Is the Hungarian food industry on the verge of significant development?

By: Trademagazin Date: 2024. 06. 13. 11:55

The Hungarian food industry is on the verge of significant development, if it can properly use the HUF 1,500-2,000 billion development resources available until 2027, it can further increase its export performance through modern technology – said Gergely Giczi, deputy managing director of the Agrármarketing Centrum (AMC) on Thursday at the at the AMC briefing in Budapest.

He said that last year, Hungarian agricultural exports amounted to 13.3 billion euros, the value of imports was 9.8 billion euros, and the 3.5 billion euros agricultural export surplus was 35 percent of Hungary’s foreign trade turnover last year.
He explained that the target market for Hungarian exports is Europe, where 95 percent of agricultural exports went, of which 85-86 percent went to the member states of the European Union.

He added that the agricultural export market must be diversified in order to create the possibility of expansion. Based on population and economic growth, there is a potential opportunity in the Balkan countries, some countries in North Africa, the Middle East, South and Southeast Asia, and Central Asia.