Hungary trade in services surplus reaches EUR 2.116 bn in Q2

Hungary had a 2.116 billion euro surplus in trade of services in the second quarter, widening from 1.578 billion euros in the same period a year earlier, data released by the Central Statistical Office (KSH) on Tuesday show.

In the second quarter of 2022 service exports calculated in EUR increased by 30% and imports by 28% compared to the same period of the previous year. The surplus was EUR 2116 million, EUR 537 million more than in the 2nd quarter of 2021. Exports increased by 19%, imports by 9.7%, the surplus grew by EUR 697 million compared to the previous quarter.

In the 2nd quarter of 2022:

The value of exports amounted to EUR 6.9 billion (HUF 2.6 thousand billion), that of imports to EUR 4.7 billion (HUF 1.8 thousand billion). The surplus of external trade in services added up to EUR 2116 million (HUF 816 billion).

Among service groups transport services contributed with an increase of EUR 868 million, travel with EUR 757 million and manufacturing services on physical inputs owned by others with EUR 329 million to the surplus of the second quarter of 2022.

64% of service exports and 72% of service imports were transacted with EU member countries, generating a surplus of EUR 979 million in this relation.

Germany continues to be Hungary’s most important partner in trade, with a 19% share of the total turnover. The second most important partner, the United States, had a 8.7 %, part, on the third place, Austria had an 8.0% proportion in the external trade in services.

The proportion of business services was 39% of total service exports, (including 20% for other business services), followed by transport services with 33% and travel with 19%. The share of business services was the most relevant on the import side too, accounting for 52% of total imports, (including 30% for other business services), followed by transport services with 30% and travel with 11%.

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In the 2nd quarter of 2022, year-on-year:

The value of service exports grew by 30% in terms of EUR (by 41% in HUF), that of imports by 28% (by 39% in HUF). The surplus exceeded the year-on-year excess by EUR 537 million (by HUF 256 billion).

The significant increase in the surplus is mainly explained by the rise in balance of transport services and travel by EUR 278 million and EUR 269 million.

Hungarian surplus in European Union trade improved by 24%, by EUR 187 million, mainly due to the growth of Hungary’s trade balance with Poland, by EUR 106 million.

For countries outside the EU, Hungary’s balance improved by EUR 350 million, or 45%. The balance improvent of the highest value, EUR 91 million, was registered in relation to the United Kingdom.

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