How Serbia and Hungary cooperate, what we export and import
According to the data of the Republic Institute of Statistics, in 2022 the value of exports from Serbia to Hungary amounted to 1,578,779,000 euros, which is a growth of 32.3% compared to 2021, and for the first two months of 2023, goods were exported in the value of 286.3 million euros, which is a growth of 33.5% compared to the same period of the previous year.
Among the most significant products according to the nomenclature of foreign trade statistics that were exported in 2022 and in the first two months of 2023, and according to the data of the Republic Institute of Statistics, there are sets of conductors for airplanes, vehicles, ships, electricity, other electronic integrated circuits, centrifugal pumps, parts for gas turbines, corn, other calcium phosphates, parts for piston engines and more.
When it comes to imports, according to the nomenclature of foreign trade statistics that were imported in 2022 and in the first two months of 2023, and according to the data of the Republic Institute of Statistics, there are natural gas in a gaseous state, electricity, medicines, gas oils , other electrical conductors, motor gasoline and others.
The Hungarian Export Promotion Agency – HEPA contributed to the promotion of Hungarian companies and improvement of Hungary’s international image . In order to achieve its goal, it cooperates with state agencies and other partners, including the Development Agency of Serbia (RAS). Cooperation between RAS and HEPA was initiated at the tenth session of the Joint Commission for Economic Cooperation between the Republic of Serbia and Hungary, which was held in Budapest in November 2019.
The Government of the Republic of Hungary has adopted the “Investment Scheme for the Western Balkans”, the aim of which is to promote economic development and preparation for EU membership of the countries of the Western Balkans by strengthening the presence of Hungarian companies through financial instruments, such as non-refundable grants for projects that are successfully evaluated.
The Memorandum of Understanding signed between the two agencies stated that they will promote the expansion of trade and investment between the two countries in the spirit of the principles of equality and reciprocity. In 2020, 8 projects received non-refundable grants from the Government of the Republic of Hungary in the amount of 14,023,583 euros, and in 2021, 8 projects in the amount of 27,820,517 euros also received non-refundable grants from the Government of the Republic of Hungary within the “programme for the growth of foreign markets”.
According to the available data of the National Bank of Serbia for the period from 2010, ending with the first quarter of 2022, inflows based on investment by Hungarian residents in the Republic of Serbia were recorded in the amount of around 1,076.0 million euros, which made Hungary the 9th . place on the list of countries with the largest investments in Serbia in the specified period. Exports in 2022 and the first two months of 2023 were 1,501.4 million euros, so Hungary was in 4th place based on the analysis of the Republic Institute of Statistics.
The relations between Serbia and Hungary are at a historic high, and an indicator of good relations is the opening of the office for the promotion of small and medium-sized enterprises in the Western Balkan region – HEPA Balkan Office 4 years ago, with headquarters in Belgrade and partner offices in Skopje and Podgorica.