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Surplus in trade of services reaches EUR 2.704 bln in Q3

MNB

Hungaryʼs surplus in trade of services reached EUR 2.704 billion in the third quarter, Hungarian news agency MTI reports, citing a release of data by the Central Statistical Office (KSH).

The surplus widened by EUR 266 million from the same period a year earlier.

Exports of services rose 6.3% to EUR 7.378 bln. Imports were up 3.8% at EUR 4.674 bln.

Business services accounted for 36% of all exports, tourism services for 31% and transport services for 25%.

In imports, business services accounted for 54% of the total, transport services for 21% and tourism services for 19%.

Tourism provided around 52% of the surplus in services, with transport services contributing 31%.

Trade with other European Union member states accounted for 72% of Hungaryʼs exports of services and 77% of imports. Hungary had a surplus of EUR 1.7 bln with EU countries.

Hungaryʼs most important trade partners were Germany and the United States, accounting for 19% and 9% of total turnover, respectively.

The growth in the Q3 trade surplus was driven mainly by improvements in tourism, air transport and road transport services.

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