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External Trade in Services Surplus at EUR 2.4 bln in Q1

Trade

Graphic by pgraphis / Shutterstock.com

The surplus of Hungary's external trade in services in the first quarter was EUR 2.4 billion, according to data by the Central Statistical Office (KSH).

The value of exports amounted to EUR 7.8 billion, that of imports to EUR 5.4 bln. The surplus of the external trade in services added up to EUR 2.4 bln.

Among service groups, transport services contributed with an amount of EUR 748 million, travel services with EUR 564 mln, manufacturing services on physical inputs owned by others with EUR 523 mln to the surplus of the first quarter of 2024.

Some 65% of Hungary's service exports, and 71% of service imports were transacted with EU member states, generating a surplus of EUR 1.3 bln in this relation.

Germany continues to be Hungary's number one partner in trade, with a 20% share in the total turnover. The second most important partner, the United States of America, had a 7.9% part, while Austria, in the third place, had a 7.8% share in the external trade in services.

The proportion of business services was 45% out of total service exports (including 23% for other business services), followed by transport services with 27%, then travel with a 17% share. The proportion of business services was the most relevant on the import side, too, accounting for 56% of total imports (including 31% for other business services), while the share of transport services was 26% and that of travel was 14% in the total import turnover.

Compared to Q1 2023, the value of service exports and imports grew equally by 3.7% in EUR terms (the increase being 3.6% in HUF terms in both trade directions). The surplus outpaced the year-on-year excess by EUR 83 mln.

The moderate increase in the surplus is mainly explained by the rise in the balance of business services and manufacturing services on physical inputs owned by others by EUR 94 mln and EUR 54 mln, which offset the decrease of EUR 108 ml in the balance of travel, KSH notes.

The surplus within the European Union turnover improved by EUR 271 mln, the largest balance improvements were observed in Hungary's trade with Germany (EUR 104 mln) and Malta (EUR 87 mln).

In the case of the countries outside the EU, the balance decreased by EUR 188 mln, and the largest balance deterioration (EUR 180 mln), was registered in relation with the United Kingdom.

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