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Foreign trade development in May 2021 and in the first five months of 2021
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Foreign trade development in May 2021 and in the first five months of 2021

Last update: 09.07.2021
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Foreign trade
Publish Date: 09.07.2021

 

 


Slovakia's exports in May 2021 increased by almost half year-on-year and reached also the pre-pandemic level

Exceeding the pre-Covid values was prevented by an almost 5 percent decrease in exports (compared to May 2019) of the most traded class - Machinery and transport equipment, which also includes the automotive industry. Seven out of ten classes in the export structure showed higher values than before the pandemic.

According to preliminary results, the total export of goods from Slovakia reached in May 2021 the value of EUR 6,9 billion with a year-on-year growth of 49,8 %. As a result of last year's high declines, we also recorded a significant growth in total imports of goods, which rose by 55,2 % to EUR 6,8 billion. Imports lagged behind pre-pandemic values ​​by 1,1 %. The foreign trade balance was in surplus in the fifth month of this year in the amount of EUR 142,7 million, by EUR 109,8 million lower than in the corresponding period last year, but significantly better than in the last pre-Covid year.

Of the ten classes in the structure of exports, eight showed a year-on-year increase in May this year, with growths ranging from 9,6 % to 67 % in case of the second most traded class in the foreign trade of the Slovak Republic - Market Products (SITC 6). Growth by half (51,3 %) compared to May 2020 was also recorded by the most traded class - Machinery and transport equipment (SITC 7), which also includes car exports. Only two less important classes recorded a decrease.

When importing goods to Slovakia, nine out of ten classes showed a year-on-year increase. Growth ranged from 4,4 % to 119,6 % in the Raw Materials class (SITC 2). The year-on-year growth of imports, by 62,7 %, was also reported by the class Machinery and transport equipment.

In May 2021, by 49 % more goods were directed to the markets of the EU member states than in the corresponding period last year, while exports to the rest of the world increased by more than half. Exports to the EU-27 accounted for 81 % of total exports, while two-thirds of imported goods were from the EU countries.

Development in the first five months of 2021 compared with the corresponding period in 2020

For January-May 2021, compared to the corresponding period last year, total exports of goods increased by 31,9 % to EUR 36,4, billion and total imports by 24,5 % to EUR 34,8 billion. The foreign trade balance was in surplus in the amount of EUR 1,6 billion. In the first five months of last year, the balance was in deficit, with imports of goods exceeding exports by EUR 354,8 million.

Exports to EU Member States in January-May 2021 increased by 30,4 % compared to the corresponding period last year and accounted for 79,2 % of total exports. Imports from EU Member States accounted for 66,2 % of total imports and increased by 27,3 % year-on-year.

Exports to non-EU countries in January-May 2021 increased by 38 % compared to the corresponding period last year and accounted for 20,8 % of total exports. Imports from non-EU countries accounted for 33,8 % of total imports and increased by 19,2 % 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 64,1 % in total exports and 50,8 % in total imports.

Seasonally adjusted foreign trade data

After seasonal adjustment of data, in May 2021, the total export of goods reached the value of EUR 7,1 billion, with a year-on-year growth by 50,3 %. Total imports of goods increased by 55,6 % to EUR 7,0 billion. The foreign trade balance was in surplus in the amount of EUR 84,4 million (by EUR 133,4 million lower than in May 2020).


Note: Data are in current prices in FOB type value. Detailed data will be published according to the calendar of the first release on 9th August, 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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