CENTER FOR ECONOMIC RESEARCH

Infographics: Uzbekistan's trade with Hungary

Over the past 5 years, the volume of trade between Uzbekistan and Hungary has increased by more than 2.8 times and showed growth even in 2020, despite the negative impact of the pandemic.

The most favored nation regime has been established in trade between Uzbekistan and Hungary.

Over the past 5 years, the volume of trade between Uzbekistan and Hungary has increased by more than 2.8 times and showed growth even in 2020, despite the negative impact of the pandemic.

In 2021, the volume of bilateral trade between Uzbekistan and Hungary amounted to $114.8 million, exports – $1.1 million, imports – $113.7 million.

At the same time, the share of Hungary in the total volume of Uzbekistan's trade turnover was 0.3%, exports – 0.01%, imports – 0.4%.

In January-August 2022, the volume of trade between Uzbekistan and Hungary amounted to $60.3 million, of which exports – $3.1 million (5%), imports – $57.2 million (95%).

In 2022, there is a trend of growth in the volume of Uzbekistan's exports to Hungary. According to the results of January-August of this year, compared to the same period last year, the volume of exports to Hungary increased 4.7 times and amounted to $3.1 million.

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To date, more than 10 enterprises established with the participation of Hungarian investors operate in Uzbekistan. In the Tashkent region, together with the Hungarian University of Agricultural and Natural Sciences, the Uzbek-Hungarian Potato Research Center has been established, which is engaged in testing Hungarian varieties and the production of seed potatoes.

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During the official visit of the Hungarian Prime Minister to Tashkent on March 30, 2021, more than 10 documents were signed aimed at further development of a multifaceted partnership, including an intergovernmental agreement on interregional cooperation, on cooperation in the field of innovation, a Roadmap for the development of cooperation in the fields of agriculture, food products and livestock, a framework agreement agreement on cooperation in the field of water management. During the talks, the two Heads of States agreed to expand the supply of products to the markets of the two countries, eliminate the imbalance in bilateral trade, and also noted the importance of developing industrial cooperation, implementing specific projects in pharmaceuticals, chemistry, mechanical engineering, agriculture, animal husbandry, fish farming, potato growing using advanced Hungarian experience.