Hungary’s economy could shrink by 5% in 2020, says Mihály Varga, Finance Minister. Earlier data showed that Hungary’s industrial output dropped by 30.7% on the year in May after a 36.8% plunge in April, as the volume of output dived across the board in manufacturing. The fall was especially significant in car manufacturing.

The landlocked Central European nation’s import of aluminium tubes and pipes during 2018-20 has been recorded at 9367 tonnes and expenditure occurred due to the import accounted at $48.17 million. The import for 2020 has been predicted to reach at 3490 tonnes and expenditure to stand at $18.28 million. However, when the 2020 import volume and expenditure gets assorted with the existing two years, it depicts 12,857 tonnes and $66.45 million respectively.

In 2018, Hungary’s import of Aluminium tubes and pipes remained at 5022 tonnes and expenditure accounted for the import stood at $23.67 million, whereas, in 2019 the import saw de-growth by 13.48%, as the import dropped to 4345 tonnes, while expenditure remained high at $24.50 million.

The import for 2020 has been analysed with drop by 19.67%, as the import is expected to decline at 3490 tonnes and expenditure also to reduce at $18.28 million.

Hungary’s major trading destinations for the importation of aluminium pipes and tubes are Austria, Belgium, Bulgaria, China, Czech Rep., Denmark, Germany, Greece, India, Netherlands, Poland, Romania, Serbia, etc.