Doing Export Or Import Business With Hungary
Many might overlook Hungary as a place to do business
. They aren't very large but they have many resources that any company would be willing to business with. Some of the larger countries may have more people, but sometimes it is those that are overlooked by others that provide a greater opportunity. Should you do business with Hungary? Only you can decide that for yourself, but if there is a remote chance that you can why should you turn it down?What items does Hungary export? Agriculture is one of the biggest industries. Even though there isn't a large land mass they are able to produce and excess of grain to export to other countries. They are also able to export a decent amount of rapeseed oil, flour, vegetable oil, cocoa powder, frozen products, seeds and vegetable extracts as well. People will always need to eat. So this is one area where they are able to bring in cash to their country.
Chemicals are another source of export revenue. Silicone, cosmetics, enzymes, hydraulic fluids, acids, crude oil, and lubricating preparation are some of the items that fall into this category. Many people have needs for such items which are manufactured in Hungary. They do trade freely with other countries in the European Union.
Some of the top items that are being imported into Hungary are engine parts, passenger vehicles, crude oil, electronic integrated circuits, diesel engines, non- crude oil, and motor vehicle parts. If your business is a distributor or manufacturer for any of these items you might want to inquire and research any export potential to Hungary.
If you want to do business with Hungary you will need to make sure that you speak with an import professional as well as get the latest information from your government. In many cases the rules change constantly and you want to be certain that you are following all of them. You don't want to be fined for doing something you didn't know was wrong. Many times in order to bring the products into your country you will need to have the origin of the product, name or business that you purchased product from and any ingredients that make up the product are listed. If this if a food or even a chemical item there might be an expiration date. If it does expire it needs to be labeled. There are many labeling requirements that the products must pass.
If you are a U.S. company that wants to import into Hungary you will need the following documents: commercial invoice, customs value declaration, freight insurance, customs import declaration, freight documents, packing list, certificate of origin, insurance certificate, and for wine a VI1 certificate. If you are missing even one of these it is possible that your shipment will be rejected and returned to you. You will have wasted money on the freight and end up paying twice for the same shipment to send it back out.
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