Bilateral economic relations

In 2004 value of Hungarian exports to Portugal (based on the principles of country of origin and final destination)increased by 14 % compared to the previous year and approached 270 million euro. Out of the total export, machinery and equipments represented about 88 %, other processed industrial goods appr. 8 % and foods about 3 %. Most important items included high-tech products of the electronic and automotive industry, among others tape recorders, video recorders and cameras, telephones, radio transmitters, radars, further instruments, metal ware, plastic and rubber products, chemicals, pharmaceuticals, leather goods, textile and garments, toys, timber and wood, cereals and different foods.

In 2004 value of Hungarian imports from Portugal increased by 28 % compared to the previous year and surpassed 80 million euro.
Out of the total import, machinery and equipments represented about 54 %, other processed industrial items appr. 44 % and foods about 1 %.
Most important items included machines and equipments, vehicles and parts, plastic and rubber products, textile and garments, shoes and leather goods, instruments and metal ware, chemicals, cork, foods and wine. Hungarian export value To Portugal in 2005 is estimated for 250-270 million euro, while Portuguese export to Hungary, enjoying  more than 50 % increase, for 120-140 million euro.

Total foreign direct investments (FDI) from Portugal over the last 20 years topped 120 million euro. At present, 15 Portuguese-Hungarian joint venture companies have been working in Hungary in the field of constructions, public works and real estate developments (Mota-Engil, Consulgal, Poligrupo, Somague), ICT and telecommunication (Portugal Telecom, Brisa), cork processing and winery (Amorim, Jorge Pinto de Sa, Alvaro Coelho, Subercor, Corkalem), food and confectionary (Dan Cake), pharmaceuticals (Hovione), textiles (Fisipe, Serafim Martins), printing (Tecnogravura), car sales and leasing (Tecnicredito – Banco Mais) etc.

Since 2004, Tap is operating three direct flights per week to Budapest that will be further increased by 2007. MALÉV, Hungarian Airlines is operating two charter flights to Algarve and to Madeira resp. Total number of Portuguese tourists to Hungary will be approaching 35.000 in 2005, while Hungarian tourists to Portugal will be surpassing 40.000 this year.