Surplus of the external trade in services was EUR 1764 million in the 3rd quarter
In the 3rd quarter of 2021 service exports calculated in EUR increased by 15%, imports by 17% compared to the same quarter of the previous year. The surplus was EUR 1764 million, EUR 160 million more than in the 3rd quarter of 2020. The negative economic impacts of the COVID-19 pandemic were less noticeable in the external trade in services, but the value of turnover and the balance fell short of the pre-epidemic, 2019 3rd quarter. Exports increased by 21%, imports by 24% compared to the previous quarter.
In the 3rd quarter of 2021:
The value of exports was EUR 6 billion (HUF 2.1 thousand billion), that of imports EUR 4.3 billion (HUF 1.5 thousand billion). The surplus of the external trade in services added up to EUR 1764 million (HUF 624 billion).
Among service groups travel contributed with an increase of EUR 866 million, transport services with EUR 521 million, manufacturing services on physical inputs owned by others with EUR 334 million to the surplus of the third quarter of 2021.
65% of our service exports and 71% of our service imports were transacted with EU member countries, generating a surplus of EUR 868 million in this relation.
Germany continued to be our most important partner, having a 19% share of the total turnover. Our second most important partner, the United States, had a share of 8.2%, on the third place Austria had an 8.0% proportion in the external trade in services.
The proportion of business services was 41% of total service exports (including 22% for other business services), followed by transport services with 26% and travel with 24%.
The share of business services was the most relevant on the import side too, accounting for 57% (including 31% for other business services), while transport services had a share of 25% and travel a 13% part of total service imports.
In the 3rd quarter of 2021, compared to the same period of the previous year:
The value of service exports increased by 15% in terms of EUR (by 15% in HUF, too), that of imports by 17% (by 17% in HUF, too). The surplus grew by EUR 160 million (by HUF 57 billion) compared to the same period of the previous year.
The minor increase in the surplus is mainly explained by the improvement in the balance of travel by EUR 170 million and that of transport services by EUR 62 million beside the decrease in the balance of both business and maintenance and repair services by approximately EUR 50 million.
Our surplus in EU trade increased by EUR 52 million, mainly due to the improvement of our trade balance with Germany, by EUR 69 million and Ireland, by EUR 67 million.
Regarding countries outside the EU, our balance strengthened by EUR 108 million.
2021 January-September
The value of exports amounted to EUR 15.3 billion (HUF 5.5 thousand billion) and that of imports to EUR 11.1 billion (HUF 4 thousand billion) in the first three quarters of 2021.
January-September 2021, compared to the same period of the previous year:
The value of exports increased by 1.7% (EUR 249 million) that of imports decreased by 1.5% (EUR 170 million).
Value of external trade in services, January- September 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 | 5 453 | 104,2 | 3 973 | 101,0 | 1 480 | 1 300 |
| Million EUR | 15 310 | 101,7 | 11 149 | 98,5 | 4 162 | 3 743 |