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Surplus in trade of services reaches EUR 2.341 bln in Q2

Hungaryʼs surplus in trade of services reached EUR 2.341 billion in the second quarter, the Central Statistical Office (KSH) said on Friday, according to a report by state news wire MTI.

The surplus widened by EUR 17 million from the same period a year earlier.

Exports of services rose 1.4% to EUR 6.572 bln. Imports were up 1.8% at EUR 4.231 bln.

Business services accounted for 39% of all exports, logistic services for 27% and tourism services for 24%.

In imports business services accounted for 59% of the total, transport services for 23% and tourism services for 13%.

Tourism provided around 43% of the surplus in services with tourism services contributing 34%.

Trade with other European Union member states accounted for 71% of Hungaryʼs exports of services and 76% of imports. Hungary had a surplus of EUR 1.4 bln with EU countries.

Hungaryʼs most important trade partners were Germany and the United States, accounting for 19% and 10% of total turnover, respectively.

The growth in the Q2 trade surplus was driven mainly by improvements in tourism and air transport services.

KSH will publish Q3 data on trade of services on November 29.