The surplus of the external trade in services in the 1st quarter was EUR 2.4 billion
Service exports and imports calculated in EUR increased equally by 3.7% in the 1st quarter of 2024, compared to the same period of the previous year. The surplus reached EUR 2.4 billion, EUR 83 million more than in the 1st quarter of 2023. Exports fell by 8.7%, imports by 8.9% and the surplus was EUR 217 million lower compared to the previous quarter.
In the 1st quarter of 2024:
The value of exports amounted to EUR 7.8 billion (HUF 3.0 thousand billion), that of imports to EUR 5.4 billion (HUF 2.1 thousand billion). The surplus of the external trade in services added up to EUR 2.4 billion (HUF 938 billion).
Among service groups, transport services contributed with an amount of EUR 748 million, travel services with EUR 564 million, manufacturing services on physical inputs owned by others with EUR 523 million to the surplus of the 1st quarter of 2024.
65% of our service exports, 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 number one partner in trade, with a 20% share in the total turnover. The second most important partner, the United States of America, had a 7.9% part, while Austria, on the third place, had an 7.8% share in the external trade in services.
The proportion of business services was 45% out of total service exports (including 23% for other business services), followed by transport services with 27%, then travel with a 17% share. The proportion of business services was the most relevant on the import side, too, accounting for 56% of total imports (including 31% for other business services), while the share of transport services was 26% and that of travel was 14% in the total import turnover.
In the 1st quarter of 2024, year-on-year:
The value of service exports and imports grew equally by 3.7% in EUR terms (the increase being 3.6% in HUF terms in both trade directions). The surplus outpaced the year-on-year excess by EUR 83 million (by HUF 31 billion).
Value of the external trade in services, January-March 2024
| Export | Import | Balance | ||||
|---|---|---|---|---|---|---|
| Denomination | Value at current prices | The previous year=100% | Value at current prices | The previous year=100% | Value at current prices | In the same period of the previous year |
| Billion HUF | 3 024 | 103,6 | 2 086 | 103,6 | 938 | 906 |
| Million EUR | 7 789 | 103,7 | 5 374 | 103,7 | 2 415 | 2 332 |
The moderate increase in the surplus is mainly explained by the rise in the balance of business services and manufacturing services on physical inputs owned by others by EUR 94 and EUR 54 million, which offset the decrease of EUR 108 million in the balance of travel.
Our surplus within the European Union turnover improved by EUR 271 million, the largest balance improvements were observed in our trade with Germany (EUR 104 million) and Malta (EUR 87 million).
In the case of the countries outside the EU, the balance decreased by EUR 188 million, the largest balance deterioration (EUR 180 million), was registered in the relation with the United Kingdom.