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Foreign trade development in August 2020 and and in the first eight months of 2020

Foreign trade development in August 2020 and and in the first eight months of 2020

Last update: 09.10.2020
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Foreign trade
Publish Date: 09.10.2020


In August, exports from Slovakia grew year-on-year for the third month in a row, the most significantly since February 2019

In August 2020, total exports of goods reached EUR 6 207,8 million, i.e. by EUR 315 million more than in the same period last year. Exports thus increased by 5,4 % year on year. This is the highest growth since February 2019, when exports of goods were 7,5 % higher year-on-year. More than three quarters of Slovak exports went to 27 EU countries. Year-on-year, exports to other EU countries increased by almost 3%, while exports to the rest of the world rose by almost 15%.

The overall growth was mainly influenced by exports in the section of Machinery and transport equipment (SITC 7), which also includes car exports. Exports in this segment increased by 13,5 % year-on-year and in August it represented more than 65 % of total exports. Compared to the same period last year, exports of oils and fats increased the most, but this forms only a small part of Slovak exports.

In August, total imports of goods decreased by 3,2 % year-on-year to EUR 5 872,4 million. EU imports represented more than 68 % of total imports, slightly more than a year ago. At the same time, imports from outside the EU fell by more than 4 percentage points. Imports in the section of Machinery and transport equipment, which represent more than half of imports, increased by 2,3 %. On the other hand, imports decreased the most in the sections of Mineral fuels (SITC3) and Industrial products (SITC8).

The August´s balance of foreign trade was in surplus in the amount of EUR 335,4 million. It was slightly lower than in July, but still significantly better than a year ago, when the balance was in deficit, i.e. imports were higher than exports by EUR 171,8 million.

In January to August 2020, compared to the same period last year, total exports of goods decreased by 12,1 % to EUR 46 052,4 million and total imports by 13 % to EUR 45 169,8 million. The balance of foreign trade was in surplus in the amount of EUR 882,5 mil. EUR (by EUR 398,6 million higher than in the same period last year).

The most traded SITC section in the foreign trade of the Slovak Republic was Machinery and transport equipment with a share of 61,9 % in total exports and 49,2 % in total imports.


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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