According to data from Trading Economics, in the last ten years – With minor interruptions – Hungarian exports to Israel and imports from there increased significantly. Last year, Hungary exported goods worth $490 million to the Middle Eastern country, while goods worth $253 million arrived from there.
Hungarian exports to Israel increased significantly in 2022, by nearly one hundred million dollars. The country exported cars to the maximum extent – worth 154 million dollars, electronic equipment 99 million, machines, nuclear reactors and boilers 72 million, organic chemicals 23 million, meat almost 20 million, various handicrafts 16 million, and pharmaceutical products worth 14 million transported. By Hungarian companies to the Middle East country.
Israel’s imports also jumped significantly by 2022, with imports dominated by electronic equipment worth $86 million, followed by organic chemicals worth $30 million, various chemical products also worth $30 million, pharmaceutical products worth $23 million, and plastics worth $19 million. Dollars, and a class of aircraft worth $12 million. million.
The fact that Israeli Prime Minister Benjamin Netanyahu visited Hungary in 2017, and Viktor Orban traveled to Israel a year later, gives economic ties a tailwind; In parallel with the events, Israeli economic experts held talks with managers of Hungarian companies.
On the occasion of receiving the Israeli Prime Minister, the then Hungarian Prime Minister stated that Israel is an important partner for the Hungarian national economy. He also stated that the Hungarian Export-Import Bank opened a credit line of about $600 million to Israel. – Joint Hungarian projects and projects. He also talked about the possibility of sending a large number of development engineers and innovators from Central European countries to understand what makes Israel’s economy so successful.
The momentum has not stopped since then, with Minister of Foreign Affairs and Trade Peter Szijjarto recently confirming that they are working to revitalize economic relations, and also pointing to the possibility of cooperation in the field of energy.
The Minister of Foreign Affairs and Trade noted at the end of May: 250 Israeli-owned companies employ more than four thousand people in our country, and economic cooperation also extends to new areas such as the defense and space industries. His words herald the expectation of a record high in foreign trade this year as well, with an increase of 38 percent at the beginning of the summer.
It can be assumed that political tailwinds also contributed to the combat drone company UVision creating a joint venture in Hungary to produce combat drones.
It is known that on Saturday morning, Hamas launched a large-scale missile attack on Israel from Gaza, and in addition, terrorists penetrated the country’s territory by land and sea. The Israeli government declared a state of emergency, reserve soldiers were called in, and the army was mobilized. Due to the complete uncertainty of the situation, entry into the country is not recommended until further information.
