Budapest

Trade

Estonian-Hungarian trade in goods amounted to €151.3 million in 2022, accounting for 0.3% of total trade and making Estonia the 31st largest trading partner.

Exports to Hungary amounted to €62.4 million in 2022, which was 0.3% of total exports and made Estonia the 37th largest export partner. A year earlier, exports amounted to € 50.2 million (annual increase of +24.3%). The main export items in 2022 were machinery and mechanical appliances (22.3%) and wood and wood products (20.6%).

In 2022, Estonia imported goods worth €88.9 million from Hungary, which accounted for 0.4% of its total imports of goods and made Hungary its 28th import partner. A year earlier, imports totalled €78.2 million (+13.7% annual growth). The most imported goods were machinery and mechanical appliances (36.6%), chemical products (16.7%) and plastic products (13.4%).

Estonian-Hungarian trade in 2019 – 2022:

(source: Statistics Estonia)

Exports of services to Hungary amounted to €39 million in 2022, accounting for 0.4% of total services exports. In 2021, exports of services amounted to €31.9 million (an annual increase of 22.3%).

Imports of services amounted to €36.3 million in 2022, compared with €28.9 million in the previous year (annual increase of +25.6%).

In 2021, 279 Estonian enterprises exported to Hungary. The largest were Retim Europe OÜ (wholesale trade, except motor vehicles and motorcycles), XOS Eesti OÜ (wholesale trade, except motor vehicles and motorcycles), AS Norma (manufacture of motor vehicles, trailers and semi-trailers), NorthlandChem OÜ (wholesale trade, except motor vehicles and motorcycles), Baltic Ground Services EE OÜ (warehousing and transport support activities) and Balti Spoon OÜ (manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials).

Foreign direct investment

Hungary’s foreign direct investments in Estonia (as of 31.12.2022) amounts to EUR 43 million, which represents 0.1% of total foreign investment in Estonia. The largest investments were in manufacturing with EUR 18 million and in finance and insurance with EUR 15 million.
Estonian foreign direct investments in Hungary amounts to EUR 7 million, which represents 0.1% of total FDI abroad. Investments are made in seven sectors.

Tourism

Hungarian tourists made 8 415 visits to Estonia in 2022, of which 6 332 were overnight stays. A year earlier, the number of visits was 5 646, an annual increase of +12.2%.
Estonians made 14 644 visits to Hungary in 2022, of which 13 369 were overnight stays. In the previous year, the number of visits to Hungary was 4 252 (+244.4% year-on-year).

E-residents

As of 10 March 2023, there were 1 074 Hungarian citizens who were e-residents, of whom 327 had registered their company in Estonia.