TEHRAN – The value of trade between Iran and Hungary reached $19.350 million in the first five months of 2022, registering a 44.8 percent increase, year on year, according to the data released by Hungarian Central Statistical Office (known as KSH).

In January-May 2021, the value of trade between Iran and Hungary was about $13.362 million, indicating that the trade between the two countries has increased by about $5.988 million or 44.8 percent.

During the mentioned five months, Iran exported commodities worth $5.714 million to Hungary, while the imports from the country stood at $13.636 million, IRIB reported.

The Islamic Republic had imported $11.272 million worth of goods from Hungary in the first five months of 2021, while exporting $2.53 million worth of commodities to the country.

The top commodity items exchanged between the two countries included livestock and animal products, vegetables, plastic products, textiles and clothing, transportation equipment and parts, and ophthalmology supplies.

The total trade exchange between the two countries in 2021 amounted to $48 million while in 2020 the figure was about $33 million.

Iran and Hungary signed a memorandum of understanding (MOU) for the expansion of economic cooperation in late 2021.

The MOU was signed by Iranian Finance and Economic Affairs Minister Ehsan Khandouzi and the visiting Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó on the sidelines of the two countries' second Joint Economic Committee meeting in Tehran on December 17.

The MOU covered a variety of areas including cooperation in the fields of water treatment, seeds, power plants, animal feed and construction materials, and joint investment opportunities.

During the meeting, the two sides also discussed the facilitation of visa issuance procedures for the two sides’ businessmen and the Hungarian official promised to follow up on some issues that the Iranian transportation fleet had for transiting through Hungary.

Cooperation between a Hungarian bank and the Export Development Bank of Iran was another issue agreed upon during the two countries' Joint Economic Committee meeting.

 EF/MA