Hungary: Plough Market 2024

Plough Market Size in Hungary

The Hungarian plough market reduced to $X in 2022, which is down by -8.8% against the previous year. Over the period under review, the total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -17.7% against 2019 indices. Plough consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Plough Production in Hungary

In value terms, plough production contracted modestly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 30% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Plough Exports

Exports from Hungary

In 2022, exports of ploughs for agricultural purposes from Hungary expanded sharply to X units, picking up by 12% compared with the year before. In general, exports, however, continue to indicate a perceptible descent. The most prominent rate of growth was recorded in 2017 when exports increased by 249% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, plough exports dropped rapidly to $X in 2022. Overall, exports, however, recorded a perceptible decline. The pace of growth appeared the most rapid in 2017 with an increase of 499% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Romania (X units) was the main destination for plough exports from Hungary, with a 60% share of total exports. Moreover, plough exports to Romania exceeded the volume sent to the second major destination, Germany (X units), sixfold. The third position in this ranking was held by Russia (X units), with a 3.8% share.

From 2012 to 2022, the average annual growth rate of volume to Romania amounted to +16.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-1.3% per year) and Russia (-8.8% per year).

In value terms, the largest markets for plough exported from Hungary were Romania ($X), Germany ($X) and France ($X), together accounting for 58% of total exports.

Among the main countries of destination, Germany, with a CAGR of +6.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average plough export price amounted to $X per unit, which is down by -33.9% against the previous year. Overall, the export price continues to indicate a slight decline. The most prominent rate of growth was recorded in 2017 an increase of 72%. Over the period under review, the average export prices reached the maximum at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Romania ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Finland (+8.3%), while the prices for the other major destinations experienced more modest paces of growth.

Plough Imports

Imports into Hungary

In 2022, plough imports into Hungary fell to X units, declining by -10.3% on the previous year. Over the period under review, imports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 46% against the previous year. Over the period under review, imports hit record highs at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, plough imports reduced dramatically to $X in 2022. In general, imports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 102%. As a result, imports reached the peak of $X, and then reduced markedly in the following year.

Imports by Country

In 2022, Germany (X units) constituted the largest supplier of plough to Hungary, accounting for a 36% share of total imports. Moreover, plough imports from Germany exceeded the figures recorded by the second-largest supplier, Poland (X units), threefold. The Czech Republic (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany amounted to +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+19.5% per year) and the Czech Republic (+22.0% per year).

In value terms, Germany ($X) constituted the largest supplier of ploughs for agricultural purposes to Hungary, comprising 50% of total imports. The second position in the ranking was taken by France ($X), with an 11% share of total imports. It was followed by the Czech Republic, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+3.0% per year) and the Czech Republic (+29.9% per year).

Import Prices by Country

In 2022, the average plough import price amounted to $X per unit, falling by -11.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 39% against the previous year. As a result, import price reached the peak level of $X per unit, and then declined 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 the Netherlands ($X per unit), while the price for Croatia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+6.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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