Hungary's service exports in the rise in Q2

Trade

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In the second quarter of 2021, service exports calculated in EUR rose by 21%, while imports fell by 3.4% compared to the same quarter of 2020, according to data by the Central Statistical Office (KSH).

The value of exports amounted to EUR 5 billion, that of imports to EUR 3.4 billion. The surplus of the external trade in services added up to EUR 1.571 bln.

Transport services contributed with an increase of EUR 554 million, travel with EUR 482 mln, lease work services with EUR 323 mln among service groups. 

Some 65% of Hungary's service exports and 70% of service imports were transacted with EU member countries, generating a surplus of EUR 861 mln in this relation.

Germany continued to be Hungary's most important partner, having a 21% share of the total turnover. The second most important partner, the United States, had a share of 9.3 %, while Austria, in third place, had an 8.1% proportion in the external trade in services.

The proportion of business services was 47% of total service exports, followed by transport services with 28% and travel with 14%.

The share of business services was the most relevant on the import side too, accounting for 64%, while transport services had a share of 25% and travel a share of 6% of total service imports.

In January-June 2021, the value of exports decreased by 5.4% (EUR 534 mln) that of imports by 10% (EUR 793 mln) compared to the first half of 2020.

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