Magyarország / Hungary
Trade Overview
Estimates for 2024 are based on current trends and projections.
Key Insights
•Steady Growth: Bilateral trade between Canada and Hungary has grown steadily, surpassing $1 billion USD in 2024 for the first time.
•Diversified Trade Portfolio: Canada exports industrial machinery, aerospace parts, and pharmaceutical products to Hungary. In return, Hungary provides Canada with high-tech electronics, automotive components, and medical instruments.
•EU-Canada Agreement Impact: The CETA agreement has played a role in reducing tariffs and simplifying market access for both parties.
•Strategic Gateway: Hungary’s location in Central Europe makes it a strategic access point for Canadian businesses looking to expand into the EU.
•R&D and Innovation Potential: Hungary’s growing tech and life sciences sectors represent untapped collaboration opportunities for Canadian firms in research, development, and innovation.
Trade Partner Rankings
Hungary’s Trade Partners – Canada’s Rank
Canada ranks approximately 30th among Hungary’s global trading partners, with trade driven by advanced manufacturing and pharmaceutical sectors.
Canada’s Trade Partners – Hungary’s Rank
Hungary is among Canada’s top 50 trading partners, reflecting consistent and growing bilateral economic activity, especially in high-tech manufacturing.