Surplus on external trade in services was EUR 790 million in the 2nd quarter
In the 2nd quarter of 2020 service exports in EUR decreased by 40% and imports by 25% compared to the same period of the previous year. The surplus was EUR 790 million, EUR 1634 million less than in the 2nd quarter of 2019. The economic effects of the COVID-19 pandemic further intensified in several fields of the external trade in services compared to the previous quarter.
In the 2nd quarter of 20201:
The value of exports amounted to EUR 4.1 billion (HUF 1.4 thousand billion) and that of imports to EUR 3.3 billion (HUF 1.2 thousand billion). The surplus of the external trade in services added up to EUR 790 million (HUF 278 billion).
36% of the surplus came from physical inputs owned by others and 31% from transportation services.
56% of our service exports and 61% of our service imports have been transacted with EU countries, generating a surplus of EUR 242 million in this relation.
Out of our most important trading partners Germany had a share of 19%, the United States 9.5 %, the United Kingdom 8% of the total turnover.
Business services accounted for 57% of total service exports, (within it 30% for other business services), followed by transport services with 21% and tourism with 11%. The former service groups were dominant in terms of imports, too. The share of business services was the most outstanding, with its 67% (including 40% for other business services) while the transport services accounted for 19% and tourism for 9.3% in the total import turnover.
In the 2nd quarter of 2020 year-on-year:
The value of service exports decreased by 40% in terms of EUR (by 35% in HUF) and that of imports by 25% (by 19% in HUF). The surplus lowered by EUR 1.6 billion (by HUF 506 billion) compared to the same period of the previous year.
The decrease in surplus can be explained by the drastic decrease in tourism (86%), and the lowering balance sheet of transport services (by 69%) and physical inputs owned by others (36%) significantly contributed to the remission as well.
Our balance decreased by 80%2, EUR 983 million in the trade with the European Union.
In case of non-EU countries our balance fell by 54%, EUR 651 million, primarily due to the lowering of our export with the United States and the United Kingdom. Our balance in external trade in services with these two countries dropped by 66% (EUR 195 million) and by 54% (EUR 144 million) respectively.
January – June 2020:
The value of exports was EUR 9.7 billion (HUF 3.3 thousand billion) and that of imports EUR 7.3 billion (HUF 2.5 thousand billion) in the 1st semester of 2020.
January – June 2020 compared to the same period of the previous year:
The value of exports decreased by 25% (EUR 3166 million), that of imports by 15% (EUR 1279 million).
Value of external trade in services, January – June 2020
| 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 | 3 340 | 80,9 | 2 500 | 91,4 | 840 | 1 391 |
| Million EUR | 9 699 | 75,4 | 7 251 | 85,0 | 2 448 | 4 334 |