Economic relations between Georgia and Hungary

27/10/2022

18:35

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According to the data published by the National Statistics Office of Georgia (GEOSTAT), as of this year, Hungary is the 39th largest trade partner of Georgia, where the export revenue amounted to $2.4 million and import revenue - to $40 million - this year. In previous years too, the trade turnover was strongly skewed in favor of Hungary.

Hungary is one of the largest producers of medicines, and in 2021 the export of these products will exceed $7 billion. Georgia buys the largest amount of pharmaceutical products from Hungary. In 2021, the import revenue totaled $37 million, and in 9 months of 2022, it amounted to $20.8 million. The second position is occupied by cars with $2 million, the third - by canned meat products with $1.5 million.

Regarding exports, according to the GEOSTAT data, in nine months of 2022, aviation engines worth $1 million were exported from Georgia to Hungary; clothes ranked 2nd with $541 thousand, and mobile phones ranked 3rd - with $179 thousand.

The highest Hungarian foreign direct investment in Georgia reached $4 million in 2021, while the FDI flows in other years were in the range of $2-2.7 million.

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