Economic relations: Romania & Hungary

Today in The MacRO Zone we approach bilateral economic relations, which naturally arise between two neighboring countries: Romania and Hungary.

The two countries, united by a common border of 448 km and by historical, economic, and cultural ties, have developed an economic cooperation framework based on geographical proximity, interdependence, bilateral investments, entrepreneurial spirit, regional collaborations, as well as on their common membership in the European Union and, more recently, in the Schengen Area.

MUTUAL INTEREST FOR BUSINESS

Romanian investments in Hungary and Hungarian ones in Romania show reciprocal interest in investments. As we see, there is a difference given by the number of companies, influenced by factors such as the size of the economy, fiscal policies, expansion capacity, or diaspora.

In Romania, there are over 15,000 companies with Hungarian capital, showing the interest of investors from Hungary in the Romanian market due to its size and geographical proximity. Also, a facilitator of these investments and collaboration is the Hungarian community in Romania.

On the other hand, in Hungary there are approximately 7,000 companies with Romanian capital, which indicates mutual interest in investments. Almost one fifth of the companies owned by Romanians in the EU are in Hungary, eMag, MedLife, AROBS being some successful examples.

• Hungary is Romania's third largest trading partner, after Germany and Italy.
• Hungary is in 11th place in the ranking of foreign investors in our country, according to the value of invested capital.

Top 5 companies from Hungary present in Romania are: MOL Group (energy), Richter Gedeon (pharma), MVM Group (energy), Wizz Air (transport), TriGranit (real estate).

Top 5 companies from Romania present in Hungary are: eMAG (online commerce), MedLife (medical services), Teraplast (production), AROBS (IT&Software), TTS Group (transport, logistics). The telecommunications company DIGI was present in Hungary for 23 years and sold its stake in 2022 (625 mil. euros) to the 4iG group.

STRATEGIC DIRECTIONS OF INVESTMENTS

In recent years, Hungary has strengthened its presence in the region through a coherent investment strategy in sectors with high strategic value. Among these, energy, transportation, tourism, and real estate stand out.

In the energy field, the MOL and MVM groups play an important role in strengthening regional energy services, and in developing green infrastructure. Hungary invests in production and distribution capacities with a focus on sustainability and diversification of sources, and Romania is increasingly becoming an energy integration partner in the CEE region.

In transport, the presence of Wizz Air continues to be one of the most visible Hungarian investments, contributing to regional connectivity and the development of the low-cost aviation market. At the same time, companies in infrastructure and logistics have begun to explore common opportunities for expansion along the Schengen corridor, which facilitates the flow of goods and people.

The tourism sector is represented by the Danubius group, a major player in the hotel and wellness services area. It marks a constant orientation of Hungarian investors towards exploiting spa resources and health tourism – a segment in full development at the regional level.

On the real estate market, the Kesz and Granit Real Estate groups confirm the increased interest in project development in Romania. The Granit transaction – one of the most important in the Bucharest real estate market – highlights the dynamics of Hungarian capital and confidence in the potential of the local market.

On the other hand, Romanian companies continue to actively expand in Hungary, confirming the maturity of local entrepreneurship and the trend of internationalization. eMAG has strengthened its position in the online commerce market, becoming a regional brand, while MedLife marks an important step in the health field, offering excellent premises for cross-border partnerships and investments.

These examples outline a common story of growth and integration: Hungarian companies invest in energy, infrastructure, and real estate – pillars of sustainable development – while Romanian firms assert their presence in trade, health, and IT, areas with added value and direct impact on quality of life.

The Romanian-Hungarian partnership is expanding, towards internationalization and economic complementarity.

ECONOMIC RELATIONS ROMANIA-HUNGARY, IN FIGURES

• In 2024, bilateral trade reached 13.3 billion euros, a slight increase (1%) compared to the previous year.
  
  
• Romanian exports to Hungary amounted to 4.92 billion euros, while imports from Hungary were 8.38 billion euros. Romania mainly exports to Hungary cars, electrical equipment, mineral products and vehicles, and imports are dominated by similar products, reflecting an industrial complementarity. Hungary exports more to Romania than vice versa. This imbalance is not necessarily surprising, given the differences in industrial structure, but also from the point of view of competitiveness.
  
  
• Romania's membership in the Schengen Area shows the first results regarding opportunities for economic exchanges: +15.8% bilateral trade in the first quarter after the country's full integration.

THE EVOLUTION OF RECENT YEARS

In the last ten years, Romania has had a negative trade balance with Hungary, importing on average 2.5 billion euros more per year than it exported. The year 2022 marked a record level of bilateral trade (15 billion euros), due to a combination of factors, including a strong recovery after the COVID-19 pandemic and solid economic growth in both countries.

BILATERAL TRADE ROMANIA-HUNGARY
Evolution 2015 - 2024

• On the other hand, exports of cars and electrical equipment recorded steady growth, exceeding 25% of total exports in 2024 (1.25 billion euros).
  
  
• Base metals and derived products remain a stable component, occupying third place in the top goods exported to Hungary.
  
  
• Minerals, machines and electrical equipment are among the most important product categories that Romania imports from Hungary, highlighting the close connection between the two economies, especially in the industrial and energy sectors.
  
  
• Both Romania and Hungary play an essential role as suppliers, as well as consumers, for these strategic goods. Also, chemical products hold an important place on Hungary's list of imports (1.3 billion euros in 2024).
  
  
• Bilateral trade increased remarkably after Romania's full integration into the Schengen Area, in January 2025: in the first three months of 2025, a 15.8% increase in bilateral trade was recorded, reaching approximately 3.5 billion euros in March and setting high expectations for future trade relations between the two countries.

Viewed as a whole, the economic relations between Romania and Hungary follow an upward direction, supported by bilateral investments, the complementarity of industrial sectors, and membership in the common European space. The Schengen Area opens new opportunities in the commercial field, facilitating the free movement of goods and people, as well as long-term strategic cooperation. As neighbors and partners, Romania and Hungary have the capacity to jointly stimulate economic prosperity both at the national and regional level.