The surplus on external trade in services was EUR 3.5 billion in the 3rd quarter
In the third quarter of 2024, service exports calculated in EUR were 4.2% and their imports 1.9% higher than in the same period of the previous year. The surplus was EUR 3.5 billion, EUR 280 million more than in the third quarter of 2023, higher even than the record in the corresponding period of the previous year. Exports were 13%, imports 7.9% and the surplus EUR 631 million higher than in the previous quarter.
In the 3rd quarter of 2024:
The value of exports amounted to EUR 9.8 billion (HUF 3.9 thousand billion) and that of imports to EUR 6.2 billion (HUF 2.5 thousand billion). The surplus on external trade in services added up to EUR 3.5 billion (HUF 1.4 thousand billion).
Among service groups, travel contributed with EUR 1,533 million, transport services with EUR 784 million and business services with EUR 621 million to the surplus.
68% of our service exports and 74% of our service imports were transacted with EU member countries, generating a surplus of EUR 2.0 billion in this relation.
Germany continued to be our most important partner in trade, with a 20% share of total trade. Austria ranked second and the United States third, with 7.8% and 7.6% of service trade attributed to them, respectively.
Business services accounted for 38% (other business services within this category for 19%) of total service exports, in addition, the 28% share of travel and the 25% share of transport services were also significant.
Business services dominated imports too, with 49% (the proportion of the included other business services being 27%), while transport services had a share of 27% and travel 20% of total imports.
In the 3rd quarter of 2024, compared to a year earlier:
The value of service exports grew by 4.2% and that of service imports by 1.9% in EUR terms (in HUF terms, service exports by 7.1% and service imports by 4.7%). The surplus exceeded the surplus in the same period of the previous year by EUR 280 million (HUF 144 billion).
The main contributors to the increase in the surplus were an improvement of EUR 96 million in the balance of manufacturing services on physical inputs owned by others, of EUR 93 million in the balance of business services and of EUR 90 million in the balance of travel.
Our surplus on the trade with the European Union rose by 13% or EUR 227 million, which was primarily due to growths of EUR 141 million and EUR 91 million in the balance of our trade with Germany and Malta, respectively.
In the case of non-EU countries, the surplus increased by EUR 53 million or 3.6%. This change was mostly driven by increases of EUR 140 million and EUR 29 million in the balance of our trade with the United States and Hong Kong, respectively.
January–September 2024:
The value of exports amounted to EUR 26 billion (HUF 10.3 thousand billion) and that of imports to EUR 17 billion (HUF 6.8 thousand billion).
Value of external trade in services, January–September 2024
| Description | Exports | Imports | Balance | |||
|---|---|---|---|---|---|---|
| value at current prices | same period of previous year = 100% | value at current prices | same period of previous year = 100% | value at current prices | in same period of previous year | |
| Billion HUF | 10,283 | 107.2 | 6,808 | 106.1 | 3,475 | 3,175 |
| Million EUR | 26,266 | 104.5 | 17,393 | 103.4 | 8,872 | 8,322 |
January–September 2024, compared to a year earlier:
The value of exports was up by 4.5% (or EUR 1,129 million) and that of imports by 3.4% (or EUR 579 million).