EUR 1.418 bln Q1 surplus in trade of services
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Hungary had a EUR 1.418 billion surplus in the trade of services in the first quarter, widening from EUR 867 million in the same period a year earlier, according to data released by the Central Statistical Office (KSH).
In the first quarter of 2022 service exports calculated in EUR increased by 28% and imports by 19% compared to the same quarter of the previous year. Exports decreased by 6% and imports by 7.8% compared to the previous quarter, while the balance remained at close to the same level.
The value of exports amounted to EUR 5.7 bln, that of imports to EUR 4.3 bln.
Travel contributed with an increase of EUR 553 million, transport services with EUR 435 million, and manufacturing services on physical inputs owned by others with EUR 326 million to the surplus of the first quarter of 2022, among service groups.
Some 63% of Hungary's service exports and 71% of service imports were transacted with EU countries, generating a surplus of EUR 580 million in this relation.
Hungary's most important partner in trade continues to be Germany with 19% of the total turnover. The country's second most important partner, the United States, had a share of 8.9 %, and in the third place, Austria had an 8.5% proportion in external trade in services.
The proportion of business services was 45% of total service exports, (including 24% for other business services), followed by transport services with 28% and travel with 16%. The share of business services was the most relevant on the import side too, accounting for 58% of total imports, (including 34% for other business services), followed by transport services with 27% and travel in the third place with 8.8%.
Hungary's surplus in European Union trade improved by 114%, by EUR 308 million, mainly due to the growth of the trade balance with Belgium by EUR 182 million.
For countries outside the EU, the balance improved by EUR 243 million, or 41%, mainly due to a 56% (EUR 71 million) rise in Hungary's trade balance with the United Kingdom.
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