Surplus on external trade in services was EUR 1.9 billion in the 4th quarter
In the fourth quarter of 2019, service exports and imports rose by 3.8% and 6.8% respectively at current prices in EUR compared to the same period of the previous year. The surplus was EUR 1.9 billion, which is EUR 56 million less than in the fourth quarter of 2018.
In the 4th quarter of 2019:
The value of exports amounted to EUR 6.6 billion (HUF 2.2 thousand billion) and that of imports to EUR 4.7 billion (HUF 1.6 thousand billion). The surplus of external trade in services added up to EUR 1.9 billion (HUF 647 billion).
46% of the surplus came from travel and 35% from transportation services.
72% of our service exports and 77% 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 20% of the total turnover. Our second most important partner, the United States, had a share of 9 % in external trade in services. On the third place is Austria with its 8% share of the total turnover.
Business services accounted for 45% of total service exports, including 24% for other business services, followed by transport services and travel with 25% and 22% respectively. The former service groups were also dominant in terms of imports: the share of business services was the most outstanding, accounting for 61% of total imports (including 37% for other business services). The import share of transport services and travel was 21% and 11% respectively.
In the 4th quarter of 2019, compared to the same period of the previous year:
The value of service exports rose by 3.8% in terms of EUR (by 6.7% in HUF) and that of imports by 6.8% (by 9.8% in HUF). The surplus lowered by EUR 56 million (by HUF 313 million).
The less favourable balance is primarily due to the deteriorating balance of the manufacturing services on physical inputs owned by others and of the business services.
Our trade surplus in the turnover with the European Union increased by 7.6%, i.e. EUR 82 million. Speaking of non-EU countries, our balance decreased by EUR 138 million, which is an outcome of the trade with Asian countries (including Japan). Besides, the surplus also fell in our external trade with American and non-EU European countries.
In January-December 2019:
The value of exports in the four quarters amounted to EUR 27.0 billion (HUF 8.8 thousand billion) and that of imports to EUR 18.2 billion (HUF 5.9 thousand billion).
In January-December 2019, compared to the same period of the previous year:
The volume of exports increased by 6.1% (EUR 1,550 million) and that of imports by 7.0 % (EUR 1,198 million).
Value of external trade in services, January-December 2019
| Description | Export | Import | Balance | |||
|---|---|---|---|---|---|---|
| Value at current prices | Same period of the previous year=100% | Value at current prices | Same period of the previous year=100% | Value at current prices | Same period of the previous year=100% | |
| Billion HUF | 8 807 | 108.2 | 5 928 | 109.2 | 2 879 | 2 711 |
| Million EUR | 27 046 | 106.1 | 18 202 | 107.0 | 8 844 | 8 492 |
Information on data revision in external trade in services
Figures of Q1-Q4 2018 and Q1-Q3 2019 (manufacturing services on physical inputs owned by others, travel, maintenance and repair services, transport, business and government services) were modified based on company data adjustments. Compared to previously published data, the value of exports increased by 1.5% and that of imports by 2.3% in 2018, while in Q1-Q3 of 2019 exports increased by 3% and imports by 5.4%.