Service Trade Surplus Reaches EUR 3.3 bln in Q3

Trade

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In the third quarter of 2023, Hungary's service exports calculated in EUR increased by 14%, and their imports grew by 9.8% compared to the same period of the previous year. The surplus reached EUR 3.3 billion, according to data published by the Central Statistical Office (KSH).

The surplus was EUR 616 million higher than in the third quarter of 2022.

The value of exports amounted to EUR 9.2 bln, and that of imports to EUR 5.9 bln.

Among service groups travel contributed with a record increase of EUR 1.4 bln, transport services with EUR 889 mln, and business services with EUR 523 mln to the surplus of the third quarter of 2023. 

Some 65% of Hungary's service exports and 72% of service imports were transacted with EU Member States, generating a surplus of EUR 1.8 bln in this relation.

Germany continues to be Hungary's most important partner in trade, with a 19% share of the total turnover. Hungary's second most important partner, the United States, had an 8.6 %, part, in third place, Austria had an 8% proportion in the external trade in services.

The proportion of business services was 36% of total service exports (including 19% for other business services), followed by travel with 30% and transport services with 25%. The share of business services was the most relevant on the import side too, accounting for 48% of total imports (including 25% for other business services), while the proportion of transport services was 25% and that of travel 23%.

In the period spanning January-September 2023, the value of service exports amounted to EUR 24.3 bln, and that of imports to EUR 15.9 bln.

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