In the first seven months of this year, Hungary exported USD 325.83 million in commodities to Croatia, while at the same time Croatia imported from Hungary commodities worth USD 74.75 million, the head of the Office for Trade of the Hungarian Embassy in Zagreb, Tibor Suelt, said at the meeting.
The fact that Croatian exports to Hungary are considerably lower than imports is due to the internal structure of the Croatian economy. The Hungarian market could receive much more Croatian exports than is now the case if the Croatian economy and its products were more competitive, he added.
Suelt went on to say that economic relations between the two countries were constantly improving, and not just in the trade sector. He recalled that Hungary was one of the most important investors in Croatia, with overall direct investments reaching around a billion US dollars, and cited an increasing tourist exchange.
Cooperation increased further with Hungary's entry into the European Union when an agreement on trade between Croatia and the EU (Protocol 7 of the Stabilisation and Association Agreement) took effect, superseding a bilateral agreement on free trade with Hungary.
Suelt said that this made it possible for Croatian companies to export their products to Hungary free of customs duties, which resulted in an increase in trade of nearly 50 per cent last year.
The meeting was organised by the Office for Trade of the Hungarian Embassy and sponsored by the Hungarian Investment Promotion and Trade Development Agency.