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Foreign trade development in September 2020 and in the first nine months of 2020

Foreign trade development in September 2020 and in the first nine months of 2020

Last update: 09.11.2020
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Foreign trade
Publish Date: 09.11.2020



In September, Slovakia's foreign trade showed the second highest surplus since 2010 due to the manufacture of motor vehicles, semi-trailers and trailers. Compared to the corresponding period last year, exports from Slovakia were higher for the fourth month in a row and in September they reached the highest value this year. Imports continued to be lower year-on-year.

In September 2020, exports of goods from Slovakia exceeded the total imports by EUR 707,9 million, which is the second highest value after this June´s record in the last 10 years. The biggest impact on the September balance had mainly the increased car exports.

According to the preliminary results of the Statistical Office of the Slovak Republic, the total export of goods reached the value of EUR 7,3 billion, with a year-on-year growth by 3,4 %. In September, total imports of goods were lower by 4,9 % year-on-year and reached EUR 6,5 billion. The high value of the foreign trade surplus in September was two times higher than in August and five times as high as in the corresponding period last year.

Exports were particularly successful in the Machinery and Transport Equipment section (SITC 7), including also car exports. The year-on-year export growth in this section at 11,8 % is the second highest this year. In September, exports in this section were higher by EUR 1,3 billion than imports. It is the most important component of Slovak foreign trade. Machinery and transport equipment accounted for 66,8 % of September's exports in the Slovak Republic and 53,6 % of imports. The second most traded SITC section in the foreign trade of the Slovak Republic - Market Products (SITC 6) also had a positive balance in September, which includes, for example, iron and steel, metal products, rubber and articles thereof. The other classes showed a negative balance, i.e. their exports were lower than imports.

In September, Slovakia exported goods worth in the amount of EUR 5,6 billion to the markets of the member states of the European Union and the value of imports from these countries was  EUR 4,6 billion. Year-on-year, exports to these markets was strengthened by 0,8 % and imports by 1,7 %. In September, compared to last year, exports to non-EU countries also increased by 13,6 % and imports from these countries decreased by 17,4 %.

In summary, from January to September 2020, compared to the corresponding period last year, total exports of goods were lower by 10,2 % and reached the value of EUR 53,3 billion, total imports were lower by 11,9 % at EUR 51,8 billion. The foreign trade balance was in surplus in the amount of EUR 1,5 billion (by EUR 917,4 million higher than in the corresponding period last year).

Exports to the EU Member States in January to September 2020 were lower by 10,6 % than in the corresponding period last year and accounted for 79 % of the total exports. Imports from the EU Member States accounted for 67 % of the total imports and it decreased by 10,1 % year-on-year.

Exports to the non-EU countries in January to September 2020 decreased by 8,8 % compared to the corresponding period last year and accounted for 21 % of total exports. Imports from the non-EU countries accounted for 33 % of total imports and fell by 15,4 % year-on-year.

The most traded SITC section in the foreign trade of the Slovak Republic in the first nine months of 2020 was Machinery and transport equipment with a share of 62,6 % in total exports and 49,6 % in total imports.

Seasonally adjusted foreign trade data

After seasonally adjusted data in September 2020, total exports of goods reached the value of EUR 7 017,9 million, with a year-on-year growth by 6,1 %. Total imports of goods decreased by 7,3 % to EUR 6 210,7 million. The foreign trade balance was in surplus in the amount of EUR 807,3 million.


Note: data are preliminary, at current prices, in the FOB-type value. Detailed data will be published, according to the First Release Calendar, on 9th November 2020. Information was processed by the Statistical Office of the SR on the basis of data from the Customs Section of the Financial Directorate of the SR obtained within the customs clearance and INTRASTAT-SK declarations, which are provided by consignee and consignor of goods.
The seasonal analysis is carried out by the DEMETRA software. EU data are available from January 2020 excluding the UK.

 

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  • Slovak Republic
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