Hungarian Service Exports Surge in Q2 2024

Hungarian service exports saw a significant surge in the second quarter of 2024, increasing by 5.5% compared to the same period in 2023. Service imports also rose, albeit at a slightly slower pace of 4.9%. This resulted in a surplus of €2.9 billion, representing an increase of €188 million compared to the second quarter of 2023. Tourism and transportation services were the main drivers of the surplus, contributing €925 million and €854 million, respectively. The majority of Hungary’s service exports and imports were conducted with European Union member states, generating a surplus of €1.4 billion. Germany remains the most significant trading partner, accounting for 21% of total service trade.