Hungary: Agricultural Appliance Market 2024

Agricultural Appliance Market Size in Hungary

In 2021, the Hungarian agricultural appliance market increased by 66% to $X, rising for the fourth year in a row after two years of decline. Over the period under review, consumption showed a noticeable expansion. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Agricultural Appliance Exports

Exports from Hungary

Agricultural appliance exports from Hungary soared to X units in 2021, rising by 34% against 2020 figures. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 200%. The exports peaked at X units in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, agricultural appliance exports soared to $X in 2021. Over the period under review, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2020 with an increase of 75%. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Romania (X units) was the main destination for agricultural appliance exports from Hungary, accounting for a 84% share of total exports. Moreover, agricultural appliance exports to Romania exceeded the volume sent to the second major destination, Germany (X units), more than tenfold. Slovakia (X units) ranked third in terms of total exports with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Romania amounted to +15.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+44.1% per year) and Slovakia (-7.2% per year).

In value terms, Romania ($X) remains the key foreign market for agricultural appliances exports from Hungary, comprising 78% of total exports. The second position in the ranking was held by Germany ($X), with a 7% share of total exports. It was followed by Slovakia, with a 3.9% share.

From 2012 to 2021, the average annual growth rate of value to Romania amounted to +10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+29.7% per year) and Slovakia (-9.3% per year).

Export Prices by Country

In 2021, the average agricultural appliance export price amounted to $X per unit, with an increase of 3.8% against the previous year. Overall, the export price, however, saw a deep slump. The pace of growth was the most pronounced in 2019 when the average export price increased by 42% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the UK ($X per unit), while the average price for exports to Romania ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+3.2%), while the prices for the other major destinations experienced a decline.

Agricultural Appliance Imports

Imports into Hungary

In 2021, overseas purchases of agricultural appliances increased by 64% to X units, rising for the fourth year in a row after two years of decline. In general, imports enjoyed a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, agricultural appliance imports surged to $X in 2021. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by 73%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Austria (X units) constituted the largest supplier of agricultural appliance to Hungary, with a 33% share of total imports. Moreover, agricultural appliance imports from Austria exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The United States (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Austria amounted to +13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+19.7% per year) and the United States (+12.4% per year).

In value terms, the largest agricultural appliance suppliers to Hungary were Austria ($X), the United States ($X) and Italy ($X), together accounting for 60% of total imports. These countries were followed by Bulgaria, Spain, China, France, Germany, the Netherlands, Slovakia and Switzerland, which together accounted for a further 28%.

Bulgaria, with a CAGR of +76.0%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average agricultural appliance import price stood at $X per unit in 2021, declining by -4.7% against the previous year. Over the period under review, the import price saw a abrupt decline. The pace of growth was the most pronounced in 2014 when the average import price increased by 31%. As a result, import price attained the peak level of $X per unit. From 2015 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Switzerland ($X per unit), while the price for Slovakia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+14.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform