Hungary is an important partner country for SEC and the fourth most important trading partner in Central Europe for Switzerland (after Slovenia, Poland and the Czech Republic).

‘Intercompany trade’ influences trade between Hungary and Switzerland, especially in the machinery and electrical industries, which, along with the services sector and the automotive industry, are particularly important for the bilateral exchange of goods with Hungary. Switzerland’s exports to Hungary amounted to CHF 1.16 billion in 2022 (-0.7%). Exports were mainly pharmaceutical products, medical products and electrical appliances. Imports from Hungary amounted to CHF 1.67 billion, mainly in the automotive and electrical industries (+10%).

According to the Economic Report 2022/2023 of the Swiss Embassy in Hungary, Hungary can claim locational advantages: The country offers low tax rates and land prices, is conveniently located and is not far from Switzerland. Switzerland is the sixth-largest foreign employer in Hungary. In 2020, 880 Swiss companies had a turnover of HUF 2.2 trillion (CHF 6 billion).

Source: Swiss Embassy in Hungary: Economic Report 2022/2023, Budapest 2023.