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Service exports calculated in euros rose by 4.5% year-on-year in Q1, while imports increased by 4.8%. The surplus was EUR 94 mln higher than in the first quarter of 2025.
Compared with the previous quarter, however, the export value fell by 13%, while the import value declined by 8.9%, resulting in a EUR 685 mln decrease in the balance.
In the first quarter, the value of service exports amounted to EUR 8.8 bln, or HUF 3.4 trillion, while imports came to EUR 6.3 bln, or HUF 2.4 tln. The surplus of external trade in services reached EUR 2.5 bln, equivalent to HUF 946 bln.
Among the main service groups, transport services contributed EUR 713 mln to the first-quarter surplus, followed by travel services with EUR 659 mln and manufacturing services on physical inputs owned by others with EUR 581 mln.
EU member states accounted for 63% of Hungary’s service exports and 72% of service imports, generating a surplus of EUR 980 mln in this relation.
Germany remained Hungary’s primary trading partner in services in the quarter, accounting for 18% of total turnover. The United States ranked second, with a share of 8.7%, followed by Austria at 6.8%.
Business services accounted for 45% of total service exports, including a 23% share for other business services. Transport services made up 28% of exports, while travel services accounted for 17%.
On the import side, business services also represented the largest share, at 56%, including 26% for other business services. Transport services accounted for 27% of total service imports, while travel services made up 13%.
In year-on-year terms, the value of service exports increased by 4.5% in euros but decreased by 0.9% in forint terms. Imports rose by 4.8% in euros and fell by 0.6% in forint terms.
The services trade surplus was EUR 94 mln higher than in the same period of the previous year, although converted into forints, it was HUF 14 bln lower.
The increase in the surplus was mainly supported by balance improvements of EUR 121 mln in travel and EUR 67 mln in manufacturing services on physical inputs owned by others. This was partly offset by a EUR 99 mln decline in the surplus of business services.
Hungary’s surplus with EU member states grew by EUR 31 mln, primarily due to balance improvements of EUR 85 mln with Austria and EUR 38 mln with Denmark. These were largely offset by a EUR 63 mln increase in the trade deficit with Ireland.
In the case of non-EU countries, Hungary’s surplus increased by EUR 63 mln. The change was mainly driven by balance improvements of EUR 60 mln with the United States, EUR 44 mln with Switzerland and EUR 37 mln with China, partly offset by a EUR 54 mln decrease in the surplus recorded with the United Kingdom.
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