External Trade in Services Surplus at EUR 2.116 bln in Q2

Trade

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In the second quarter of 2022, Hungary's external trade in services surplus reached EUR 2.116 billion, with the increase in the value of exports outpacing that of imports, according to data by the Central Statistical Office (KSH).

In Q2 2022, the value of exports amounted to EUR 6.9 bln, and that of imports to EUR 4.7 bln.

Among service groups, transport services contributed with an increase of EUR 868 million, travel with EUR 757 mln, and manufacturing services on physical inputs owned by others with EUR 329 mln to the surplus of the second quarter of 2022. 

Some 64% of Hungary's service exports and 72% of service imports were transacted with EU member countries, generating a surplus of EUR 979 mln in this relation.

Germany continues to be Hungary's most important partner in trade, with a 19% share of the total turnover. The second most important partner, the United States, had an 8.7 %, part, in the third place, Austria had an 8% proportion.

The proportion of business services was 39% of total service exports, (including 20% for other business services), followed by transport services with 33% and travel with 19%. The share of business services was the most relevant on the import side too, accounting for 52% of total imports, (including 30% for other business services), followed by transport services with 30% and travel with 11%.

Compared to Q2 2021, the value of service exports grew by 30% in terms of EUR, and that of imports by 28%). The surplus exceeded the year-on-year excess by EUR 537 mln.

The significant increase in the surplus is mainly explained by the rise in the balance of transport services and travel by EUR 278 mln and EUR 269 mln, respectively, KSH notes.

Hungary's surplus in European Union trade improved by 24%, by EUR 187 mln, mainly due to the growth of the country's trade balance with Poland, by EUR 106 mln.

For countries outside the EU, the balance improved by EUR 350 mln, or 45%. The balance improvement of the highest value, EUR 91 mln, was registered in relation to the United Kingdom.

In the first semester of 2022, the value of exports amounted to EUR 12.6 bln, and that of imports to EUR 9.1 bln.

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