Surplus on external trade in services was EUR 810 million in the 4th quarter
In the fourth quarter of 2020 service exports and imports calculated in EUR decreased by 32% and 25% respectively compared to the same period of the previous year. The surplus was EUR 810 million, being EUR 855 million less than in the 4th quarter of 2019. The negative economic impact of the COVID-19 pandemic somewhat intensified on the export-, while toned down on the import side compared to the previous quarter. Exports decreased by 11% and imports grew by 5.9%.
In the 4th quarter of 2020:
The value of exports amounted to EUR 4.7 billion (HUF 1.7 thousand billion), that of imports to EUR 3.9 billion (HUF 1.4 thousand billion). The surplus of external trade in services added up to EUR 810 million (HUF 292 billion).
Among the service groups travel closed the last quarter of 2020 with a surplus of EUR 403 million, manufacturing services on physical inputs owned by others with EUR 314 million and transport services with EUR 285 million.
65% of our service exports and 72% of our service imports were transacted with EU countries, generating a surplus of EUR 272 million in this relation.
Our most important partner was Germany with 21% of the total turnover. Our second most important partner, the United States, had a share of 9.3 %, on the third place, Austria had an 8% proportion in external trade in services.
The proportion of business services was 53% of total service exports, (including 29% for other business services), followed by transport services with 24% and travel with 12%. The former service groups were dominant in terms of imports too. The share of business services was the most outstanding, accounting for 68% of total imports, (including 40% for other business services), while the share of transport services was 22% and that of travel 3.6%.
In the 4th quarter of 2020, compared to the same period of the previous year:
The value of service exports fell by 32% in terms of EUR (by 26% in HUF) and that of imports by 25% (by 19% in HUF). The surplus lowered by EUR 855 million (by HUF 261 billion) compared to the same period of the previous year.
The significant decrease in surplus can be explained primarily by the drop in the surplus of travel and transport services by EUR 507 and 362 million.
Our balance decreased by 66%, EUR 537 million in the trade with the European Union.
In the case of non-EU countries our balance fell by 37%, EUR 317 million, primarily due to our lowering export with the United States and the United Kingdom. Our surplus in external trade in services with the former dropped by 29% (EUR 58 million) and by 62% (EUR 176 million) with the latter.
In January – December 2020:
The value of exports amounted to EUR 19.7 billion (HUF 6.9 thousand billion) and that of imports to EUR 15.2 billion (HUF 5.3 thousand billion) in 2020.
Value of external trade in services, January-December 2020
| 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 | 6 918 | 77.9 | 5 327 | 85.0 | 1 592 | 2 617 |
| Million EUR | 19 730 | 72.3 | 15 177 | 78.9 | 4 553 | 8 041 |
January – December 2020 compared to the same period of the previous year:
The value of exports decreased by 28% (EUR 7550 million), that of imports by 21% (EUR 4061 million).
Update on data revision in external trade in services
Figures of Q1-Q4 2019 and Q1-Q3 2020 (manufacturing services on physical inputs owned by others, travel, maintenance and repair services, transport, business and government services) were modified based on company data adjustments. Compared to the previously published data, the value of exports increased by 0.9% and that of imports by 5.7% in 2019, while Q1-Q3 2020 exports increased by 1.8% and imports by 5.9%.