Trade with Hungary

According to Statistics Canada figures, Canadian merchandise exports to Hungary reached $101.8 million in 2004, surpassing $ 100 million for the first time, mostly due to the delivery of aircraft. Merchandise exports are expected to decrease in 2004. Other significant Canadian exports to Hungary include automotive parts, telecommunications equipment, computers and peripheral equipment, security equipment, other machinery and certain agri-food products. Sectors identified for potential opportunity for Canadian exporters include transportation equipment, construction and building products, environmental technologies, and consulting and engineering services.

Imports from Hungary reached $ 192 million in 2003, nearly doubling since 1999. Significant imports include lactones, motor vehicle parts, computer equipment, and agri-food products. As a member of the North American Free Trade Agreement, the world's largest economic area, Canada is an attractive market for Hungarian firms. For more information on export opportunities to Canada, please contact the office of Investment and Trade Development Hungary (www.itdh.hu). Canada actively encourages investment and offers a stable economic climate, quality labour and a competitive cost platform www.investincanada.gc.ca

Hungary has been a significant destination for Canadian investors. Examples include Atronyx, Foundation, Gresco (real estate), Atco, Bombardier, Coldmatic, Linamar, Westcast and Zenon (manufacturing), and Rio Alto and Semex Canada (agri-food). With Canadian direct investment in Hungary at roughly C$1 billion, not including several billion dollars in off-shore business centres of Canadian companies based in Hungary, Canadians have a prominent presence in Hungary. The Canadian Chamber of Commerce in Hungary (www.ccch.hu) plays a prominent role in the community.

Hungary is strategically located at the crossroads of Europe, potentially a gateway to a much larger market area. The government has focussed on logistics and its role as a regional business services centre, and the country has good connections to Ukraine, Russia and southeastern Europe. Hungary joined the European Union in May 2004, and can serve as an operational base for Canadian businesses looking at opportunities in the world's second largest economic area.

For more details, please visit the office of the Trade Commissioner Service in Budapest (responsible for trade development in Hungary, Slovenia, Croatia and Bosnia-Herzegovina.)