An evolving business field in Hungary
Trading in Hungary
is an important part of Hungary's economy and the percentage of imports and exports
is expected to grow in the coming years. It is estimated that Hungary will become the world’s 33rd largest exporter
The trade industry
offers various options for investments. Foreign entrepreneurs in Hungary
who want to open a trade business
need to consider the basics in company incorporation and observe the local and international rules and regulations for trade
. The experts at our Hungarian law firm
can help you open a company
that activates in the trade business sector
Hungary’s balance of trade
Hungary’s biggest export partner is the European Union. The key products exported by the country to other EU members and worldwide are:
- industrial machinery: particularly to Germany;
- office, telecom and electrical equipment;
- road vehicles and transport equipment;
- basic food and food products;
- ores and metals;
- textiles, raw materials and other agricultural products.
In 2015 Hungary managed to record a surplus in trade. The rapid evolution in this business field is expected to help the country evolve into an important exporter in Europe. Apart from the European Union, Russia, the United States and the United Arab Emirates are also key destination markets for Hungarian products.
Opening a trade business in Hungary
Hungary is a member of the European Union and also of the World Trade Organization
. This means that the country imposes EU tariff rates, with an average level of 3.6%. Foreign investors in Hungary will need to pay attention to the customs regulations
and observe specific requirements for products that may or may not be exported or imported in Hungary
Business owners must observe the tax regulations in Hungary. Value Added Tax is imposed in Hungary on all goods brought in the country. The standard VAT rate
is 27% and lower rates apply for certain categories of goods and services.
Companies operating in the trade business will need to obtain an EORI number (Economic Operator Registration and Identification number) and observe the requirements for import documentation.