Surplus on external trade in services was EUR 826 million in the 1st quarter
In the first quarter of 2021 service exports and imports calculated in EUR decreased by 25% and 16% respectively compared to the same period of the previous year. The surplus was EUR 826 million, EUR 724 million less than in the first quarter of 2020. The negative economic impact of the COVID-19 pandemic continues to significantly reduce external trade in services. Exports decreased by 8.4% and imports by 11% compared to the previous quarter.
In the 1st quarter of 2021:
The value of exports amounted to EUR 4.3 billion (HUF 1.5 thousand billion), that of imports to EUR 3.5 billion (HUF 1.2 thousand billion). The surplus of external trade in services added up to EUR 826 million (HUF 298 billion).
Manufacturing services on physical inputs owned by others contributed an increase of 319, travel of 317 and transport services of EUR 282 million to the surplus of the first quarter of 2021, among the service groups.
64% of our service exports and 70% of our service imports were transacted with EU countries, generating a surplus of EUR 297 million in this relation.
Our most important partner was still Germany with 20% of the total turnover. Our second most important partner, the United States, had a share of 9.4 %, on the third place, Austria had a 7.8% proportion in external trade in services.
The proportion of business services was 53% of total service exports, (including 27% for other business services), followed by transport services with 25% and travel with 9.8%. The share of business services was the most relevant in the import side too, accounting for 69% of total imports, (including 41% for other business services), followed by transport services with 23% and maintenance and repair services n.i.e on the third place with 3.1%.
In the 1st quarter of 2021, compared to the same period of the previous year:
The value of service exports fell by 25% in terms of EUR (by 20% in HUF) and that of imports by 16% (by 11% in HUF). The surplus lowered by EUR 724 million (by HUF 227 billion) compared to the same period of the previous year.
Value of external trade in services, January – March 2021
| 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 | 1 544 | 80.3 | 1 246 | 89.2 | 298 | 526 |
| Million EUR | 4 277 | 75.4 | 3 451 | 83.7 | 826 | 1 550 |
The significant reduction in the surplus is mainly explained by a deterioration in the travel and business services balances of EUR 308 and 204 million respectively.
Our surplus in EU trade decreased by 57%, by EUR 400 million, mainly due to the deterioration of our trade balance with Belgium, which decreased by EUR 198 million.
For countries outside the EU, our balance worsened by EUR 324 million, or 38%, mainly due to a 63% (EUR 165 million) deterioration in our trade balance with the United Kingdom.