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Hungary’s services trade surplus nearly unchanged

Telco

When it comes to services, Hungary had a net trade surplus in Q1 this year, a decrease of less than 1% when compared to the first quarter of last year, Hungary’s Central Statistical Office (KSH) reported today.

The services trade surplus in the first quarter of 2014 was €956 mln, just €6 mln less than one year earlier. Exports in services increased by 1.6% to €3.85 bln in Q1, and imports in services rose 2.4% in one year to €2.89 bln.

Just less than half of the Q1 surplus came from services trade with the EU-15 countries, despite a 0.5% fall of Hungary's exports to €2.14 bln and a 1.6% rise of imports from these countries, to €1.66 bln.

Exports of services to the new EU members rose at the quickest pace, by 11.2% to €560 mln, while imports from these countries rose just 0.4% to reach €409 mln. Exports of services to Asian countries fell 5.6% in one year to €318 mln, while imports from these countries rose 2.3% to €166 mln.

Imports of services from non-EU countries rose the most, by 19.7% to €231 mln. Exports to these countries also rose rapidly: by 8.2% to €445 mln. Imports of tourism services rose 13.3% to €307 mln in the first quarter of 2014 from a year earlier. Tourism exports increased 8.7% to €814 mln.

Imports of transport services were up 6.0% from a year earlier at €644 mln. Exports of transport services rose 12.2% to €1.025 bln. Imports of business services edged down 0.5% to €1.812 bln and exports of business services fell 6.6% from a year earlier to €1.592 bln.

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