Surplus of external trade in services was EUR 1418 million in the 1st quarter
In the first quarter of 2022 service exports calculated in EUR increased by 28% and imports by 19% compared to the same quarter of the previous year. The surplus was EUR 1418 million, EUR 552 million more than in the first quarter of 2021. Exports decreased by 6.0% and imports by 7.8% compared to the previous quarter, while the balance remained at close to the same level.
In the 1st quarter of 2022:
The value of exports amounted to EUR 5.7 billion (HUF 2.1 thousand billion), that of imports to EUR 4.3 billion (HUF 1.6 thousand billion). The surplus of external trade in services added up to EUR 1418 million (HUF 517 billion).
Travel contributed with an increase of EUR 553 million, transport services with EUR 435 million and manufacturing services on physical inputs owned by others with EUR 326 million to the surplus of the first quarter of 2022, among service groups.
63% of our service exports and 71% of our service imports were transacted with EU countries, generating a surplus of EUR 580 million in this relation.
Our most important partner in trade continues to be Germany with 19% of the total turnover. Our second most important partner, the United States, had a share of 8.9 %, on the third place, Austria had an 8.5% proportion in external trade in services.
The proportion of business services was 45% of total service exports, (including 24% for other business services), followed by transport services with 28% and travel with 16%. The share of business services was the most relevant in the import side too, accounting for 58% of total imports, (including 34% for other business services), followed by transport services with 27% and travel on the third place with 8.8%.
In the 1st quarter of 2022, compared to the same period of the previous year:
The value of service exports grew by 28% in terms of EUR (by 29% in HUF) and that of imports by 19% (by 21% in HUF). The surplus increased by EUR 552 million (by HUF 204 billion) compared to the same period of the previous year.
Value of external trade in services, January – March 2022
| 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 | In the same period of the previous year | |
| Billion HUF | 2 092 | 129,1 | 1 575 | 120,5 | 517 | 313 |
| Million EUR | 5 742 | 128,0 | 4 324 | 119,5 | 1 418 | 867 |
The significant increase in the surplus is mainly explained by the rise in travel and business services balances of EUR 236 million and EUR 218 million.
Our surplus in European Union trade improved by 114%, by EUR 308 million, mainly due to the growth of our trade balance with Belgium by EUR 182 million.
For countries outside the EU, our balance improved by EUR 243 million, or 41%, mainly due to a 56% (EUR 71 million) rise in our trade balance with the United Kingdom.