Trading Partner Portal: Hungary
Hungary is a high-income country in Central Europe. It has a population of 9.8 million people and a gross domestic product (GDP) of approximately $139.1 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
In 2018, the United States exported $1.75 billion worth of goods to Hungary. The largest export category, which accounted for 33.8% of total exports from the US to Hungary, was nuclear machinery, with a value of $591 million. Two other key exports from the US to Hungary were electric machinery with a total of $315.9 million and optic, photo, or medical instruments with a value of $163.9 million. The same year, the United States imported $5.08 billion of goods from Hungary. A strong portion, 28.1%, was nuclear machinery, with a total value of $1.4 billion. Other key imports from Hungary were electric machinery and vehicles except railway. US Department of Commerce
Not only do the US and Hungary have a substantial trade relationship, but they also have sufficient flows of foreign direct investment (FDI). In 2015, the United States had $6.39 billion invested in Hungary and in 2017, Hungary had $12.9 billion invested in the United States. BEA
Hungary- California Trade
In the United States, California is one of the largest state exporter of goods to Hungary. In 2018, California exported $151.3 million of goods to Hungary, the smallest amount in recent years. The top exports were electric machinery, nuclear machinery, and optic, photo, and medical instruments, totaling 31.2%, 26.8%, and 19.6% respectively. California is one of the largest importing states of goods from Hungary. In 2018, California imported $577.9 million worth of goods. 56.6% of all goods imported into California from Hungary was transportation equipment. US Department of Commerce
Governor Edmund G. Brown Jr. established the California International Trade and Investment Advisory Council in 2014, bolstering the state’s efforts to grow international business opportunities for California companies. He named former U.S. Ambassador to Hungary Eleni Kounalakis to chair the council. Susanne Stirling, Vice President of International Affairs for CalChamber, is a member of the council.
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.
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.