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Hungary trade in services declines for first time in years in Q1

Hungaryʼs trade of services declined for the first time in years in Q1 on the impact of the coronavirus pandemic, state news wire MTI reports, citing data released by the Central Statistical Office (KSH).

Photo by parlanteste/Shutterstock.com

Exports of services fell 6.9% to EUR 5.592 billion. Imports were down 3.9% at EUR 3.934 bln.

Hungaryʼs surplus in trade of services reached EUR 1.658 bln in Q1, narrowing by EUR 253 million from the same period a year earlier.

Tourism exports declined by 12.8% to EUR 1.028 bln. Exports of business services were down 2.6% at EUR 2.523 bln and exports of delivery services fell 9.1% to EUR 1.418 bln. 

Tourism imports dropped 12.3% to EUR 406 mln. Imports of business services decreased 7% to EUR 2.325 bln while imported delivery services rose 2.4% to EUR 970 mln.

Trade with other European Union member states accounted for 64% of Hungaryʼs exports of services and 70% of imports. Hungary had a surplus of EUR 820 mln with EU countries.

Hungaryʼs most important trade partners were Germany, Austria and the United States, accounting for 18%, 8.3% and 8.2% of total turnover, respectively.