Surplus on external trade in services at EUR 810 mln in Q4

Trade

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In Q4 2020, service exports and imports calculated in EUR decreased by 32% and 25% respectively compared to Q4 2019, according to data by the Central Statistical Office (KSH).

In Q4 2020, the value of exports amounted to EUR 4.7 billion, that of imports to EUR 3.9 bln. The surplus of external trade in services added up to EUR 810 million, some EUR 855 mln lower than in Q4 2019.

Among the service groups, travel closed the last quarter of 2020 with a surplus of EUR 403 mln, manufacturing services on physical inputs owned by others with EUR 314 mln, and transport services with EUR 285 mln.

Some 65% of Hungarian service exports and 72% of our service imports were transacted with EU countries, generating a surplus of EUR 272 mln in this relation.

Hungary's most important partner was Germany with 21% of the total turnover. Our second most important partner, the United States, had a share of 9.3 %, in the third place, Austria had an 8% proportion in external trade in services.

Hungary's balance decreased by 66%, EUR 537 mln in the trade with the European Union. In the case of non-EU countries, the balance fell by 37%, EUR 317 mln, primarily due to lowering export with the United States and the United Kingdom. Hungary's surplus in external trade in services with the former dropped by 29% (EUR 58 mln) and by 62% (EUR 176 mln) with the latter.

The proportion of business services was 53% of total service exports, (including 29% for other business services), followed by transport services with 24% and travel with 12%. The former service groups were dominant in terms of imports too. The share of business services was the most outstanding, accounting for 68% of total imports, (including 40% for other business services), while the share of transport services was 22% and that of travel 3.6%.

In 2020 as a whole, the value of exports decreased by 28% (EUR 7550 mln), that of imports by 21% (EUR 4061 mln) compared to 2019.

 

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