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Foreign trade surplus in services narrows in Q2

The surplus in the foreign trade of services stood at EUR 1.880 billion in the second quarter of 2017, down from EUR 1.945 bln in the same period a year earlier, according to a summary of data released by the Central Statistical Office (KSH).

Imports of services grew by 5.9% year-on-year in euro terms to EUR 3.717 bln in Q2, while exports of services rose 2.6% to EUR 5.598 bln.

The surplus in tourism reached EUR 809 million in Q2, while the surplus in transport services was EUR 664 mln. Fees related to work on contract generated a EUR 291 mln surplus, while the surplus in business services was EUR 119 mln. The surplus in government services was EUR 7 mln. Of the main branches of the sector, only transport and government services registered an increasing surplus.

Tourism exports rose by 6.4% to EUR 1.348 bln, while imports were up 18.1% at EUR 539 mln.

The export of transport services reached EUR 1.52 bln, rising 7.8%, while imports increased 6.3% to EUR 856 mln.

Business services exports edged down 1% to EUR 2.251 bln, while imports were up a slight 1.6% to EUR 2.132 bln.

Imports of services from EU countries reached EUR 2.781 bln in April-June 2017, while exports totaled EUR 4.031 bln, growing at above-average rates of an annual 6.3% and 5.3%, respectively. Trade with the EU generated two thirds of the Q2 surplus on services.

In the first half of 2017, the trade in services generated a surplus of EUR 3.486 bln, slightly up from EUR 3.316 bln in H1 2016.