Less travel, fewer trucks? Why some services are shrinking fast
Service exports calculated in EUR decreased by 3.6%, and imports by 2.6% in the 1st quarter of 2025, compared to the same period of the previous year. The surplus reached EUR 2.2 billion, EUR 141 million less than in the 1st quarter of 2024. Export value lessened by 11%, that of import by 9.0%, generating EUR 446 million lower surplus compared to the 4th quarter of 2024.
In the 1st quarter of 2025 the value of exports amounted to EUR 7.8 billion (HUF 3.2 thousand billion), that of imports to EUR 5.6 billion (HUF 2.3 thousand billion). The surplus of the external trade in services added up to EUR 2.2 billion (HUF 901 billion).
Among service groups, transport services contributed with an amount of EUR 650 million, travel services with EUR 625 million, manufacturing services on physical inputs owned by others with EUR 491 million to the surplus of the 1st quarter of 2025.
64% of our service exports, 73% of our service imports were transacted with EU member states, generating a surplus of EUR 955 million in this relation.
Germany remained our primary trading partner, accounting for 18% of the total turnover. The United States ranked second, followed by Austria, with their shares in service trade amounting to 8.4% and 8.2%.
The proportion of business services accounted for 44% of total service exports (including 22% for other business services), transport services also had a significant share, 28% as well as travel services, with 17%.
In terms of imports, business services also had a dominant share, accounting for 56% (including 28% for other business services), while transport services accounted for 27%, and travel for 13% of total service imports.
In the 1st quarter of 2025, year-on-year the value of service exports and imports decreased by 3.6% and 2.6% in EUR terms, (increasing by 0.6% and 1.7% in HUF terms). The surplus was EUR 141 million (HUF 17 billion) lower compared to the same period of the previous year.
The decline in the surplus was primarily driven by a deterioration in the balance of transport services (EUR –139 million), business services (EUR –46 million), partially offset by an improvement in the balance of travel services (EUR +78 million).
In the turnoverwith the EU member states, our surplus decreased by EUR 147 million. The largest balance deteriorations were observed in trade with Malta and Austria (EUR –47 million each), as well as with Slovakia (EUR –35 million).
In the case of non-EU countries, the surplus increased by only EUR 5.6 million. The most significant improvement was recorded in relation to the United Kingdom (EUR +103 million), offset by a deterioration in the trade with the United States and Russia, with EUR 63 million in both cases.
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