Foreign trade surplus in services up in Q3

MNB

Hungary’s surplus in the foreign trade of services was EUR 2.463 billion in the third quarter of 2018, up from EUR 2.367 bln in the corresponding period a year earlier, shows a summary of data released by the Central Statistical Office (KSH).

The import of services in Q3 was up year-on-year in euro terms by 1.3%, at EUR 4.267 bln, while services exports rose 2.3% to EUR 6.730 bln.

The surplus in tourism reached EUR 1.22 bln in Q3, while the surplus in transport services was EUR 765 million. Fees related to contract work generated a EUR 353 mln surplus, and the surplus in business services was EUR 89 mln.

The trade in government services was balanced, while maintenance services had a surplus of EUR 27 mln.

Tourism exports rose by 7.7% to EUR 2.016 bln, while imports were up 0.7% at EUR 787 mln. The export of transport services reached EUR 1.75 bln, rising 9.1%, while imports rose 10.3% to EUR 985 mln.

Business services exports were down 4.4% to EUR 2.398 bln, with imports up 1% at EUR 2.309 bln.

Imports of services from EU countries reached EUR 3.293 bln in Q3, while exports totaled EUR 4.858 bln, growing at an annual rate of 4.9% and 5.9%, respectively.

Trade with the EU generated more than half of the Q3 surplus in services. Trade with non-EU European countries contributed EUR 351 mln to the service trade surplus in Q3, while trade with American countries added EUR 140 mln.

The surplus with Asian countries was EUR 352 mln, and that with other countries EUR 55 mln.

In Q1-Q3 2018, the trade in services generated a total surplus of EUR 6.659 bln. The surplus was up from EUR 5.968 bln in the corresponding period of 2017, as services imports increased by 0.4% and exports by 4.1% during the period, the KSH reported. 

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