Published on: 29 May 2020

Surplus on external trade in services was EUR 1.7 billion in the 1st quarter

In the first quarter of 2020 service exports and imports calculated in EUR decreased by 6.9% and 3.9% respectively, compared to the same quarter of the previous year. The surplus was EUR 1.7 billion, EUR 253 million less than in the first quarter of 2019. The economic effects of the coronavirus epidemic are perceptible in several fields of the external trade in services.

In the 1st quarter of 2020:

The value of exports amounted to EUR 5.6 billion (HUF 1.9 thousand billion) and that of imports to EUR 3.9 billion (HUF 1.3 thousand billion). The surplus of external trade in services added up to EUR 1.7 billion (HUF 562 billion).

37% of the surplus came from travel, 27% from transportation services.

64% of our service exports and 70% of our service imports were with EU countries, generating a surplus of EUR 820 million in this relation.

Out of our most important trading partners Germany had an 18%, Austria 8.3% , the United States 8.2% share of the total turnover.

The proportion of business services in total service exports was 45%, (including 26% for other business services), followed by transportation services with 25% and travel with 18%. The same service groups were dominant in terms of imports, too. The share of business services was the most outstanding, accounting for 59% of total imports (including 36% for other business services) while the share of transportation services was 25% and that of travel 10% from the total import.

In the 1st quarter of 2020, compared to the same period of the previous year:

The value of service exports fell by 6.9% in terms of EUR and that of imports by 3.9%. (Due to the significant exchange rate depreciation the value of export decreased only by 0.7% in HUF, in turn import value increased by 2.4%). The surplus lowered by EUR 253 million (by HUF 46 billion) compared to the same period of the previous year.

The decrease in surplus can be explained by the lowering balance sheet of travel (by 13%), transportation services (27%) and physical inputs owned by others (19%).

Our balance decreased by 8.9%, EUR 80 million in the trade with the European Union1.

In the case of non-EU countries, our balance decreased by EUR 172 million, 17% , due primarily to the decrease of our export with the United States. Our balance in external trade in services with the latter dropped by 56%, EUR 102 million.