The Hungarian economy achieved an unprecedented growth of 7.1% in 2021, which has not been seen in the last thirty years. Thus, the Hungarian economy grew more than 2% faster than the EU average.
The Port of Hamburg also recorded a respectable increase in container volumes transported to 130,131 TEU to/from Hungary (+18%). Growth is expected to slow in the second half of 2022, and the big question is whether the Hungarian economy will lose momentum loses momentum and slips into recession.
Given the risks surrounding growth (high domestic inflation, rising electricity and gas prices, slowdown in lending, European gas crisis), a slowdown would not be surprising. According to the latest cautious forecasts, economic growth is expected to be around 2-3 percent in 2022, although the negative impact of the war in neighboring Ukraine cannot yet be fully quantified.
Since 1992, the staff based in Budapest have been representing the interests of the seaport transport industry in Hamburg and the region in Hungary. The experts have their "ear to the market" and maintain good contacts with numerous companies from industry and trade, the transport and logistics sector as well as with business organizations and political decision-makers in order to provide information on current developments in the Port of Hamburg. The members of the marketing organization, who are regularly supplied with the latest market and industry data for Hungary, also benefit from the continuous establishment and expansion of contacts. Other services for members are, for example, the analysis of potential customers, the organization and preparation of customer visits or events in Hungary.
Port of Hamburg Marketing usually organizes several events annually in Hungary, including the Port of Hamburg Evening in Budapest - unfortunately this was canceled in 2020 and 2021 due to the restrictions to the pandemic - although the evening is one of the most popular events in the logistics industry in Hungary. The focus here is on the exchange of market information and contacts between the participants.
Hopefully, visitor programs in the Port of Hamburg for customers from Hungary can be organized again soon, or delegation trips by Hamburg's business community to Hungary can be accompanied.