Economy, Tourism and Foreign Trade

Hungary’s tourism industry has developed rapidly since the collapse of Communism, and is an important source of foreign currency. Lake Balaton is a popular vacation spot for boating, fishing, and swimming; Hungary’s cities contain numerous historical and cultural attractions; and Budapest holds an annual spring festival of music and drama.

During the Communist period about half of Hungary’s annual foreign trade was with the USSR and other Communist nations. However, since the 1980s and early 1990s most of the country’s foreign trade has been conducted with Western nations. The leading purchasers of Hungary’s exports are Germany, Italy, Austria, Russia, and the United States. The country’s chief exports include machinery and transport equipment, consumer goods, agricultural products, chemicals, apparel, textiles, iron and steel, and wine. The leading imports include machinery and transport equipment, crude petroleum, chemicals, metal ores, consumer goods, and agricultural products. The value of exports in 2000 amounted to $28 billion, and the value of imports was $32 billion.