External trade in services surplus at EUR 1.421 bln in Q4 2021

Trade

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In the fourth quarter of 2021, service exports calculated in EUR increased by 22%, imports by 18% compared to the same quarter of the previous year, with the surplus amounting to EUR 1.421 billion, up EUR 379 million year-on-year, according to data by the Central Statistical Office (KSH).

The value of exports was EUR 6.1 billion, that of imports EUR 4.7 billion.

Among service groups, travel contributed with an increase of EUR 576 million, transport services with EUR 408 mln, manufacturing services on physical inputs owned by others with EUR 346 mln to the surplus of the fourth quarter of 2021.

Some 63% of Hungary's service exports and 72% of the country's service imports were transacted with EU member countries, generating a surplus of EUR 477 mln in this relation.

Germany continues to be Hungary's most important trade partner, having a 21% share of the total turnover. The second most important partner was the United States, with a share of 8.9%, and third-placed Austria had a 7.6% rate in the external trade in services.

The proportion of business services was 50% of total service exports (including 28% for other business services), followed by transport services with 25% and travel with 16%.

The share of business services was the most relevant on the import side too, accounting for 63% (including 35% for other business services), while transport services had a share of 24% and travel an 8% part of total service imports.

In the 4th quarter of 2021, compared to the same period of the previous year:

According to KSH, the increase in the surplus is mainly explained by the improvement in the balance of travel by EUR 173 mln compared to Q4 2020, business services by EUR 92 mln, and that of transport services by EUR 76 mln.

Compared to the last quarter of 2020, Hungary's surplus in EU trade increased by EUR 49 million, mainly due to the improvement of the trade balance with Germany, by EUR 62 mln. Regarding countries outside the EU, Hungary's balance strengthened by EUR 330 million, mainly due to the EUR 127 million trade balance improvement with the United States of America.

In January-December 2021, the value of exports increased by 9.6% (EUR 1.943 bln) that of imports by 7.2% (EUR 1.11 bln) compared to the same period of 2020.

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