Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Despite Weakening Performance, Germany Remains Our Top Foreign Trade Partner

Despite showing signs of weakening, Germany still holds the position as our top foreign trade partner when it comes to the exchange of goods and services.
According to the latest figures from the Hungarian Central Statistical Office (KSH), 63% of our service exports and 74% of our imports were transacted with member countries of the European Union, resulting in a EUR 1.1 billion surplus in the fourth quarter of 2023. Compared to the same period of the previous year, service exports measured in euros increased by 5.8%, while imports saw a marginal rise of 0.2%. The surplus stood at EUR 2.6 billion, which is EUR 462 million more than in the fourth quarter of 2022.

Service trade surplus for the year 2023 reached EUR 11 billion, which is EUR 2.1 billion more than the previous year, as reported by the Hungarian Central Statistical Office (KSH).

Germany Still Reigns as Our Number One Trading Partner

In the fourth quarter of 2023:

* Exports to Germany were valued at EUR 8.5 billion (HUF 3.3 trillion), while imports were at EUR 5.9 billion (HUF 2.3 trillion).

* The service trade surplus accounted for EUR 2.6 billion (HUF 1 trillion).

* Among service groups, business services contributed EUR 594 million, transportation services EUR 580 million, and tourism EUR 903 million to the surplus of the fourth quarter of 2023.

Exports of services to European Union countries accounted for 63%, while imports were at 74%, generating a surplus of EUR 1.1 billion.

Germany continues to be our primary partner, accounting for 21% of our total trade turnover. The United States followed as the second most significant partner with 9.7%, while Austria ranked third with 7.8% of trade participation.

* In service exports, business services made up 47% (with other business services at 26%), followed by transportation services at 23%, and tourism with a 20% share. Business services also led in import significance with a 58% share (other business services at 32%), while transportation services made up 23%, and tourism accounted for 14% of the total import turnover.

What Happened in the Third Quarter of 2023?

* Service exports registered a growth of 14% and imports by 9.8% in comparison to the same period the previous year.

* The surplus amounted to EUR 3.3 billion, which is EUR 616 million higher than the year prior.

* Compared to the previous quarter, exports increased by 17%, imports by 15%, and the surplus grew by EUR 604 million.

* Tourism contributed EUR 1.4 billion, transportation EUR 889 million, and business services EUR 523 million to the third-quarter surplus.

From January to September, the value of exports increased by 11% (EUR 2.4 billion), and imports by 5.6% (EUR 835 million) compared to the same period of the previous year.

Switzerland Recorded The Highest Improvement in Trade Balance

In the fourth quarter of 2023, compared to the previous year:

* The value of service exports grew by 5.8% in euros (a decrease of 1.6% in forints), and the value of imports rose by 0.2% (a decrease of 6.9% in forints). The surplus exceeded the previous year's figure by EUR 462 million (HUF 114 billion).

* The moderate surge in the surplus was mainly due to the improvements in the balance of tourism and contract manufacturing services by EUR 270 million and EUR 135 million, respectively, although it is important to note the decrease of EUR 20 million in the balance of transportation services.

* Our trade balance with EU countries became more favorable by 23%, or EUR 201 million, significantly contributed by improvements in our trade balance with Germany and Ireland by EUR 116 million and EUR 60.4 million, respectively.

* For non-EU countries, the surplus rose by EUR 261 million, an increase of 20%, with the most significant gain of EUR 154 million recorded against Switzerland.

In 2023:

* The value of exports was EUR 33.7 billion (HUF 12.9 trillion), while that of imports was EUR 22.7 billion (HUF 8.7 trillion).

* Compared to the previous year, the value of exports increased by 11.6% (EUR 3.5 billion), and that of imports by 6.7% (EUR 1.4 billion).

Quarterly Data Revised

The data for the first through fourth quarters of 2022 and the first through third quarters of 2023 including contract manufacturing service fees, tourism, repair and maintenance, transportation, business, and government service data have been adjusted based on corporate data corrections. Compared to previously published euro figures, the 2022 export value has been adjusted up by 2.4%, imports by 4.1%, while for the first three quarters of 2023, exports increased by 3.4% and imports by 6.0%.
Newsletter

Related Articles

0:00
0:00
Close
Unelected PM of the UK holds an emergency meeting because a candidate got voted in… which he says is a threat to democracy…
Farmers break through police barriers in Brussels.
Ukraine Arrests Father-Son Duo In Lockbit Cybercrime Bust
US Offers $15 Million For Info On Leaders Of Cybercrime Group Lockbit
Apple warns against drying iPhones with rice
Alexei Navalny: UK sanctions Russian prison chiefs after activist's death
German economy is in 'troubled waters' - ministry
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Tucker Carlson says Boris Johnson wants "a million dollars, in Bitcoin or cash, from Tucker Carlson to talk about Ukraine.
Russia is rebuilding capacity to destabilize European countries, new UK report warns
EU Commission wants anti-drone defenses at Brussels HQ
Von der Leyen’s 2nd-term pitch: More military might, less climate talk
EU Investigates TikTok for Child Safety Concerns
EU Launches Probe Into TikTok Over Child Protection Under Digital Content Law
EU and UK Announce Joint Effort on Migration
Ministers Confirm Proposal to Prohibit Mobile Phone Usage in English Schools
Avdiivka - Symbol Of Ukrainian Resistance Now In Control Of Russian Troops
"Historic Step": Zelensky Signs Security Pact With Germany
"Historic Step": Zelensky Signs Security Pact With Germany
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Tucker Carlson grocery shopping in Russia. This is so interesting.
France and Germany Struggle to Align on European Defense Strategy
‘A lot higher than we expected’: Russian arms production worries Europe’s war planners
Greece Legalizes Same-Sex Marriage and Adoption Rights
Russia "Very Close" To Creating Cancer Vaccines, Says Vladimir Putin
Hungarian Foreign Minister: Europeans will lose Europe, the Union's policy must change drastically
Microsoft says it caught hackers from China, Russia and Iran using its AI tools
US Rejects Putin's Ceasefire Offer in Ukraine
The Dangers of Wildfire Smoke and Self-Protection Strategies
A Londoner has been arrested for expressing his Christian beliefs.
Chinese Women Favor AI Boyfriends Over Humans
Greece must address role in migrant vessel disaster that killed 600: Amnesty
Google pledges 25 million euros to boost AI skills in Europe
Hungarian President Katalin Novák Steps Down Amid Pardon Controversy
Activist crashes Hillary Clinton's speech, calls her a 'war criminal.'
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Trudeau reacts to Putin's mention of Canadian Parliament applauding a former Ukrainian Nazi in his interview with Tucker Carlson.
The Spanish police blocked the farmers protest. So the farmers went out and moved the police car out of the way.
Volodymyr Zelenskiy fires top Ukraine army commander
Tucker Carlson's interview with Vladimir Putin raises EU concerns
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
Russia's Economy Expands by 3.6% Due to Increased Military Spending
Ukraine MPs Vote To Permit Use Of Dead Soldiers' Sperm
German Princess Becomes First Aristocrat To Pose Naked On Playboy Cover
UK’s King Charles III diagnosed with cancer
EU's Ursula von der Leyen Confronts Farmer Protests Amid Land Policy Debates
Distinguishing Between Harmful AI Media and Positive AI-Generated Content: A Crucial Challenge for the EU
Tucker Carlson explains why he interviewed Putin
Dutch farmers are still protesting in the Netherlands against the government, following the World Economic Forum's call for 'owning nothing.'
Hungarian Prime Minister Viktor Orbán stands up for European farmers and says, 'Brussels is suffocating European farmers.
×