Surplus on external trade in services was EUR 1653 million in the 3rd quarter
In the third quarter of 2020 service exports and imports decreased by 33% and 31% respectively in EUR compared to the same period of the previous year. The surplus was EUR 1653 million, which is EUR 908 million less than in the third quarter of 2019. The negative economic effects caused by the COVID-19 pandemic were slightly reduced compared to the previous quarter, exports increased by 24% and imports grew by 3.6 %.
In the 3rd quarter of 2020:
The value of exports amounted to EUR 5.1 billion (HUF 1.8 thousand billion) and that of imports to EUR 3.4 billion (HUF 1.2 thousand billion). The surplus of external trade in services added up to EUR 1653 million (HUF 584 billion).
42% of the surplus came from travel, 30% from transportation services and 20% from physical inputs owned by others.
65% of our service exports and 72% of our service imports were with EU countries, generating a surplus of EUR 860 million in this relation.
Our most important partner was Germany with 21% of the total turnover. Our second most important partner, Austria, had a share of 8.8 %, while the United States, on the third place, had an 8.3% proportion in external trade in services.
The proportion of business services was 47% of total service exports, including 24% for other business services, followed by transport services with 24% and travel with 20% respectively. The former service groups were dominant in terms of imports, too: the share of business services was the most outstanding, accounting for 66% of total imports, including 39% for other business services, while the share of transport services was 20% and that of travel 8.8% respectively.
In the 3rd quarter of 2020, compared to the same period of the previous year:
The value of service exports fell by 33% in terms of EUR (by 27% in HUF) and that of imports by 31% (by 26% in HUF). The surplus lowered by EUR 908 million (by HUF 256 billion) compared to the same period of the previous year.
The decrease in surplus can be explained by the drop in the surplus of travel by 50% in the first place, furthermore the lowering balance sheet of transport services (by 39%) and physical inputs owned by others (by 12%) contributed as well to the trend.
Our balance decreased by 34%, EUR 442 million in the trade with the European Union.
In the case of non-EU countries, our balance fell by 37%, EUR 466 million, primarily due to our lowering export with the United States and the United Kingdom. Our balance in external trade in services with the former dropped by 21% (EUR 51 million) and by 50% (EUR 132 million) with the latter.
January – September 2020:
The value of exports amounted to EUR 14.8 billion (HUF 5.1 thousand billion) and that of imports to EUR 10.7 billion (HUF 3.7 thousand billion) in the first three quarters of 2020.
In January – September 2020 compared to the same period of the previous year:
The value of exports decreased by 28% (EUR 5626 million), that of imports by 21% (EUR 2831 million).
Turnover value of external trade in services, January - September 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 | |
| Billion HUF | 5 140 | 77.8 | 3 716 | 85.0 | 1 424 | 2 231 |
| Million EUR | 14 790 | 72.4 | 10 690 | 79.1 | 4 100 | 6 895 |