Hungary Services Surplus at EUR 2.2 bln in Q4

Trade

The Q4 2022 surplus on Hungary's external trade in services was EUR 2.2 billion, EUR 724 million more than in the fourth quarter of 2021, according to data published by the Central Statistical Office (KSH).

The value of exports amounted to EUR 7.6 bln in Q4 2022, and that of imports to EUR 5.4 bln. The surplus of the external trade in services added up to EUR 2.2 bln.

Among service groups, transport services contributed with an increase of EUR 711 mln, travel with EUR 611 mln, and business services with EUR 497 mln to the surplus of the fourth quarter of 2022. 

Some 63% of Hungary's service exports and 70% of service imports were transacted with EU Member States, generating a surplus of EUR 991 mln in this relation.

Germany continues to be Hungary's number one partner in trade, with a 19% share of the total turnover. The country's second most important partner, the United States, had a 9.5% part, while Austria, in the third place, had a 7.3% share in the external trade in services.

The proportion of business services was 47% out of total service exports,( including 25% for other business services), followed by transport services with 29% then travel with a share of 15%. The part of business services was the most relevant on the import side, too, accounting for 57% of total imports (including 33% for other business services), while the proportion of transport services was 28% and that of travel was 10%, KSH notes.

Compared to Q4 2021, the value of service exports grew by 18% in terms of EUR (by 33% in HUF), and that of imports by 9% (by 23% in HUF). The surplus exceeded the year-on-year excess by EUR 724 mln.

The increase in the surplus is mainly explained by the rise in the balance of business services by EUR 442 mln.

Hungary's surplus within the European Union trade almost doubled, improved by EUR 494 mln, the EUR 152 mln improvements in the surplus registered with its most important partner, Germany significantly contributed to this trend.

In the case of the countries outside the EU, Hungary's balance improved by EUR 230 mln or 24%. The balance improvement of the highest value, EUR 104 mln, was registered in the United States relation.

In 2022, the value of exports amounted to EUR 29.5 bln, and that of imports to EUR 20.4 bln. The value of exports increased by 28% (EUR 6.5 bln) that of imports grew by 20% (EUR 3.4 bln), compared to 2021.

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