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HUNGARIAN-UKRAINIAN COOPERATION 2021
Trade, economic and investment cooperation
between Ukraine and Hungary
July 19, 2022 2:59 p.m
Hungary occupies an important place among Ukraine's trade partners. Ukraine's foreign trade turnover with Hungary is 2.5% of Ukraine's total foreign trade.
In 2020, bilateral trade was mostly affected by the COVID-19 pandemic and the resulting global economic crisis.
According to the State Statistics Service of Ukraine, at the end of 2021, the total volume of trade in goods and services between Ukraine and Hungary increased by 16.3% compared to 2020 and amounted to 3.488 billion US dollars. Exports of goods and services from Ukraine to Hungary increased by 22.3% compared to 2020 and amounted to 1.876 billion US dollars. The import of Hungarian goods and services to Ukraine increased by 9.4% compared to 2020 and amounted to 1.612 billion US dollars. The balance of this period is positive for Ukraine and amounted to 264.1 million US dollars.
At the same time, according to the results of 2021, the trade turnover between Ukraine and Hungary increased by 19.9% compared to 2020 and amounted to 3.193 billion US dollars. The volume of goods exported from Ukraine to Hungary increased by 28.4% compared to 2020 and amounted to 1.612 billion US dollars. The import of goods from Hungary to Ukraine increased by 12.3% compared to 2020 and amounted to 1.571 billion US dollars. Ukraine managed to maintain a positive balance in trade in goods, which amounted to 51.1 million US dollars.
That is the dynamics of foreign trade in goods between Ukraine and Hungary
According to the State Statistics Service of Ukraine, million US dollars
The basis of Ukraine's exports to Hungary in 2021 was electric vehicles, 40% (↓19.1%); mineral fuels; oil and distillation products 34% (↑22.9%); wood and wood products 5% (↑0.8%); ores, slag 5% (↑1.5%); food products 2.1% (↓38.6%); ferrous metals 2% (↓0.4%); other – 15%.
The basis of the import of Hungarian goods to Ukraine in 2021 was electric cars - 22% (↑4.5%); land means of transport, excluding railways, 14.5% (↑2%); mineral fuels, oil and its distillation products 15.8% (↑7.5%); plastics, polymer materials 8.6% (↑0.5%); pharmaceutical products 4.8% (↑1.3%); nuclear reactors, boilers, machines 5.2% (↑0.1%); rubber 3.3% (↓1.2%); chemical products - 2.7% (↑176%), other - 23.1%.
According to the 2021 results, the volume of trade in services between Ukraine and Hungary increased by 15.5% compared to 2020 and amounted to 295.438 million US dollars. Service exports to Hungary increased by 30.4% compared to 2020 and amounted to 195 million US dollars. Service imports from Hungary increased by 47.2% compared to 2020 and amounted to 60.6 million US dollars. Ukraine's positive balance amounted to 134.4 million US dollars.
Transport services formed the basis of exports to Hungary; business services; telecommunication services, computer and information services.
The basis of imports to Ukraine was telecommunication, computer and information services; transport services; business services; royalties and other services related to the use of intellectual property.
Investment cooperation
Hungary is among the top 20 investing countries and ranks 9th in this ranking. The main investment projects of the Ukrainian market are the following: OTP Bank Ukraine, Kyiv; the bases of the Hungarian airline WizzAir in Kyiv and Lviv; Richter Gideon Representation in Ukraine, Kyiv; Aegis Pharmaceuticals Representation in Ukraine, Kyiv; LLC "Masterplast Ukraine", V. Lazy (Ungvár district, Subcarpathian county); KES-UA Holding LLC, Kyiv; LLC "3 Concretes", Kalush (Ivano-Frankivsk region); Power Belt LLC, Munkács (Subcarpathian County).
According to the data of the National Bank of Ukraine, on December 31, 2021, Hungary invested 390.7 million US dollars in the Ukrainian economy, which is about 1% of the total direct investment in Ukraine. Most investments came in financial and insurance activities ($356.3 million). The real estate transaction of Hungarian investments amounted to 10.7 million US dollars. Wholesale and retail investments; repair of motor vehicles and motorcycles amounted to US$ 9.1 million; in the field of temporary accommodation and hospitality - 4.4 million US dollars; in the field of professional, scientific and technical activities - 3.2 million US dollars.
According to the National Bank of Ukraine, until December 31, 2021, Ukraine invested 4.4 million US dollars in the Hungarian economy. During 2021, investments came from Ukraine in the following areas of the Hungarian economy: industry (manufacturing industry; water supply; sewerage, waste management); transport, storage, postal and courier activities; professional, scientific and technical activity.
However, given that, according to the National Bank of Ukraine, direct investments in these areas came from no more than 2 economic organizations, information about their volume is confidential under the Law on State Statistics of Ukraine.
2022. July
Source: https://hungary.mfa.gov.ua/hu/partnership/egyuttmukodes