Two-way trade between Vietnam and Hungary reached US$506.7 million in the first seven months of this year, down 11.7 per cent year-on-year.
Vietnam's exports to Hungary grew by 61.1 per cent in the first seven months of this year. — Photo thongtincongthuong.vn
Vietnam's exports to Hungary grew by 61.1 per cent in the first seven months of this year.
The Vietnam Trade Office in Hungary said that although the Hungarian economy faced many difficulties due to the impact of the conflict between Russia and Ukraine, political instability in some Gulf countries and the post-Covid-19 period, Vietnam's exports to this market have regained momentum.
Specifically, two-way trade between Việt Nam and Hungary reached US$506.7 million in the first seven months of this year, down 11.7 per cent year-on-year.
Vietnam's exports to Hungary grew by 61.1 per cent, reaching $392.2 million. Meanwhile, imports from Hungary reached $114.5 million, down 61.1 per cent.
The main growth in exports was due to computers and electronic components, which reached $223.89 million, up 128 per cent, accounting for 57 per cent of Việt Nam's total export turnover to Hungary.
Next was phones and components, reaching $27.2 million, up more than 21 times compared to the same period last year.
Meanwhile, the import of raw materials and animal feed from Hungary fell 98.7 per cent, making it a major factor in the overall decrease in imports from Hungary.
The Việt Nam Trade Office in Hungary stated that although Hungary was not a large market in the region, its import demand still increases annually, reaching over $100 billion per year. Of this, imports from Việt Nam have surged sharply in recent years.
“The entry into force of the Vietnam-EU Free Trade Agreement (EVFTA) continues to open up great opportunities for Vietnamese enterprises to develop trade in goods and investment in the EU market and especially in Hungary in the coming time and vice versa,” emphasised the Ministry of Industry and Trade.
Although the turnover is still low, some agricultural products from Vietnam such as cashew nuts, pepper and coffee exported to Hungary have accounted for a fairly high proportion of the total import turnover of these products in Hungary.
This shows that these products have a good position in the local market, revealing an opportunity for Vietnam to increase the export of these products to Hungary. — VNS
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