Hungarian – Estonian Economic Relations
Hungarian-Estonian economic relations have developed rapidly from the moment when Estonia regained its independence in 1991. The basis of commercial and economic co-operation between the two countries was created by the bilateral agreement on trade and payment signed in 1992 and which expired as the result of EU membership.
Both countries are now the members of the EU and it gave new impetus to the economic relations and the bilateral trade volume has increased since then.
Trade
MillionEUR
2004
2005
2006
Export
62,0
66,4
93,6
Import
71,6
112,7
84,6
Total
133,6
179,1
177,2
Source: Hungarian Statistical Office
The trade balance between Hungary and Estonia was positive for Hungary until 2002, when this trend turned around. The trade turnover in 2006 was 177,2 million EUR, which was to some extent lower than in the previous year.
In 2006, Hungary exported goods to Estonia worth 93,6 million EUR, the main items were food products, mobile phones, machines and pharmaceutical commodities, which means that the Hungarian export has grown by 50% compared to the previous year of the same period. Hungary imported goods worth 84,6 million EUR, mainly mobile phones and equipments, wood and machine spare parts. The Estonian export to Hungary has diminished to a great extent.
More and more multinational companies are playing a big role in the trade. Relatively few individual transactions on their parts influence trade turnover a great deal.
Investments
The foreign direct investment arriving from Hungary to Estonia amounted to 0,7 million EUR until the end of 2005. Main investments were made in the processing industry and to a lesser degree into such sectors as transport, warehousing, communications, health care. The total volume of investments from Estonia to Hungary during the past years were rather small. Investments were made in the sectors of real estate, rental and business services.
Tourism
The number of Hungarian tourists visiting Estonia was around 9 000, while approximately 12 000 Estonians travelled to Hungary during 2005. Compared with the size of the Estonian population, the number of Estonian visitors in Hungary is relatively large.
Cultural relations
Hungarian Cultural Institute