Hungary - Market Overview
Table of content
Source: Statistics Canada
Note: Data on Canada-Hungary bilateral service trade is not available.
2015 Trade and Investment between Hungary and Canada (C$, Millions)
|Trade and Investment||(C$, Millions)|
|Canadian Merchandise Exports to Hungary||$94.5|
|Canadian Merchandise Imports from Hungary||$611.8|
|Hungarian Direct Investment in Canada||$2,333.0|
|Canadian Direct Investment in Hungary||$7,859.0|
Why Hungary Matters
- Hungary is Canada’s 19th largest export market in the EU and Canada’s 15th largest EU source for imports.Footnote 1
- Hungary and Canada are important trading and investment partners; Hungary is the fifth largest recipient of direct investment in the EU and Canada’s 11th largest EU source of direct investment.Footnote 1
- Hungary’s economy, while one of the smaller EU countries by total GDPFootnote 2, continues to show stable growthFootnote 3 with little inflation, providing a good platform for investment.
- Renewed governmental focus on clean technology provides an opportunity for Canadian investors in these industries.
- Hungary has Europe’s third-largest Information and Communications Technology sector in Europe by percentage of the Gross Domestic Product (GDP).
How to export to Hungary
Read the guide Export Guide to the EU.
Sectoral Opportunities in Hungary:
Continued growth in Hungary’s automotive sector will present investment opportunities for Canadian companies with automotive expertise and for Canadian suppliers and Canadian Research and Development (R&D) enterprises.
New clean technology initiatives on behalf of the Hungarian government include water, waste water, waste management-remediation, and clean transportation. Mandated targets for greener industries, combined with significant governmental and EU funding for clean technologies, present opportunities for Canadian investment.
Information and Communications Technology (ICT)
Hungary’s ICT sector has seen continual growth over the past decade and is currently the sixth-largest in the European Union (EU) by percentage of GDP (2013). There are substantial investment opportunities especially in shared services, following the massive “Digital Hungary” initiative to stimulate ICT competitiveness and improve economic growth across the country.
New EU funding for power grid development in Central and Eastern European markets are expected to have a positive impact on Hungary’s domestic infrastructure development projects. This could create opportunities for Canadian service providers and for Canadian infrastructure development businesses.
Oil and Gas
Hungary’s long-term energy strategy (2012-2030) aims to balance the country’s energy supply. Opportunities exist for Canadian energy expertise and potential joint venture activities.
Hungary has significant volumes of uranium, copper, coal, and bauxite. Given Canada’s world-leading expertise in mining, there stands to be ample opportunities for Canadian investment.
To learn more about trade and investment opportunities in Hungary, contact your Trade Commissioner in Budapest, Hungary.
The Trade Commissioner Office in Budapest also covers Slovenia.
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