Surplus of External Trade in Services at EUR 2.69 bln in Q3

Trade

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Hungary's surplus on external trade in goods stood at EUR 2.69 billion in Q3 2022, according to data published by the Central Statistical Office (KSH).

The value of exports amounted to EUR 7.9 bln, and that of imports to EUR 5.2 bln.

Among service groups, transport services contributed with an increase of EUR 1 bln, travel with EUR 983 million, and manufacturing services on physical inputs owned by others with EUR 335 mln to the surplus of the third quarter of 2022. 

Some 65% of Hungary's service exports and 72% of service imports were transacted with EU Member States, generating a surplus of EUR 1.4 bln in this relation.

Germany continues to be Hungary's most important partner in trade, with a 19% share of the total turnover. The country's second most important partner, the United States, had an 8.3 %, part, in third place, Austria had an 8% proportion in the external trade in services.

The proportion of business services was 39% out of total service exports, (including 21% for other business services), followed by transport services with 30% and travel with a share of 23%. The share of business services was the most relevant on the import side too, accounting for 53% of total imports, (including 30% for other business services), while the proportion of transport services was 26% and that of travel 16%.

Compared to Q3 2021, the value of service exports grew by 25% in terms of EUR (by 43% in HUF), and that of imports by 16% (by 33% in HUF). The surplus exceeded the year-on-year excess by EUR 845 mln.

The significant increase in the surplus is mainly explained by the rise in the balance of transport services and that of travel by EUR 451 mln and EUR 219 mln, KSH notes.

Hungary's surplus in the European Union trade improved by 56% compared to Q3 2021, by EUR 494 mln, mainly due to the growth of Hungary's trade balance with Germany and Austria.

For countries outside the EU, Hungary's balance improved by EUR 351 mln or 37%. The balance improvement of the highest value, EUR 114 mln, was registered in relation to the United States.

In January-September 2022, the value of exports amounted to EUR 20.5 bln, and that of imports to EUR 14.2 bln. Compared to the same period in 2021, the value of exports increased by 27% (EUR 4.4 bln) and that of imports by 21% (EUR 2.5 bln).

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