Exporting to Hungary is a great choice for many Italian companies.
The country offers numerous business opportunities and Italian products have always been highly appreciated. What are the best-selling goods? Which sectors should be invested in?
With its strategic position in the heart of Europe, Hungary is a very important logistics centre. The road network extends over 1100 km, the railway network is developed throughout the country and there are 6 international airports.
This makes it an ideal hub for transport and warehousing activities: within 1,000 km it is possible to reach 20 countries.
With a population of 10 million, the country has excellent relations with Italy. Exporting and investing in this area could be a good choice for companies in many industries.
Where to invest: key sectors
Substantial government incentives have long stimulated the presence of foreign companies. Particularly relevant is the presence of industrial groups in the automotive sector.
The automotive sector has historically been the strongest sector of the Hungarian economy. As shown by a report dedicated to the country by the Italia Ministry of Foreign Affairs, it accounts for around 30% of national exports and 4.5% of GDP.
Another area characterised by significant investments is pharmaceutical chemicals, favoured by policies that have encouraged research and development over the years. This trend has also affected other industries in general, such as nanotechnology and biotechnology.
The electronics sector is another important one. Investments are being made particularly in the area of telecommunications and related innovations, but the automotive electronics segment is also playing an important role.
Numerous manufacturers are based in the country, working closely with the many car companies there, such as Audi, Opel and Suzuki. The weight of components for the IT sector is also growing, alongside a rapidly developing software market thanks to the high specialisation of the workforce and the presence of the research centres of multinationals such as Siemens, Philips and HP.
What to export: the most popular products
Which products are in greatest demand among Hungarian companies and consumers?
It is impossible not to mention food products: the Mediterranean diet is increasingly appreciated and the capital Budapest, with over two million inhabitants, is an important destination for international tourism.
The demand for Italian products here has grown steadily over time, with excellent performances for wine, for example: since 2015 there has been a continuous increase in Italian exports. Italy holds 50% of the market and has Spain, France and Germany as its main competitors.
As far as capital goods are concerned, Hungary is a privileged destination for our companies.
Italy is one of the largest suppliers of machinery for the national manufacturing industry, with excellent results for packaging and wrapping machines.
According to the Italian Ministry of Foreign Affairs figures, over 70% of the furniture purchased in Hungary is imported, with German and Polish furniture accounting for the largest share.
The presence of numerous showrooms and distribution centres, concentrated mainly in Budapest, translates into business opportunities not to be underestimated for the numerous Italian design brands, capable of standing out for the quality of the solutions proposed.
All in all, Hungary is certainly one of the most attractive European destinations for Italian companies wishing to grow abroad: the great familiarity with our products and the solid relations between the two countries can undoubtedly facilitate the development of new business relationships.