Hungary-Türkiye trade turnover was record high in 2023

Trade turnover between Hungary and Türkiye reached a record high last year, Péter Szijjártó, the minister of foreign affairs and trade, said in Ankara on Thursday, adding that the two countries had taken important steps in the interest of further boosting their economic relations.

Given that Türkiye is one of the biggest economies in Europe, cooperation with the country is clearly in Hungary’s national interest, Szijjártó said after a meeting of the Hungarian-Turkish Joint Economic Committee.

Bilateral trade turnover came to a record 4.3 billion US dollars last year, up 18 percent from 2022, the minister said.

This has put Hungary and Türkiye closer to the goal set by Turkish President Recep Tayyip Erdogan of reaching a trade turnover of 6 billion dollars, he added.

Hungarian exports to Türkiye increased by 29 percent to a record high, contributing to Hungary’s export record of 150 billion euros, Szijjártó said. Also, Hungary’s 9.3 billion euro trade surplus means that the country had made up for the losses incurred in 2022 due to the rise in energy prices, he added.

Szijjártó, whose delegation included 11 Hungarian business executives, said 2023 had been about the successes of Hungarian businesses on the Turkish market.

He noted that medical equipment maker Medicor will soon start production at its plant in Ankara, and that the State Printing Company is involved in the printing of the new Turkish passport. Meanwhile, soft drink maker Hell Energy sold 19 million cans in Türkiye last year, and agribusiness Hunland sold 71,000 cattle.

Also, a Turkish-Hungarian defence industry joint venture has been established to fulfil the Armed Forces’ order of 400 armoured vehicles, while Hungary’s V-Hid has entered into an alliance with Türkiye’s biggest rail construction company to cooperate in as many projects in and outside Europe as possible, Szijjártó said.

Turning to energy cooperation, the minister welcomed that the text of the gas purchase agreement has been finalised, allowing Hungarian energy company MVM and Türkiye’s BOTAS to sign the deal that will enable the start of gas deliveries from Turkiye to Hungary in the second quarter. Hungary is set to receive 275 million cubic metres of gas from Turkiye this year, he added.

“This makes Hungary the very first country not directly bordering Türkiye to which Türkiye will export natural gas,” Szijjártó noted.

The minister also announced that Hungarian oil and gas company MOL and Turkish peer TPAO will begin preparations for the joint extraction of oil and gas fields recently discovered in south-eastern Türkiye.

The two countries are also set to start cooperating in the area of nuclear energy, given that they are both building nuclear power plants with the same technology, Szijjártó said.

Meanwhile, he said one of the priorities of Hungary’s upcoming presidency of the Council of the European Union will be to accelerate the modernisation and expansion of the EU-Türkiye customs union.

He also welcomed that the two countries are close to modifying an air transport agreement that will enable an increase in the number of direct Budapest-Istanbul and Budapest-Ankara flights.

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