Service exports in euro terms edged up by 0.4% year-on-year, while imports declined by 1.6%. However, compared to the previous quarter, export value fell by 11%, and import value decreased by 4.9%, leading to an EUR 819 million decline in the balance.
Hungary’s service exports totaled EUR 8.8 bln, while imports stood at EUR 6.2 billion (HUF 2.5 trillion). The EUR 2.7 bln trade surplus was primarily driven by three key service sectors. Travel services contributed EUR 833 mln, transport services added EUR 653 million, and business services accounted for EUR 641 mln.
The EU remained Hungary’s primary trading partner, with 64% of service exports and 74% of imports conducted within the bloc, generating an EUR 1.1 bln surplus. Germany continued to be Hungary’s top individual partner, representing 20% of total turnover. The United States ranked second, followed by Austria, with service trade volumes of 8.1% and 7.1%, respectively.
Business services dominated the export structure, comprising 48% of total service exports, with other business services making up 25% of this category. Transport services accounted for 25%, while travel services contributed 18%. On the import side, business services made up 58%, including 31% for other business services, followed by transport services at 25% and travel at 12%.
Compared to the fourth quarter of 2023, service exports grew by 0.4% in euro terms and 7.1% in forint terms, while imports declined by 1.6% in euro terms but increased by 4.9% in forint terms. The overall trade surplus expanded by EUR 137 mln, or HUF 120 bln. The surplus increase was mainly driven by improvements in business services, which rose by EUR 138 mln, and transport services, which increased by EUR 68 mln, although the balance of other services, including tourism, declined by EUR 52 mln.
The EU trade surplus expanded by EUR 135 mln, largely due to balance improvements of EUR 103 million with Germany and EUR 48 mln with Cyprus. In contrast, trade with non-EU countries showed only a marginal EUR 2 mln surplus increase. Among notable shifts, Hungary’s trade balance improved by EUR 24 mln with both China and Japan, while it declined by EUR 35-37 mln with Indonesia and South Korea.
For the entire year of 2024, Hungary’s service exports reached EUR 36 bln, or HUF 14.1 trillion, while imports totaled EUR 24 billion, or HUF 9.7 trillion, contributing to a substantial trade surplus in the sector.
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