Although both exports and imports of services decreased compared to the same period last year, the country maintained a strong positive balance.
Exports of services fell by 3.6% year-on-year in euro terms to EUR 7.8 bln, while imports declined by 2.6% to EUR 5.6 bln. The resulting EUR 2.2 bln surplus was EUR 141 mln less than the surplus recorded in Q1 2024, and EUR 446 mln below the previous quarter’s figure.
Among the major service categories, transport services generated the highest net surplus at EUR 650 mln, followed by travel services (EUR 625 mln) and manufacturing services on physical inputs owned by others (EUR 491 mln).
Trade with EU member states accounted for a significant share of Hungary’s service transactions, making up 64% of exports and 73% of imports. Despite the strong activity, the surplus from EU trade fell by EUR 147 mln compared to a year earlier, totaling EUR 955 million.
Germany remained Hungary’s top trading partner in services, representing 18% of the total turnover. The United States ranked second (8.4%), followed closely by Austria (8.2%).
Business services made up 44% of total service exports, with 22% categorized as “other business services.” Transport services accounted for 28% and travel services for 17%.
On the import side, business services dominated with a 56% share, of which 28% were other business services. Transport services contributed 27% and travel services 13% of total imports.
In euro terms, service exports and imports fell by 3.6% and 2.6% respectively, though in forint terms they rose slightly, by 0.6% and 1.7%. The decline in the overall surplus was primarily driven by a weaker balance in transport services (EUR –139 mln) and business services (EUR –46 mln). Travel services, however, showed a surplus improvement of EUR 78 mln.
Within the EU, the steepest balance declines were recorded in trade with Malta and Austria (both EUR –47 mln), and Slovakia (EUR –35 mln). For non-EU countries, Hungary’s surplus rose by EUR 5.6 mln, with the largest gain coming from trade with the United Kingdom (EUR +103 mln). These gains were offset by deteriorations in trade with the United States and Russia, each down by EUR 63 mln.
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