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HEPA MOSCOW (Moscow partner office) analyzed economic cooperation between Russia and Hungary from 2013 to 2020

HEPA MOSCOW - a partner of the non-profit closed joint-stock company HEPA - Hungarian Export Development Agency noted the main milestones of Russian-Hungarian economic cooperation from 2013 to 2020. Friendly and trusting relations between the two countries at the state level, as well as mutual interest to the development of economic and intercultural relations, mutual desire to develop tourism - these are the key reasons for the growth of Russian-Hungarian trade turnover.

According to HEPA Moscow, the main product categories in Russian-Hungarian trade from 2013 to 2020 were FMCG (food and consumer goods), goods from healthcare, IT, agriculture and agro-industrial complex, as well as heavy industry and mechanical engineering.

Despite the EU sanctions imposed on Russia in 2014 and the counter-sanctions of the Russian Federation on a number of product categories from the European Union countries, Russian-Hungarian trade began to grow again in 2017 in line with the increased demand for imports from Russia. So, if in the pre-crisis 2013 the share of Hungary in the total structure of Russian imports was 0.95%, then in 2020 it remained practically at the same level, having lost only 0.04%. At the end of 2019, the volume of mutual trade between Hungary and the Russian Federation reached the level of $ 6.5 billion.

From January 2019 to January 2020, ten Russian sub-sectors with the highest need for imports provided imports of products worth $ 45.4 billion. It is noted that Hungarian products are present in about 2/3 of these sub-sectors, and their share is 1.52% of the specified turnover. This means that in the subsectors where Russia has the highest demand for imports, Hungary performs better than in the general turnover. First of all, thanks to the product groups “Data storage units for automatic data processing machines” (10.1% in the import of the sub-industry), “Data processing units for automatic data processing machines” (9.8%), vehicles - ICEs, cylinders 1500-3000 cubic cm. (3.2%), pharmaceuticals in retail packaging (2.7%).

Russian exports to Hungary are mineral materials and products of their processing, chemical products, machinery, equipment and transport.

Russia is Hungary's key partner in the field of nuclear energy. Thus, TVEL, a subsidiary of Rosatom, supplies nuclear fuel to the Hungarian nuclear power plant Paks; in March 2014, Hungary received a loan to expand the nuclear power plant. In the spring of 2017, the Paks expansion was approved by the National Atomic Energy Agency and the European Commission, and in 2019 construction work began at the station. Rosatom expects to obtain a construction license in the fall of 2021. In addition, in September 2019, TVEL and the Institute for Energy Research of the Hungarian Academy of Sciences entered into an agreement on the supply of nuclear fuel for the Budapest Research Reactor.

Source: www.globalmsk.ru