The surplus of the external trade in services in the 2nd quarter was EUR 2.9 billion
Service exports calculated in EUR increased by 5.5% in the 2nd quarter of 2024, their imports grew by 4.9% compared to the same period of the previous year. The surplus was EUR 2.9 billion, EUR 188 million more than in the 2nd quarter of 2023. Exports rose by 12%, imports by 7.6%, the surplus increased by EUR 498 million compared to the previous quarter.
In the 2nd quarter of 2024:
The value of exports amounted to EUR 8.7 billion (HUF 3.4 thousand billion), that of imports to EUR 5.8 billion (HUF 2.3 thousand billion). The surplus of the external trade in services added up to EUR 2.9 billion (HUF 1.1 thousand billion).
Among service groups, travel contributed with EUR 925 million, transportation services with EUR 854 million to the surplus.
65% of our service exports and 73% of our service imports were transacted with EU member states, generating a surplus of EUR 1.4 billion in this relation.
Germany continues to be our most significant partner in trade, with a 21% share of the total turnover. The United States is in the second, and Austria is in the third place, with shares of 8.7; and 7.5% in our external trade in services.
The proportion of business services was 42% out of total service exports, (including 21% for other business services), transport services’ contribution was significant, too, with a 27% share, and travel with 21%. Business services dominated on the import side, too, accounting for 54% of total imports (including 29% for other business services), while transport services had a 26% travel a 16% share in the total import turnover.
In the 2nd quarter of 2024, year-on-year:
The value of service exports grew by 5.5% in EUR terms (by 11% in HUF), that of imports increased by 4.9% (by 10% in HUF). The surplus exceeded the year-on-year excess by EUR 188 million (by HUF 124 billion).
The increase in the surplus is mainly due to the rise in the balance of manufacturing services on physical inputs owned by others by EUR 72 million, that of repair and maintenance services by EUR 45 million as well as the increase in the surplus of transport services by EUR 36 million.
Our trade balance within the European Union grew by 29%, or EUR 319 million, primarily due to the surplus growth of EUR 80 million with Germany, EUR 76 million in the balance with Malta, and EUR 51 million in the surplus registered with Austria.
In the case of the countries outside the EU, the surplus decreased by EUR 132 million, by 8.0%. The change is mostly due to a decrease in the balance with the United Kingdom and the United States of EUR 205 million, and EUR 46 million.
January–June 2024:
The value of export amounted to EUR 16 billion (HUF 6.4 thousand billion), that of import to EUR 11 billion (HUF 4.3 thousand billion).
Value of the external trade in services, January – June 2024
| 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 HUF | 6 427 | 107.3 | 4 349 | 106.9 | 2 078 | 1 923 |
| Million EUR | 16 484 | 104.6 | 11 155 | 104.3 | 5 329 | 5 058 |
January–June 2024, compared to the same period of the previous year:
The value of export increased by 4.6% (EUR 732 million) that of import grew by 4.3% (EUR 461 million).