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Foreign trade development in March 2021 and in the first three months of 2021

Foreign trade development in March 2021 and in the first three months of 2021

Last update: 07.05.2021
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Foreign trade
Publish Date: 07.05.2021




In March 2021, Slovak exports broke a new record, exceeding the EUR 8 billion mark for the first time

In the third month, exports of goods from Slovakia increased by almost 40 % year-on-year and imports were higher by one fifth. The record values of foreign trade were mostly influenced by the driving force of the Slovak economy - automotive.

In March 2021, total exports of goods reached the value of EUR 8,2 billion, with a year-on-year growth by 38,7 %. Never in the history of an independent Slovakia have companies exported goods in such value to foreign markets per month as in March this year. Total imports increased by 20,6 % to EUR 7,63 billion. The value of imported goods was also record-high so far, only imports in November 2018 approached it, when goods in the amount of EUR 7,59 billion were imported to Slovakia. The foreign trade balance was in surplus in the amount of EUR 595,3 million, while a year ago, at the onset of the pandemic, the balance was in deficit - imports were higher than exports by EUR 398,8 million.

The balance of foreign trade with the states of the European Union improved year-on-year in March, the positive value was doubled to EUR 1,3 billion. With the non-EU member states, the balance is in long-term deficit, improving by one third compared to last year, to the level of EUR -672,4 million.

The record results are caused probably by the current increased demand for cars in the world, and the high year-on-year changes are partly due to the discontinued production of cars in mid-March last year after the outbreak of the coronavirus pandemic. Last March, there was a year-on-year decline in exports of machinery and transport equipment by 23 % and it slumped by half in April 2020.

Of the ten classes in the exports structure, seven showed a year-on-year increase in March this year, with growths ranging from 1,3 % to 53,8 % in case of the most traded class in the foreign trade of the Slovak Republic - Machinery and transport equipment (SITC 7), which also includes car export. The exports of this class to the EU member states were year-on-year higher by half (49,2 %) in March and to other countries by two thirds (by 66,6 %). The second most traded class of foreign trade - Market products (SITC 6) also showed a significant year-on-year increase in exports of approximately by 20 %. Three less significant foreign trade classes showed a decrease.

Imports grew year-on-year in six classes ranging from 2,3 % to 32,6 %. Even in imports, the most dynamic year-on-year increase was recorded in the class of Machinery and transport equipment, mainly due to the year-on-year growth of imports from EU countries by almost 42 %. The second most traded class - Market products showed an increase in imports by 13 %.

In March 2021, Slovak exports went by 35,5 % more year-on-year to the markets of the EU member states and exports to the rest of the world increased by more than a half. Exports to the 27 EU member states was 77 % and two thirds of the imported goods came from the EU countries.

For January and March 2021 compared with the corresponding period last year, total exports of goods increased by 14,3 % to EUR 21,9 billion and total imports by 5,9 % to EUR 20,6 billion. The foreign trade balance was in surplus in the amount of EUR 1,3 billion.  In January-March 2021, the total exports to the EU member states rose by 13,1 %, compared with the corresponding period last year and accounted for 78,6 % of the total exports. Imports from the EU Member States accounted for 66 % of total imports and increased by 7,1 % year on year.

The most traded SITC class in the foreign trade of the Slovak Republic was Machinery and transport equipment with a share of 65,3 % in total exports and 51,8 % in total imports.

Seasonally adjusted foreign trade data 1)

After seasonal adjustment of data in March 2021, the total export of goods reached the value of EUR 7,2 billion with a year-on-year growth by 41,4 %. The total imports of goods increased by 19,1 % to EUR 7,0 billion. The foreign trade balance was in surplus in the amount of EUR 212,5 million.


Note: Data are in current prices in FOB type value. Detailed data will be published according to the calendar of the first release on 9 June 2021. The information was prepared by the Statistical Office of the SR on the basis of data from the Customs Section of the Financial Directorate of the Slovak Republic obtained within the customs procedure and INTRASTAT-SK by the consignees and consignors of the goods.
Data for the EU have been without the United Kingdom since January 2020
1)
Seasonal analysis is performed by DEMETRA software.

 

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