Trading Partner Portal: Hungary
Overview
Trade Overview
Hungary is a high-income country in central Europe. It has a population of 9.56 million people and a gross domestic product (GDP) of approximately $222.9 billion. Hungary is a member of the European Union and has a strong market economy that has recovered from deficit suffered from the global economic crisis. As a member of the EU, Hungary’s main trading partners are other European countries, predominantly Germany and Austria. World Bank, CIA
U.S. – Hungary Trade
In 2024, Two-way trade between the U.S. and Hungary totaled $6.82 billion, with the United States exporting $3.26 billion worth of goods to Hungary. The largest export category, which accounted for $1.13 billion of total exports, was computer and electronic products. Other top exports included non-electrical machinery ($825 million), transportation equipment ($358 million), chemicals ($277 million), and electrical equipment, appliances, & components ($191 million).
The same year, the United States imported $12.69 billion of goods from Hungary, $4.61 billion of which was in chemicals. This was followed by transportation equipment ($2.34 million), electrical equipment, appliances & components ($1.98 billion), computer and electronic products ($1.25 million), non-electrical machinery ($936 million). U.S. Department of Commerce
Hungary – California Trade
In the United States, California is one of the largest state exporters of goods to Hungary. In 2024, California exported $186 million of goods to Hungary. The top exports were computer and electronic products ($67 million), non-electrical machinery ($34 million), miscellaneous manufactures ($20 million), and chemicals ($19 million), and transportation equipment ($16 million).
California is one of the largest importing states of goods from Hungary. In 2024, California imported $922 million worth of goods. $527 million of all goods imported into California from Hungary were transportation equipment. Other top imports included electrical equipment, appliances & components ($174 million), computer and electronic products (74 million), non-electrical machinery ($58 million), and miscellaneous manufactures ($28 million). U.S. Department of Commerce
FDI – Hungary
Not only do the U.S. and Hungary have a substantial trade relationship, but they also have sufficient flows of foreign direct investment (FDI). Hungary had $34.2 billion invested in the United States in 2023, with the U.S. having a $16 billion investment position in Hungary. BEA
Trade Agreements
Trade Agreements and Issues
Transatlantic Trade and Investment Partnership (TTIP)
Hungary is one of the nations that is currently involved in negotiations for the Transatlantic Trade and Investment Partnership (TTIP) with the rest of the European Union and the United States. The United States and the European Union have a strong bilateral trade relationship totaling $698.7 billion in 2015. A free trade agreement, such as TTIP, desires to strengthen that relationship by eliminating tariffs, aligning compatible regulations to open trade, and furthering trade in the service sector.
Transatlantic Trade and Investment Partnership
USTR Transatlantic Trade and Investment Partnership
Three Seas Initiative (3SI)
The Three Seas Initiative (3SI), getting its name from the three seas that border the region, was launched in 2015 by Croatian President Kolinda Grabar-Kitarović and Polish President Andrzej Duda to promote interconnectivity on energy, infrastructure, and digitization projects in Central and Eastern Europe. There are 12 EU member states that are part of the initiative: Austria, Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, and Slovenia. The main goal of the venture is to create a “north-south” energy and infrastructure corridor in the region. The region has a total population of 10 million and a combined GDP of about $1.7 trillion, and has emerged as a significant driver of European economic growth. (Atlantic Council)
The U.S. has committed up to $1 billion to the 3SI, adding momentum to the project and its investment fund, helping to attract international private capital to the region. The initiative has been endorsed diplomatically by the United States, Germany, and the European Union, among others.
Pompeo Pledges $1 Billion in US Support for European Energy Initiative
The Hill, February 15, 2020
Events
Events
Hungarian Ambassador Stops by CalChamber
(April 29, 2011) A visit from Hungarian Ambassador to the United States Gyorgy Szapary (left) provided an opportunity to discuss Hungary’s role as president of the European Union for the first half of 2011. With the ambassador are (from left) Ambassador Gyorgy Szapary; CalChamber President and CEO Allan Zaremberg; Susanne Stirling, CalChamber Vice president, International Affairs; The Honorable Nicholas Bartsch, Honorary Consul of Hungary in Sacramento; and Dr. Gabor Kaleta, Consul, Hungarian Consulate in Los Angeles.