Slight Increase in Hungarian Service Exports

In the 4th quarter of 2024, service exports calculated in EUR increased by 0.4%, their imports lessened by 1.6% compared to the same period of the previous year. The surplus amounted to EUR 2.7 billion, exceeding the 4th quarter value of 2023 by EUR 137 million, Hungary's Central Statistical Office (KSH) reported this Monday.

In comparison to the previous quarter, the export value lessened by 11%, the import one by 4.9%, leading to a reduction of EUR 819 million in the balance.

In the 4th quarter of 2024:
The value of export amounted to EUR 8.8 billion (HUF 3.6 thousand billion), that of import to EUR 6.2 billion (HUF 2.5 thousand billion). The surplus of the external trade in services added up to EUR 2.7 billion (HUF 1.1 thousand billion).

Among service groups, travel services contributed with an amount of EUR 833 million, transport services with EUR 653 million, business services with EUR 641 million to the surplus.

64% of our service exports, 74% of our service imports were transacted with EU member states, generating a surplus of EUR 1.1 billion in this relation.

Germany remained our most important trading partner, accounting for 20% of total turnover. The United States ranked second, followed by Austria in the third place, service trade with these countries amounting to 8.1%, and 7.1%.

The proportion of business services was 48% out of total service export, (including 25% for other business services), transport services also had a significant share of 25%, while travel services contributed with 18%.

Business services dominated on the import side too, accounting for 58% of total import (including 31% for related other business services), while the proportion of transport services was 25%, and that of travel 12%.

In the 4th quarter of 2024, year-on-year:
Service export value grew by 0.4% in EUR terms (7.1% in HUF), that of import decreased by 1.6% (increasing by 4.9% in HUF). The surplus exceeded the year-on-year excess by EUR 137 million (by HUF 120 billion).

The increase in the surplus was primarily driven by an improvement in the balance of business services, by EUR 138 million, and in transport services by EUR 68 million, while the balance of certain other services (including tourism, which declined by EUR 52 million) deteriorated.

Our surplus in EU trade was EUR 135 million higher, primarily driven by a balance improvement of EUR 103 million with Germany and EUR 48 million with Cyprus.

In the case of non-EU countries the balance improved merely by EUR 2 million. Among the most significant factors underlying the change, the EUR 24 million balance improvement with both China and Japan, as well as the EUR 35-37 million balance decline with Indonesia and the Republic of Korea stand out.