Hungary-Rep. of Korea Bilateral Trade Analysis 2023
Complete trade statistics: $8.68B total volume •Hungary deficit: $7.43B
Hungary → Rep. of Korea
$628.55M
Exports (2023)
Rep. of Korea → Hungary
$8.05B
Imports (2023)
Trade Balance
$7.43B
Deficit for Hungary
Total Trade
$8.68B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Hungary and Rep. of Korea. Green line shows exports from Hungary, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Hungary-Rep. of Korea commercial relationship and competitive positioning in global markets.
Hungary → Rep. of Korea Exports
Export Market Intelligence
🎯 Strategic Export Focus
Hungary's export portfolio to Rep. of Korea demonstrates strong diversification across multiple sectors, with vehicles: with only electric motor for propulsion representing a key competitive advantage in this bilateral market.
Rep. of Korea → Hungary Imports
Import Dependency Profile
📦 Import Strategy Analysis
Hungary's import pattern from Rep. of Korea reveals significant dependencyin chemical products, mixtures and preparations: n.e.c. heading 3824, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Hungary demonstrates competitive strength in exportingvehicles: with only electric motor for propulsion to Rep. of Korea, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $8.68B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Hungary-Rep. of Korea Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $8.68 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Hungary maintains a deficit of $7.43 billion
- Export Focus: Hungary's primary exports include vehicles: with only electric motor for propulsion, vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1500 but not over 3000cc, communication apparatus (excluding telephone sets or base stations): machines for the reception, conversion and transmission or regeneration of voice, images or other data, including switching and routing apparatus
- Import Dependencies: Key imports from Rep. of Korea include chemical products, mixtures and preparations: n.e.c. heading 3824, machines and mechanical appliances: having individual functions, n.e.c. or included in this chapter, salts of oxometallic or peroxometallic acids: n.e.c. in heading no. 2841
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents an important regional trade partnerships, with complementary economic strengths driving sustained commercial exchange.
Historical Trade Analysis & Economic Context
Trade Evolution Timeline
2019-2023: Recent Trends
Current trade volume of $8.68B represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.
2015-2019: Growth Period
Sustained expansion in bilateral trade driven by complementary economic structures, with Hungary leveraging its comparative advantages in vehicles: with only electric motor for propulsion.
2010-2015: Foundation Building
Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.
Pre-2010: Early Development
Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.
Key Economic Drivers
Comparative Advantage
Hungary's specialization in vehicles: with only electric motor for propulsioncomplements Rep. of Korea's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in chemical products, mixtures and preparations: n.e.c. heading 3824.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $8.68B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $8.68B bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.
Economic Impact & Strategic Outlook
Economic Impact Assessment
Trade Volume Impact
The $8.68 billion bilateral trade volume represents a important trade relationshipfor both economies.
Industrial Integration
Trade flows in vehicles: with only electric motor for propulsion and chemical products, mixtures and preparations: n.e.c. heading 3824 demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Hungary's trade deficit of $7.43 billion impacts its overall economic position in this bilateral relationship.
Strategic Future Outlook
🚀Growth Opportunities
⚠️Risk Factors
🎯Strategic Recommendations
- Strengthen cooperation in high-value sectors beyond current trade patterns
- Develop alternative supply chains to reduce dependency risks
- Explore joint ventures in emerging technology sectors
- Enhance trade facilitation and reduce transaction costs
Market Position & Competitive Summary
The bilateral trade relationship between Hungary and Rep. of Korea represents a total trade volume of $8.68 billion in 2023. This partnership demonstrates an unfavorable trade balance for Hungary, with imports exceeding exportsby $7.43 billion.
Export Strengths
Hungary's exports to Rep. of Korea total $628.55 million, with competitive advantages in vehicles: with only electric motor for propulsion, representing $77.50M or12.3% of bilateral exports.
Import Dependencies
Imports from Rep. of Korea amount to $8.05 billion, highlighting economic interdependence in chemical products, mixtures and preparations: n.e.c. heading 3824, with Chemical products, mixtures and preparations: n.e.c. heading 3824 comprising41.2% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Hungary's strategic sourcing from Rep. of Korea. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.
Download Bilateral Trade Data
Access detailed trade data between Hungary and Rep. of Korea in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023