The surplus was EUR 280 million higher than in the same quarter of 2023, surpassing the record set in the corresponding period last year. Compared to the second quarter of 2024, service exports rose by 13%, imports by 7.9%, and the surplus grew by EUR 631 mln.
The value of service exports in the third quarter reached EUR 9.8 bln, while imports totaled EUR 6.2 bln. Among service groups, travel services contributed EUR 1.533 bln to the surplus, transport services added EUR 784 million, and business services accounted for EUR 621 mln. Trade with European Union member states played a significant role, with 68% of service exports and 74% of imports transacted within the EU, resulting in a surplus of EUR 2 bln.
Germany remained Hungary’s most important trading partner, accounting for 20% of total service trade, followed by Austria with 7.8% and the United States with 7.6%. Business services dominated service exports, representing 38% of the total, with other business services alone making up 19%. Travel services held a 28% share, and transport services accounted for 25%. On the import side, business services led with 49%, including 27% attributed to other business services, while transport services and travel represented 27% and 20%, respectively.
Compared to the third quarter of 2023, service exports grew by 4.2% and imports by 1.9% in EUR terms, with the surplus exceeding the previous year’s level by EUR 280 mln. Key drivers of the increased surplus included a EUR 96 mln improvement in the balance of manufacturing services on physical inputs owned by others, a EUR 93 mln rise in the balance of business services, and a EUR 90 mln boost in the balance of travel services.
Hungary’s trade surplus with EU member states rose by 13%, or EUR 227 mln, largely driven by a EUR 141 mln increase in trade with Germany and a EUR 91 mln improvement with Malta. Outside the EU, the trade surplus increased by EUR 53 mln, or 3.6%, due to a EUR 140 mln rise in the balance with the United States and a EUR 29 mln increase with Hong Kong.
For the first nine months of 2024, Hungary’s service exports amounted to EUR 26 bln, while imports reached EUR 17 bln. Compared to the same period in 2023, the value of exports rose by 4.5% (EUR 1.129 bln), and imports increased by 3.4% (EUR 579 mln).
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