Language
Now in Minsk   The weather in Belarus

Home Belarus - Hungary Trade and Economic Cooperation

Bilateral trade Belarus-Hungary

  Millions of US Dollars

 

2012

2013

2014

2015

2016

2017

2017/ 2016(%)

Trade turnover

209,9

228,8

233,7

201,4

156,3

185,4

118,6

Belarusian export

69,9

66,0

83,2

75,4

51,9

71,2

137,1

Belarusian import

140,0

162,9

150,5

126,0

104,4

114,2

109,3

Balance

- 70,1

-96,9

-67,3

-50,6

-52,2

-43,0

 

 

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

According to the statistics in 2017 in comparison with 2016 the bilateral trade turnover increased by almost 20% and amounted to 185 mln. US dollars. Belarusian export increased by 37% (71,2 mln. US dollars), and Belarusian import — by 9% (114,2 mln. US dollars). 

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.