Hungary’s export of aluminium plates, sheets and strips during 2018-20 demonstrates instability; 10% growth predicted for 2021

Hungary economy is an export-oriented market economy with a substantial significance on foreign trade. The country is the 35th largest export economy in the world. The ERSTE Research predicted that the Hungarian economy to grow by 3.90% in 2021.

The landlocked central European nation, Hungary recorded an export of 208,308 tonnes of aluminium plates, sheets and strips during 2018-20 and the revenue earnings accounted for from the export stood at $510.32 million.

Hungary’s export of aluminium plates, sheets and strips in 2018 was registered at 47,299 tonnes and the earnings recorded was $116.83 million, whereas, in 2019, the export surged to 89,068 tonnes, demonstrated growth by 88.30% and the earnings also shot up to $218.76 million.

In 2020, Hungary’s export of aluminium plates, sheets and strips showcased a downfall by 19.22%, due to the Covid-19 pandemic, which impacted the export demand and the earnings also dipped to $165.73 million.

The export for 2021 is predicted to grow by 9.67%, as the export volume is estimated to remain at 78,902, due to the gradual rise in demand in the international market and the earnings to stand at $174.68 million.

Hungary’s major trading destinations for the export of aluminium plates, sheets and strips are Algeria, Argentina, Austria, Belgium, Brazil, Bulgaria, Canada, Czech Rep., Croatia, Denmark, Finland, France, Germany, Ireland, etc.