External trade and balance of payments

External trade statistics are made up of two main areas. Goods trade statistics collect data on the movement of physically existing goods among countries, while external services trade statistics take account of international trade in typically intangible services (e.g. travel, transport). Although services account for the larger part of production, some four-fifths of external trade is in goods. The difference is due to the differing degrees of storability and transportability. The balance of payments is a statistical statement that systematises the economic transactions of a particular country with the rest of the world in a particular period.

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Surplus on external trade in goods amounts to EUR 155 million in May, External trade in goods, May 2020 (first estimate)

In EUR terms, the value of exports decreased by 29% and that of imports by 25% in May 2020 compared to the same period of the previous year. The balance of external trade in goods deteriorated by EUR 491 million. As an impact of the COVID-19 epidemic, a significant fall was observed in both directions of external trade in goods compared to the same period of the previous year, however, its extent was lower than in April 2020.

Surplus on external trade in services was EUR 1.7 billion in the 1st quarter, External trade in services, 1st quarter 2020

In the first quarter of 2020 service exports and imports calculated in EUR decreased by 6.9% and 3.9% respectively, compared to the same quarter of the previous year. The surplus was EUR 1.7 billion, EUR 253 million less than in the first quarter of 2019. The economic effects of the coronavirus epidemic are perceptible in several fields of the external trade in services.

Hungary's external trade in 2019

The corona virus epidemic reached global levels in March 2020. The government's and enterprises' measures implemented to mitigate risks influence substantially Hungary's external trade size and structure. The majority of the countries mostly hit by the epidemic belong to Hungary's main partners in external trade in goods. Germany had an outstanding share of 27% of the total trade in goods, the proportion of France, China, Italy and Spain was 2–5% each in 2019.

Dissemination of European Statistics after Brexit in statistical publications

On 1 February 2020, a withdrawal agreement entered into force between the European Union and the United Kingdom (Brexit). Reducing the EU to 27 member states significantly changes aggregated (average, total, etc.) EU data. However, due to the different purposes of use, consideration should be given to the simultaneous communication of old and new aggregates, and the back-calculation of time series for the new composition is also an issue to be addressed. Taking all this into account, it is necessary to restructure the publication of EU statistics.