The surplus of the external trade in services was EUR 2.4 billion in the 1st quarter
In the 1st quarter of 2023 service exports calculated in EUR increased by 13%, their imports grew by 5.9% compared to the same period of the previous year. The surplus was EUR 2.4 billion, EUR 538 million more than in the 1st quarter of 2022. Exports decreased by 4.5%, imports lessened by 9.9%, the surplus increased by EUR 193 million compared to the previous quarter.
In the 1st quarter of 2023:
The value of exports amounted to EUR 7.2 billion (HUF 2.8 thousand billion), that of imports to EUR 4.9 billion (HUF 1.9 thousand billion). The surplus of the external trade in services added up to EUR 2.4 billion (HUF 923 billion).
Among service groups, transport services contributed with an increase of EUR 862 million, travel with EUR 634 million, manufacturing services on physical inputs owned by others with EUR 411 million and business services with EUR 405 million to the surplus.
64% of our service exports and 71% of our service imports were transacted with EU Member States, generating a surplus of EUR 1.2 billion in this relation.
Germany continues to be our number one partner in trade, with a 19% share of the total turnover. Our second most important partner, the United States, had a 8.7% part, while Austria, on the third place, had an 7.9% share in the external trade in services.
The proportion of business services was 41% out of total service exports, (including 22% for other business services), followed by transport services with a 32% share, then travel with 16%. The role of business services was significant on the import side too, accounting for 53% of total imports (including 29% for other business services), while the proportion of transport services was 30% and that of travel was 11%.
In the 1st quarter of 2023, year-on-year:
The value of service exports grew by 13% in terms of EUR (by 20% in HUF), that of imports by 5.9% (by 13% in HUF). The surplus exceeded the year-on-year excess by EUR 538 million (by HUF 254 billion).
Value of the external trade in services, January-March 2023
| Description | Export | Import | Balance | |||
|---|---|---|---|---|---|---|
| Value at current prices | Previous year=100% | Value at current prices | Previous year=100% | Value at current prices | In the same period of the previous year | |
| Billion HUF | 2 814 | 120.1 | 1 891 | 113.0 | 923 | 669 |
| Million EUR | 7 240 | 112.6 | 4 865 | 105.9 | 2 375 | 1 836 |
The increase in the surplus is mainly due to the rise in the balance of transport services by EUR 489 million.
Our surplus within the European Union trade grew by 70%, meaning EUR 476 million, the EUR 120 million improvement in the surplus registered with our most important trade partner, Germany significantly contributed to this trend.
In the case of the countries outside the EU, the balance improved by EUR 62 million, or 5.4%. The main reason of the moderate improvement was the EUR 267 million reduction of the balance surplus with the United Kingdom.