Hungary

Located in Central Europe, Hungary has been a member of the European Union (EU) since 2004. The country's role in the European political economy is bigger than it would be thought based on its market size. Hungary has a population of 9.77 million and a resilient, export-driven economy. Growth in real wages has remained unbroken, resulting in increasing purchase power and demand for imported goods. The foreign trade structure of agricultural and food products is relatively stable. The main import sectors are meat products, fruits and vegetables, animal feed, dairy products and eggs, and confectionary products.

Positive trends in consumption and spending on food as well as better financial situation of households provide better opportunities for U.S. exporters. A broad range of consumers are open to American foodstuffs. An increasing number of buyers are seeking quality products and gourmet specialties from the United States, helped by stories, traditions (such as barbecue) and positive feelings for America. For instance,

Increasing beer consumption offers limited but improving export opportunities for U.S. products. Especially, craft beer has good market potential despite the high number and good availability of substitute products.
Bourbon whiskey is also popular among Hungarians who can afford more premium products. The current level of U.S. whiskey exports to Hungary can be maintained, however, the imposed 25 percent EU tariff can negatively impact the trade. High VAT and excise tax on spirits also make the exports challenging.
As western consumption patterns are emerging especially among young consumers, exports of sugar confectionary and snack food offer lucrative opportunities.
Pet food market also shows good prospects. The number of pets and responsible pet keepers is growing. As wages and purchase power have notably increased in recent years, and the financial situation of the middle class improved, sales turnover significantly rose even in the premium and super premium segments.