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Bilateral trade Belarus-Hungary

  Millions of US Dollars

 

2011

2012

2013

2014

2015

2016

2016/ 2015(%)

Trade turnover

227,7

209,9

228,8

233,7

201,4

156,3

77,6

Belarusian export

79,7

69,9

66,0

83,2

75,4

51,9

68,8

Belarusian import

142,0

140,0

162,9

150,5

126

104,4

82,8

Balance

- 62,3

-70,1

-96,9

-67,3

-50,6

-52,2

 

 

Hungary is among the 30 biggest trade partners of the Republic of Belarus.  

According to statistics after constant increase for several consecutive years bilateral turnover in goods shrunk in 2015 by almost 14%, in 2016 – by almost 23% and amounted to156 mln. US dollars. This negative trend was mainly due to the regional and global crisis’ outcomes.

The perspective spheres of bilateral economic interaction are agriculture and food processing, construction, pharmaceutics, innovations, tourism, credit and investment cooperation. 

There are positive examples of cooperation. “Belarus Traktor Kft” (a daughter company of Minsk Tractor Plant), based in Hungary, sells around 1 thousand tractors annually, thus contributing to the development of the Hungarian agricultural market. Hungarian pharmaceutical products, produced by “Egis” and “Gedeon Richter” are well known on Belarusian market. 

Direct air connection between Minsk and Budapest, which was launched by “Belavia” in 2013, added up new business opportunities and allowed expanding tourist and people-to-people contacts.

Regular sessions of the Belarusian-Hungarian Intergovernmental Commission on Economic Cooperation and accompanying bilateral business fora have been conducting since 2009. A number of the joint working groups (on tourism, on scientific and technical cooperation) have been established within the framework of the Intergovernmental Commission.

A Medium Credit Line Agreement between “Belarusian Development Bank” and Hungarian “Eximbank” was signed in 2014.