The Best Hungarian Sectors to Import From
February 7, 2018
Hungary has a lot to offer US small businesses looking to import supplies from overseas. Known for its well-educated and skilled workforce, high quality products, favorable prices, and strategic location, Hungary is an excellent choice for US small businesses.
With the value of the Hungarian currency (HUF) steadily behind the USD, your dollars will buy more in Hungary than at home.
With the value of the Hungarian currency (HUF) steadily behind the USD, your dollars will buy more in Hungary than at home. Read on and discover the most competitive Hungarian market sectors.
Food and Agriculture
Traditionally an agrarian country, Hungary offers great climate and excellent know-how for agriculture. Their traditional wisdom paired with innovative agro-IT applications produce globally competitive, high-quality goods.
US businesses could greatly benefit from importing GMO-free, organic agriculture products including dairy, meat, honey, fruit, flour, spices, oils, and canned food.
Pharmaceuticals and Medical Technology
Hungarian pharmaceuticals and medical technology are among the top export goods of the country due to world-class education and innovative processes. Both pharmaceuticals and natural remedies have strong potential in the US market.
Innovative solutions and a highly-educated workforce characterize this segment of the Hungarian market. Equipment parts and machinery, designed and manufactured in Hungary, have been exported successfully to various international markets. US businesses are advised to import Hungarian machines for agriculture, woodwork, packaging, grain processing, forestry, as well as pharmacology.
Hungary has strong capacities for vehicle production. Companies like Audi, Mercedes-Benz, and Suzuki all chose Hungary for their various facilities. Whether your US-based company needs complete cars, components, or technology, importing from Hungary is the way to go.
Companies like Audi, Mercedes-Benz, and Suzuki all chose Hungary for their various facilities
This sector is among those generating the highest added value in Hungary. Excellent infrastructure and skilled professionals are only two of the main advantages of importing ICT goods and services from Hungary. Digital infrastructure like mobile parking, toll road administration, smart city development, and passenger information systems are among the top exported Hungarian ICT solutions.
Hungarian companies have developed innovative environmental solutions, including intelligent water and waste management systems. These solutions are highly competitive on the international market. If you’re thinking of importing products like these to the US, consider Hungary.
Known for their creativity, Hungarians are excellent at devising innovative solutions to everyday problems. Product, graphic, and fashion design are among the fastest growing market segments in Hungary. Many Hungarian small businesses, active in the creative industries, have already entered the international market.
The sector received large capital investments in the 1990s, and today, it’s one of the flagships of Hungarian economy. More than 90% of electronics goods manufactured in Hungary are exported. US importers mainly seek individually-developed specialty products, like measuring devices and lightning solutions.
More than 90% of electronics goods manufactured in Hungary are exported.
According to a study, 70% of global population will live in cities by 2050. Since urban population is expected to grow on a global level, smart-city solutions are increasingly in demand. Hungarian engineers are developing intelligent systems for transport, health care, education, and residential issues. These complex and high-quality smart-city solutions are popular worldwide.
How to find a supplier?
The Hungarian National Trading House has a database of Hungarian suppliers in all economic sectors. Additionally, the Trading House offers to connect US importers with potential Hungarian suppliers and help establish a fruitful business relationship.
How to pay your supplier?
Hungarians appreciate innovation and creativity. Impress your business partner by paying them through Veem.
Veem’s unique multi-rail technology allows you to send international payments quickly, securely, and efficiently. Since Veem connects the sender and recipient, there are no middlemen in the process. This results in faster transfers and lower costs. Try Veem and let us take the hassle of international payments off your shoulders.