized, highincome and open economy. Hungary has been a member of the OECD since 1995, the WTO since 1996, and the European Union since 2004. The service sector accounts for over 60% of GDP and its role in the Hungarian economy is steadily growing due to constant investments into transport and other services in the last 15 years. Situated in the heart of Central Europe, Hungary’s location plays a significant role in attracting investment into the country.

Economic snapshot (% annual growth rate)

GDP 3.6 2.5 2.1
Export of goods and services 7.6 8.6 5.1
Import of goods and services 8.5 7.5 5.0
Inflation -0.2 -0.1 2.4
Exchange rate (per £) 233 279 286
Population -0.3 -0.2 -0.2
Source: Oxford Economics

Economic outlook

The Hungarian economy grew by 0.6% in the final quarter of 2013. The past year has seen a gradual rebalancing in terms of growth drivers towards domestic demand, a pattern that is expected to continue in 2014. Growth is expected to maintain to a large extent its current momentum in the beginning of 2014 before fading gradually as the impact of the government’s stimulus packages diminishes. Growth of 2.2% in 2014 is still above trend.

Trade outlook

Hungary’s largest trading partners include Germany, Russia, UK and France. Trade relations with Japan have been growing as Hungary sought Japanese capital and technology and hoped to gain a share of the Japanese market as that country opened its doors to foreign trade. Trade with China has also been increasing with the share of exports from China increasing to over 8% of total exports into Hungary. The share of UK exports to Hungary is expected to decline as the rest of Asia continues to increase its prominence within Hungary.

Cultural tips

Essential Customs tips

Trading within the European Union is a simple process due to the free trade agreement that allows goods to cross country borders without charges being applied.

When sending shipments by road from the EU into Hungary, an Electronic Trade and Transport Control System (EKAER) number is generally needed for shipments above 40kg.

SWOT analysis

Well-qualified labour force.
Location in the heart of Europe. Business friendly environment.
Hungary is very dependent on credit from abroad, especially credit provided by Eurozone banks.

Hungary's trade with the UK

Sector segmentation growth

Sectors to watch:
  • manufacturing

Fastest-growing exporters into Hungary

1 Hong Kong
2 Canada
3 Canada
4 India
5 Turkey
6 Nigeria
7 Slovakia
8 Singapore
9 US
10 Poland

Total merchandise trade - Leading import partners

Total merchandise trade - leading import partners
Opportunities for UK businesses

With an extensive road and railway network and skilled workforce, Hungary is an ideal place for British companies to set up a branch serving as a gateway to the East. UK businesses can seek opportunity in the following sectors: electronics, engineering, software and life sciences. There are also opportunities in tourism, transport, retail, food, environment and construction.

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Your local Chamber provides a range of export services and links to overseas markets.
Find your local Chamber here.

View the Cathay Pacific partner page View the Control Risks partner page View the DHL Express partner page View the Experian partner page View the UK Export Finance partner page