Bilateral trade Belarus-Hungary

   In 2018 trade in goods between Belarus and Hungary amounted to 194.9 mln US dollars (105.1% year-over-year), export from Belarus – 78.1 mln dollars (109.7%) and import – 116.7 mln dollars (102.2%). Balance in trade was negative for Belarus – 38.7 mln dollars.

Trade in goods between Belarus and Hungary in 2014-2018, mln US dollars

   Belarus’s exports to Hungary in 2018 included i.a. tractors (12.3 mln dollars), nitrile-function compounds (9.5 mln dollars), mineral or chemical potassic fertilisers (7.1 mln dollars), mineral or chemical fertilisers (5.2 mln dollars), wood sawn or chipped (5.2 mln dollars), plywood (4.3 mln dollars), parts and accessories for tractors and motor vehicles (3.7 mln dollars), builders’ joinery and carpentry (2.7 mln dollars).

Major goods supplied by Hungary to Belarus were medicaments (26.0 mln dollars), parts and accessories for tractors and motor vehicles (9.8 mln dollars), new pneumatic tyres (6.7 mln dollars), electrical transformers (6.2 mln dollars), amino-resins (5.9 mln dollars), pharmaceutical preparations (3.9 mln dollars), maize or corn (3,7 mln dollars), polymers of ethylene (3.7 mln dollars).

   In January-May 2019 trade turnover between the countries reached 103 mln dollars (131.9%), export from Belarus – 51.7 mln dollars (202.3%), import from Hungary – 51.3 mln dollars (97.7%).

   Active cooperation in transport, tourist and construction areas facilitate growth of turnover in services between the countries.

   Bilateral trade in services in 2018 amounted to 19.3 mln dollars (105.3% year-over-year), including export – 15.3 mln dollars (109.9) and import – 4 mln dollars (90.9%).

In January-April 2019 trade in services reached 6.9 mln dollars (100.2%), export – 5.6 mln dollars (106.3%), import – 1.2 mln dollars (79.5%). Trade balance is positive for Belarus – 4.4 mln dollars.

   Companies with Belarus capital investments – Belarus Traktor Kft (registered in 2003 with a production and warehouse center in Hort) and BELMASTROY Építőipari Zrt (registered in Budapest in 2018 and a construction company).

   As of January 1, 2019 there were 8 companies with Hungarian capital registered in Belarus (2 – foreign and 6 – joint ventures). Total capital investments amount to 1.7 mln dollars.

   According to the recent data as of April 1, 2019 accumulated investments from Hungary amount to 2.18 mln dollars including 2.13 mln dollars as FDI. Belarus investments in Hungary reached 0.73 mln dollars (all – FDI).

Regular sessions of the Belarusian-Hungarian Intergovernmental Commission on Economic Cooperation have been conducting since 2009. A number of the joint working groups (tourism, scientific and technical cooperation) have been established within the framework of the Commission. Budapest will host the nearest meeting of the commission in 2019.

   Promising areas of bilateral economic interaction – tourism, innovations, agriculture and food processing, pharmaceutics, construction, credit and financial services, industrial cooperation.

   There are positive examples of bilateral cooperation in industry. One of them is related to double-decker railcar Stadler KISS (electric multiple unit) manufacturing in Belarus (Stadler's production facility – CJSC Stadler Minsk) and assembling in Hungary (Dunakeszi Járműjavító Kft) for Hungarian national railway company MÁV. Another joint project is under preparation by the Budapest Transport Privately Held Corporation (BKV) and the Belarus’ automotive manufacturer JSC Minsk Automobile Plant (MAZ). Current and new initiatives have been discussed during visits to Belarus by representatives of the Hungarian state-owned rolling stock company Dunakeszi Járműjavító Kft (May 21-23, 2019) and BKV (May 28, 2019).

   Joint initiatives of entrepreneurs, medium and large enterprises can be supported by credit and financial institutions. In 2014 the Development Bank of the Republic of Belarus and Hungarian Export-Import Bank Plc. signed a medium-term credit line agreement.

   Development of new contacts and fostering cooperation is the main objective of meetings, business forums and B2B events with participation of ministries, associations, chambers of commerce and trade. Last year the largest events were dedicated to Minsk Days (Budapest, April 21-24, 2018) and meeting of the Belarusian-Hungarian Intergovernmental Commission on Economic Cooperation (Minsk, November 5-6, 2018).

   On April 24, 2019 Budapest hosted a business forum with participation of the Vitebsk regional municipality, Republican Confederation of Entrepreneurship, Great Stone Industrial Park, FEZ Grodnoinvest (Free Economic Zone), FEZ Brest (Free Economic Zone), regional unions of employers, industrialists and entrepreneurs.

On June 4, 2019 Budapest hosted a forum on construction. Management and representatives of the Belarus Ministry of Architecture and Construction, Belarusian Universal Commodity Exchange, Belarus Cement Company, Industrial construction holding “BELSTROYCENTR-holding” and JSC “Beryozastroymaterialy” participated in the event and a B2B meeting.

   Bilateral cooperation in transport area is regularly discussed during the meetings of the Belarus-Hungarian Joint Commission of international automobile transportation. The last meeting of the commission was held in Budapest on June 18-19, 2019.

   Direct air communication between Minsk and Budapest was established on September, 2013. Since April 26, 2019 the Belarusian airline company “Belavia” carries out four regular flights a week to Budapest and further to Belgrade (Serbia).