Published on: 30 August 2023

The surplus of the external trade in services in the 2nd quarter was EUR 2.7 billion

In the 2nd quarter of 2023 service exports calculated in EUR increased by 6.7%, their imports grew by 0.8% compared to the same period of the previous year. The surplus was EUR 2.7 billion, EUR 451 million more than in the 2nd quarter of 2022, slightly surpassing the previous record. Exports rised by 8.4%, imports by 5.2%, the surplus increased by EUR 354 million compared to the previous quarter.

In the 2nd quarter of 2023:

The value of exports amounted to EUR 7.8 billion (HUF 2.9 thousand billion), that of imports to EUR 5.1 billion (HUF 1.9 thousand billion). The surplus of the external trade in services added up to EUR 2.7 billion (HUF 1,0 thousand billion).

Among service groups, transport services contributed with EUR 918 million, travel with EUR 907 million to the surplus.

62% of our service exports and 71% of our service imports were transacted with EU Member States, generating a surplus of EUR 1.3 billion in this relation.

Germany continues to be our most significant partner in trade, with a 20% share of the total turnover. The second most important one, the United States, had a 9% part, while Austria, on the third place, contributed by 7.5% to our external trade in services.

The proportion of business services was 41% out of total service exports, (including 21% for other business services), followed by transport services with a 28% share, then travel with 21%. The role of business services was significant on the import side, too, accounting for 54% of total imports (including 30% for other business services), while the proportion of transport services was 25% and that of travel 15% in the total turnover.

In the 2nd quarter of 2023, year-on-year:

The value of service exports grew by 6.7% in EUR terms (by 3.1% in HUF), that of imports increased by 0.8% (meaning, however, a 2.6% decrease in HUF). The surplus exceeded the year-on-year excess by EUR 451 million (by HUF 138 billion).

The increase in the surplus is mainly due to the rise in the balance of travel services, and manufacturing services on physical inputs owned by others by EUR 137 million, and EUR 110 million.

Our trade surplus within the European Union grew by 22%, or EUR 234 million, originating, almost entirely, in the EUR 226 million improvement in the surplus registered with our most important trade partner, Germany.

In the case of the countries outside the EU, the surplus improved by EUR 217 million, by 18%. Moderate balance improvements have been registered with a number of partner countries (such as with Ukraine by EUR 42 million, with Switzerland, by EUR 34 million.)

January–June 2023:

The value of export amounted to EUR 15.1 billion (HUF 5.7 thousand billion), that of import to EUR 10.0 billion (HUF 3.8 thousand billion).

Value of external trade in services, January – June 2023

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 HUF5 740110.83 800104.61 9411 548
Million EUR15 088109.49 984103.25 1044 115

January–June 2023, compared to the same period of the previous year:

The value of export increased by 9.4% (EUR 1.3 billion) that of import by 3.2% (EUR 312 million).