Exports to Turkey and Greece booming
Data from Eurostat, the EUʼs statistics office, indicate that exports between Hungary and Turkey increased by 13.8% from 2016 to 2017, and total trade volume by 19% in the last three years, while exports between Hungary and Greece increased 9.57%, and total trade volume by 10.11% during the same period.
The data reveal a significant development, according to a press release from ALX Hungary, the representative of Turkey and Greece in the Hungarian National Trading House (MNKH). Established in 2015, ALX aims to support Hungarian SMEs’ exports to Turkey and Greece by supplying targeted market information, finding local distribution partners and potential buyers for their products.
According to the press release, ALX Hungary promoted around 200 Hungarian companies in Turkey, Greece and Cyprus in 2016-2017, organizing 1,600 company visits, and more than 14,000 consultations with potential local buyers of Hungarian products. ALX also prepared numerous sector analyses and market reports in order to help Hungarian companies understand the structure of their sectors in the target countries.
"By listing Hungarian companies that have an export vision and flexibility to orient with the demands of the foreign market in a special web platform, where corresponding Greek companies could sign up and discuss business opportunities over the platform, many relations have been formed between Hungarian and Greek companies," said Fikret Nas, managing director of ALX Hungary. "This is one of our successful digital solutions to bring business opportunities to Hungarian SMEs," he added.
According to the Turkish Statistical Institute, the largest sectors for Turkish imports from Hungary in 2017 were vehicles (USD 292 million), machinery (USD 258 mln), electrical machinery (USD 232 mln), plastics (USD 106 mln), and live animals (USD 104 mln).
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.