problems of trade in hungary and their solutions too
Answers
Answer:Hungary's economy is very open, with trade accounting for about 166% of GDP (World Bank, 2019). Car and spare parts industry account for the highest share of exports and imports. Medicine and data processing machines are also among Hungary's main exports whereas electronic circuits and petroleum products are among main imports.
The European Union is by far the largest economic partner of Hungary, with Germany being the main trading partner both for imports and exports (27.3% of exports, 25.9% of imports). Slovakia is the second top destination for Hungarian goods (5.2%), followed by Italy, Romania and Austria. Austria is the second supplier of goods in Hungary (6.1%), followed by Poland, China and the Netherlands. Hungary's trade balance, which was traditionally in deficit, started posting surpluses more recently owing in particular to the good health of the German economy.
However, the trade surplus narrowed in 2018 as imports rose faster than exports. Exports of goods rose to USD 125.8 billion in 2018 from USD 113.8 billion a year earlier. At the same time, imports stood at USD 121.7 billion, against USD 107.5 billion a year earlier. As a result, the 2018 trade deficit was equivalent to USD 1,9 billion. According to WTO data, the exports of services in 2018 were USD 29 billion, higher than the imports (USD 20 billion); thus, leading to a trade surplus (including service) of USD 7 billion.
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Explanation:
Hungary's economy is very open, with trade accounting for about 166% of GDP (World Bank, 2019). Car and spare parts industry account for the highest share of exports and imports. Medicine and data processing machines are also among Hungary's main exports whereas electronic circuits and petroleum products are among main imports.
The European Union is by far the largest economic partner of Hungary, with Germany being the main trading partner both for imports and exports (27.3% of exports, 25.9% of imports). Slovakia is the second top destination for Hungarian goods (5.2%), followed by Italy, Romania and Austria. Austria is the second supplier of goods in Hungary (6.1%), followed by Poland, China and the Netherlands. Hungary's trade balance, which was traditionally in deficit, started posting surpluses more recently owing in particular to the good health of the German economy.
However, the trade surplus narrowed in 2018 as imports rose faster than exports. Exports of goods rose to USD 125.8 billion in 2018 from USD 113.8 billion a year earlier. At the same time, imports stood at USD 121.7 billion, against USD 107.5 billion a year earlier. As a result, the 2018 trade deficit was equivalent to USD 1,9 billion. According to WTO data, the exports of services in 2018 were USD 29 billion, higher than the imports (USD 20 billion); thus, leading to a trade surplus (including service) of USD 7 billion.
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