Trade volume between Shenzhen and Hungary has surged from 13.21 billion yuan (US$1.8 billion) in 2014 to 18.73 billion yuan in 2023. This April, the volume reached 1.6 billion yuan, representing an 11.3% year-on-year increase, Shenzhen Economic Daily reported yesterday.
This year marks the 75th anniversary of the establishment of diplomatic relations between China and Hungary. The surge in trade volume between Shenzhen and Hungary is attributed to the two countries jointly pursuing high-quality Belt and Road cooperation in recent years.
Private enterprises are the key players in Shenzhen-Hungary trade. In the first four months of this year, Shenzhen private enterprises' foreign trade with Hungary hit 5.39 billion yuan, accounting for 89.2% of the city's total foreign trade with the central European country.
"At the beginning of this year, our orders for car headphones exported to the European Union, especially Hungary, significantly increased, and we successfully signed contracts with high-end customers such as Porsche and Bentley," said Wang Mingyong, deputy general manager of Shenzhen Grandsun Electronic Co. Ltd.
Grandsun Electronic, a national-level high-tech enterprise, specializes in the design, R&D, manufacturing, and brand marketing of products such as smart headphones and speakers.
"We have full confidence in the company's development," Wang added. In the first four months, the company's exports exceeded 1.4 million yuan, a year-on-year increase of about 16%, according to Wang.
The China-Europe freight train service to Budapest, which opened in 2020, has energized connectivity and trade between Shenzhen and Hungary.
According to statistics, during the January-April period this year, Shenzhen's foreign trade with Hungary through railway transportation amounted to 1.23 billion yuan, marked by a rapid growth of 120%.
In late March, Shenzhen's first air cargo route to Hungary was officially opened. The route was the first cross-border e-commerce air cargo line newly opened this year, with a weekly outbound transport capacity of over 170 tons.
Data show that in the first four months of this year, Shenzhen's foreign trade with Hungary through air transport grew sharply by 114.3%, reaching 1.17 billion yuan.
During the January-April period, products traded between Shenzhen and Hungary were mainly mechanical and electrical products.