Hungary Trade in Services Surplus at EUR 2.7 bln in Q2

Trade

In Q2 2023, Hungary's external trade in services surplus reached EUR 2.7 billion, according to data published by the Central Statistical Office (KSH).

The value of exports amounted to EUR 7.8 bln, and that of imports to EUR 5.1 bln. The value of service exports grew by 6.7% in EUR terms, and that of imports increased by 0.8% compared to Q2 2022. The surplus exceeded the year-on-year excess by EUR 451 mln.

Among service groups, transport services contributed EUR 918 mln, and travel EUR 907 mln to the surplus.

Some 62% 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 most significant partner in trade, with a 20% share of the total turnover. The second most important one, the United States, had a 9% share, while Austria, in the third place, contributed by 7.5% to Hungary's external trade in services.

The proportion of business services was 41% out of total service exports, (including 21% for other business services), followed by transport services with a 28% share, then travel with 21%. The role of business services was significant on the import side, too, accounting for 54% of total imports (including 30% for other business services), while the proportion of transport services was 25% and that of travel 15% in the total turnover.

In January-June 2023, the value of exports increased by 9.4% (EUR 1.3 bln) and that of imports by 3.2% (EUR 312 mln) compared to the first half of 2022.

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