Published on: 31 May 2019

Surplus on external trade in services was EUR 1.9 billion in the 1st quarter

In the 1st quarter of 2019, service exports and imports rose by 4.5% and 3.2% respectively at current prices compared to the same period of the previous year. The surplus was EUR 1.9 billion, EUR 134 million more than in the first quarter of 2018.

In the 1st quarter of 2019:

The value of exports amounted to EUR 5.9 billion (HUF 1.9 thousand billion) and that of imports to EUR 3.9 billion (HUF 1.2 thousand billion). The surplus of external trade in services was EUR 1.9 billion (HUF 618 billion).

Almost four tenths of the surplus came from transportation services and 37% from travel services.

72% of our service exports and 78% of our service imports were with EU countries, generating a surplus of EUR 1.2 billion in this relation.

Our most important partner was Germany, with 19% of the total turnover. Our second most important partner, the United States had a share of 8.5% in external trade in services.

Business services accounted for 40% of total service exports. Within this, other business services alone accounted for 20% of total service exports. The export share of transport and tourism services was 29% and 20% respectively. These service groups were also dominant in terms of imports. The share of business services was the highest, accounting for nearly 59% of total imports. Within this, other business services alone accounted for 35% of total import turnover. The import share of transport and tourism services was 24% and 12% respectively.

In the 1st quarter of 2019, compared to the same period of the previous year:

In terms of EUR, the value of exports rose by 4.5% (by 6.9% in HUF terms) and that of imports by 3.2% (by 5.5% in HUF terms). The surplus grew by EUR 134 million (by 55 billion in HUF terms).

The improvement in the balance is mainly due to air transport services, tourism and other business services (including telecommunications services).

Our balance with the European Union decreased by EUR 7 million.

Our balance with non-EU countries improved by EUR 141 million. In the latter respect, mainly the balance of trade with the American countries became more favorable (by EUR 157 million). The surplus of our external trade in services with the United States more than doubled, growing by EUR 100 million.