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Services trade surplus grows in Q4

In the 4th quarter of 2023 service exports calculated in EUR increased by 5.8%, their imports grew by 0.2% compared to the same period of the previous year. The surplus was EUR 2.6 billion, EUR 462 million more than in the 4th quarter of 2022. The surplus of the external trade in services was EUR 11 billion in 2023, being EUR 2.1 billion higher than one year earlier.

In the 4th quarter of 2023 the value of exports amounted to EUR 8.5 billion (HUF 3.3 thousand billion), that of imports to EUR 5.9 billion (HUF 2.3 thousand billion). The surplus of the external trade in services added up to EUR 2.6 billion (HUF 1 thousand billion).

Among service groups, business services contributed with an amount of EUR 594 million, transport services with EUR 580 million, travel services with EUR 903 million to the surplus of the 4th quarter of 2023.

63% of our service exports, 74% of our service imports were transacted with EU Member States, generating a surplus of EUR 1.1 billion in this relation.

Germany continues to be our number one partner in trade, with a 21% share of the total turnover. Our second most important partner, the United States of America, had a 9.7% part, while Austria, on the third place, had an 7.8% share in the external trade in services.

The proportion of business services was 47% out of total service exports, (including 26% for other business services), followed by transport services with 23% then travel with a share of 20%. The part of business services was the most relevant on the import side too, accounting for 58% of total imports (including 32% for other business services), while the proportion of transport services was 23% and that of travel was 14%.

In the 4th quarter of 2023, year-on-year the value of service exports grew by 5.8% in EUR terms (decreasing by 1.6% in HUF), that of imports increased by 0.2% (decreasing by 6.9% in HUF). The surplus exceeded the year-on-year excess by EUR 462 million (by HUF 114 billion).

The modest increase in the surplus is mainly explained by the rise in the balance of travel and manufacturing services on physical inputs owned by others by EUR 270, and 135 million, it is important, however, to highlight the decrease registered in the balance of transportation services, which amounted to EUR 20 million.

Our surplus within the European Union trade improved by 23%, or by EUR 201 million, the surpluses registered in the trade balances with our two important partners, Germany and Ireland, EUR 116 and EUR 60.4, contributed significantly to this trend.

In the case of the countries outside the EU, the balance improved by EUR 261 million, or by 20%. The balance improvement of the highest value, EUR 154 million, was registered in the relation with Switzerland.

In 2023 the value of exports amounted to EUR 33.7 billion (HUF 12.9 thousand billion), that of imports to EUR 22.7 billion (HUF 8.7 thousand billion).

In 2023, year-on-year the value of exports increased by 11.6% (by EUR 3.5 billion) that of imports grew by 6.7% (by EUR 1.4 billion).


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