Hungary: Jewelry Market 2024

Jewelry Market Size in Hungary

In 2022, the Hungarian jewelry market increased by 16% to $X, rising for the second year in a row after two years of decline. Overall, consumption enjoyed a remarkable increase. Jewelry consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Jewelry Production in Hungary

In value terms, jewelry production soared to $X in 2022 estimated in export price. In general, production, however, recorded a deep reduction. The pace of growth was the most pronounced in 2016 with an increase of 126% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Jewelry Exports

Exports from Hungary

After two years of growth, shipments abroad of jewelry decreased by -35.6% to X tons in 2022. In general, exports recorded a pronounced downturn. The pace of growth appeared the most rapid in 2016 when exports increased by 221% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, jewelry exports soared to $X in 2022. Over the period under review, exports saw a abrupt decline. The most prominent rate of growth was recorded in 2016 with an increase of 71%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Poland (X kg) was the main destination for jewelry exports from Hungary, accounting for a 56% share of total exports. Moreover, jewelry exports to Poland exceeded the volume sent to the second major destination, Germany (X kg), threefold. The third position in this ranking was held by Slovakia (X kg), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Poland totaled +89.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+12.8% per year) and Slovakia (-1.2% per year).

In value terms, the largest markets for jewelry exported from Hungary were Slovakia ($X), Romania ($X) and Poland ($X), together comprising 76% of total exports.

In terms of the main countries of destination, Poland, with a CAGR of +123.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average jewelry export price stood at $X per kg in 2022, jumping by 98% against the previous year. Overall, the export price, however, continues to indicate a perceptible decrease. The export price peaked at $X per kg in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Romania ($X per kg), while the average price for exports to Austria ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Romania (+50.3%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into Hungary

In 2022, supplies from abroad of jewelry increased by 8.3% to X tons, rising for the second consecutive year after three years of decline. The total import volume increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when imports increased by 35%. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, jewelry imports reached $X in 2022. In general, imports continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 52% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, Germany (X tons) constituted the largest jewelry supplier to Hungary, with a 48% share of total imports. Moreover, jewelry imports from Germany exceeded the figures recorded by the second-largest supplier, Turkey (X tons), threefold. China (X kg) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Germany amounted to +2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+5.7% per year) and China (+20.2% per year).

In value terms, the largest jewelry suppliers to Hungary were Turkey ($X), Germany ($X) and Italy ($X), with a combined 85% share of total imports. China, Israel and Thailand lagged somewhat behind, together comprising a further 6.2%.

China, with a CAGR of +20.7%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average jewelry import price amounted to $X per kg, declining by -2.5% against the previous year. Over the period under review, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, jewelry import price increased by +106.5% against 2015 indices. The growth pace was the most rapid in 2016 when the average import price increased by 30%. The import price peaked at $X per kg in 2021, and then fell slightly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per kg), while the price for China ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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