Hong Kong ─ Hungary

In 2023, bilateral trade between the two places amounted to about EUR 1.54 billion. In the same year, about EUR 1.13 billion or 9.1% of the total trade between Hungary and the Mainland of China was routed through Hong Kong.

• 8th place
  HK's trading partner in the EU
  (2023)
• EUR 1.54 billion
  Bilateral trade volume
  (2023)
• 10th place
  Hungary's trading partner in Asia
  (2023)

Hong Kong's major export items to Hungary in 2023 were non-electric parts and accessories of machinery, not elsewhere specified (72.3%), other artificial parts of the body (10.9%) and electrical apparatus for electrical circuits (10.6%). Main imports from Hungary were telecommunications equipment & parts (42.3%), electric power machinery & parts (26.4%) and semi-conductors, electronic valves & tubes, etc. (6.7%).

In March 2024, Hong Kong and Hungary signed a Memorandum of Understanding (MOU) to promote mutual exchanges and co-operation on correctional services with a view to enhancing the effectiveness of correctional work.

Since 1 September 2018, a bilateral Working Holiday Scheme for young people of the two regions has been in force, allowing 200 participants per year from each side to stay for up to twelve months in Hungary or Hong Kong for holidaying and taking up short-term employment to finance their stay.

In May 2010, Hong Kong and Hungary signed a comprehensive agreement on the avoidance of double taxation (CDTA), further fostering bilateral economic and trade links and providing added incentives for Hungarian enterprises to do business or invest in Hong Kong, and vice versa.

Hong Kong and Hungary have signed Memoranda of Understanding on cooperation in wine-related business (2009) and on cultural cooperation (2005).

Closer ties are also underlined by a number of high-level visits between the two places in recent years. In May 2024, the Director-General of the Department of Taiwan, Hong Kong and Macao Affairs of the Ministry of Commerce of Mainland China, Mr Fan Shi-jie and the Commissioner for Belt and Road, Mr Nicholas Ho led a joint-business mission from Hong Kong and Mainland China to Budapest to explore collaboration opportunities under the Belt and Road Initiative. In June 2023, the Secretary for Commerce and Economic Development, Mr Algernon Yau, visited Budapest to foster closer economic and trade cooperation between the two places. In March 2019, the Secretary for Commerce and Economic Development, Mr Edward Yau, visited Budapest to promote Hong Kong as a prime platform for Hungarian enterprises to participate in the Belt and Road Initiative. The Secretary for Home Affairs, Mr Lau Kong-wah, visited Budapest in May 2017 to promote closer cultural and economic ties between Hong Kong and Hungary. In early April 2016, Mr Jasper Tsang, President of the Hong Kong Legislative Council, visited Budapest at the invitation of the Hungarian government.

In September 2023, the Minister of Foreign Affairs and Trade of Hungary, Péter Szijjártó attended the 8th Belt and Road Summit as a speaker. In January 2020, the Minister of Foreign Affairs and Trade of Hungary, Péter Szijjártó, attended the 13th Asian Financial Forum. In September 2019, the Secretary of State for Financial Policy of the Ministry of Finance, Mr Gábor Gion, attended the Belt and Road Summit in Hong Kong. In June 2017, Mr László Kövér, Speaker of the Hungarian National Assembly, visited Hong Kong. In January 2017, Mr Mihály Varga, Minister for National Economy of Hungary, attended the Asian Financial Forum in Hong Kong and met with the Chief Executive, Mrs Carrie Lam. In December 2016, the Minister of Foreign Affairs and Trade of Hungary, Mr Péter Szijjártó, visited Hong Kong for the signing ceremony of the Working Holiday Scheme.