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Foreign trade development in December 2020 and in the twelve months of 2020

Foreign trade development in December 2020 and in the twelve months of 2020

Last update: 08.02.2021
ilustratívny obrázok/illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Foreign trade
Publish Date: 08.02.2021



Slovakia's exports and imports rose, year-on-year, in the last month of last year, most markedly since 2019

The foreign trade balance was unusually in surplus in December 2020, most recently the balance of December was in positive numbers in 2015. For the whole year, exports finally fell by only 6 %, and the yearly balance is also markedly positive due to a higher decline in imports.

In December 2020, the total exports of goods reached the value of EUR 6,5 billion, which represents a year-on-year increase of 12,5 %, i.e. the highest growth in 2020. For the second month in a row, the total imports of goods also increased, it rose by 9,6 % to EUR 6,3 billion in the last month of the previous year. The foreign trade balance was in surplus in the amount of EUR 158,7 million, which is significantly less than in previous months, but an unusually high value for the last month of the year. This is the highest value of December since 2010. The largest impact on the December's  balance was mainly due to increased car exports, while its value was reduced by a higher deficit in the class of chemical and mineral fuels.

In exports from ten classes of foreign trade, last year's values ​​did not reach three, and only those that are less significant in terms of share. In other components - classes, exports grew from 2,5 % ​​to 24,2 %. The most important of these, machinery and transport equipment (SITC7), which also includes car exports, achieved the highest year-on-year growth for the whole year, namely 16,2 %. Exports to EU member states in this class increased by 7 % after the November's decline. Almost 70,4 % of exports of machinery and transport equipment went to the 27 EU countries. Exports to the rest of the world increased by 46 %.

Imports of goods to Slovakia were higher year-on-year in six of the ten traded classes from 2,7 % to 46,2 %. Machinery and transport equipment showed the highest year-on-year growth of 13,1 % last year also in the import of goods. Imports of mineral fuels fell the most by 16,7 %.

Development in 2020 compared to 2019

In summary, from January to December 2020, compared to the same period in 2019, the total exports of goods decreased by 6 % to EUR 75,5 billion and the total imports by 8,2 % to EUR 72,8 billion. The balance of foreign trade was in surplus in the amount of EUR 2,7 billion (by EUR 1,7 billion higher than in the same period of 2019).

In January to December 2020, exports to EU Member States decreased by 7,3 % compared to the same period of 2019 and accounted for 78,4 % of total exports. Imports from EU Member States accounted for 67,1 % of total imports and fell by 5,8 % year on year.

In January to December 2020, exports to non-EU countries decreased by 1,2 % compared to the same period of 2019 and accounted for 21,6 % of total exports. Imports from non-EU countries accounted for 32,9 % of total imports and fell by 12,7 % year on year.

The most traded SITC class of the foreign trade of the Slovak Republic was machinery and transport equipment representing 64 % in the total exports and 50,6 % in the total imports. Although car manufacturers in Slovakia have been trying to catch up with interrupted production during the first wave of the corona crisis since June 2020 and reached the highest export values ​​in the last decade in October and November, the total exports of this class fell by 3,7 % year-on-year in 2020.

Seasonally adjusted foreign trade data

After the seasonal adjustment of data in December 2020, the total export of goods reached the value of EUR 7,2 billion., with a year-on-year growth of 6,7 %. The total imports of goods increased by 7,1 % to EUR 6,8 billion. The foreign trade balance was in surplus in the amount of EUR 418,5 mil. (by EUR 1,8 million higher than in December 2009).

Note: Data are preliminary, at current prices, in the FOB-type value. Detailed data will be published, according to the First Release Calendar, on 11th March 2021. 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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