Nonetheless, Hungary played an active role in 21st-century regional efforts to modernize, improve, and expand inland waterway traffic on the Danube. In 2017 the GDP of Hungary … Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. In 2017, Hungary exported $107B and imported $97.1B, resulting in a positive trade balance of $10.3B. The Danube River, the country’s only important transportation waterway, was historically used for international shipping, via the free port of Csepel. Germany: $6.9 billion (44.6%) 2. Buses were once the main form of travel for passenger transportation, but the number of privately owned automobiles grew rapidly after the early 1980s. Buying and selling are essential for any … Hungary: Major import sources Encyclopædia Britannica, Inc. Find exceptional and creative UK trade partners with DIT’s Find a Supplier service on great.gov.uk. During this same period, the portion of Eastern-made cars declined rapidly. In the process the country became heavily indebted and had to use much of its export earnings for repayment. Hungary has an export-oriented market economy with a heavy emphasis on foreign trade; thus the country is the 35th largest export economy in the world. Nevertheless, by the mid-1990s three-fourths of Hungary’s trade was with market economies. Explore Visualizations undo CMS.Section.Reset visualizations The country had more than $100 billion of exports in 2015, with a high trade surplus of $9.003 billion, of which 79% went to the EU and 21% was extra-EU trade. HS Code Export USD$ (85) Electrical Machinery: $26,082,706,310 However, as a result of the destruction of bridges in the former Yugoslavia during the intervention by NATO (North Atlantic Treaty Organization) in the Kosovo conflict in 1999, much of the shipping came to a sudden halt. Global Insights ... View All Export/Import Trade Partners Traded Goods (at the 2-digit HS Code level) Top 10 Export Goods. By the early 2010s, services accounted for between one-half and two-thirds of GDP and roughly the same proportion of the workforce. By the end of the 20th century, however, the EU had begun funding rail network improvements, as well as roadway projects. Black Friday Sale! There is also significant tourism via low-cost air carriers from western Europe as well as from the United States, Canada, and Australia. In 1996 Hungary joined the Organisation for Economic Co-operation and Development (OECD), and in 2004 it became a full member of the European Union (EU). Road construction and upgrading increased significantly in the early 21st century, with the building of expressways (motorways) radiating out from Budapest toward Vienna, Croatia, Serbia, Romania, and Ukraine. Our bilateral relationship will endure long after we have left the EU. The Soviet Union was Hungary's main trading partner, accounting for more than 30 percent of Hungary's overall trade and 60 percent of its trade with the Comecon countries (see table 13, … By World War I the country had a modern network that was among the densest in Europe, and it continued to expand regularly until the late 1970s, with electrification beginning in the previous decade. Premium Membership is now 50% off! The most common import partners for Hungary are Germany ($29.6B), Poland ($6.8B), China ($6.67B), Austria ($6.24B), and Czechia ($5.98B). Unprepared for the competitiveness of global market forces, Hungary accrued a large trade deficit that was covered by foreign loans. Last modified November 1, 2019. International air travel passes through Budapest Liszt Ferenc International Airport, Debrecen Airport, and Hévíz-Balaton (Sármellék) Airport. A third of EU trade is with the United States and China At Member State level, trade within the EU largely prevails In 2018, the United States (€674 billion, or 17.1% of total extra-EU trade in goods, i.e. Malév Hungarian Airlines, the national carrier, was founded in 1946. Meanwhile, the proportion of Hungary’s imports from the former component countries of the Soviet Union fell from a peak of more than one-fifth in the early 1990s to less than one-tenth at the turn of the 21st century.