The Budapest Times
Tourists in Budapest – Photo: wikipedia

Services trade surplus continues to grow

Written by BT
In the third quarter of 2023 service exports calculated in EUR increased by 14%, their imports grew by 9.8% compared to the same period of the previous year, the Central Statistical Office said. The surplus was EUR 3.3 billion, EUR 616 million more than in the third quarter of 2022. Exports increased by 17%, imports by 15%, the surplus grew by EUR 604 million compared to the previous quarter.

In the 3rd quarter of 2023 the value of exports amounted to EUR 9.2 billion (HUF 3.5 thousand billion), that of imports to EUR 5.9 billion (HUF 2.3 thousand billion). The surplus of external trade in services added up to EUR 3.3 billion (HUF 1.3 thousand billion).

Among service groups travel contributed with a record increase of EUR 1.4 billion, transport services with EUR 889 million, business services with EUR 523 million to the surplus of the third quarter of 2023.

65% of our service exports and 72% of our service imports were transacted with EU Member States, generating a surplus of EUR 1.8 billion in this relation.

Germany continues to be our most important partner in trade, with a 19% share of the total turnover. Our second most important partner, the United States, had a 8.6 %, part, on the third place, Austria had an 8.0% proportion in the external trade in services.

The proportion of business services was 36% of total service exports (including 19% for other business services), followed by travel with 30% and transport services with 25%. The share of business services was the most relevant on the import side too, accounting for 48% of total imports (including 25% for other business services), while the proportion of transport services was 25% and that of travel 23%.

In the 3rd quarter of 2023, year-on-year the value of service exports grew by 14% in terms of EUR (by 8.5% in HUF), that of imports by 9.8% (by 4.4% in HUF). The surplus exceeded the year-on-year excess by EUR 616 million (by HUF 183 billion).

The significant increase in the surplus is mainly explained by the rise in balance of travel and manufacturing services on physical inputs owned by others by EUR 456 million and EUR 127 million.

Our surplus with the European Union trade improved by 31%, by EUR 426 million, mainly due to the growth of our trade balance with Germany and The Netherlands, two key partners, by EUR 207 and 79 million.

In the case of the countries outside the EU, our balance improved by EUR 189 million, or 14%. The balance improvent of the highest value, EUR 47 million, was registered in relation with the United Kingdom.

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