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Foreign trade – preliminary results in October and detailed data in the first nine months of 2023
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Foreign trade – preliminary results in October and detailed data in the first nine months of 2023

Last update: 08.12.2023
Ilustratívny obrázok/Illustrative image
Publisher: Statistical Office of the SR
Topic: Macroeconomic statistics
Domain: Foreign trade
Publish Date: 08.12.2023

Slovakia's foreign trade is in surplus for the ninth consecutive month, in October it amounted to EUR 548 million

The positive development of the trade balance was mainly affected by a lower deficit in trade with energy commodities and higher surplus in trade with market products, which include products from sectors such as metal processing, metallurgy, and rubber.

In October, the value of both, exports and imports, was the highest since March of this year. According to preliminary results, goods in the amount1)  of EUR 9.9 billion were exported from Slovakia. Exports thus returned to a year-on-year growth after September's slight decline, currently by 2.9%. Imports of goods decreased by 1% to EUR 9.3 billion. Imports were lower compared to the same period last year for the fourth consecutive month and were mainly affected by a decrease in the value of imports of energy commodities. The balance of foreign trade was positive in the amount of EUR 548.1 million, which was a better result by more than EUR 369 million compared to the same period last year.

Illustrative image – graph

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As part of improving data quality, the Statistical Office of the Slovak Republic extended the sources of data on imports and included in the statistical outputs data on natural and legal persons non-registered for VAT who bought goods remotely (e.g. via the Internet) within the EU. New data have been incorporated into statistical outputs since January 2022.

Of the ten sections in the export structure, six of them recorded a year-on-year growth. In October, the most traded section of foreign trade Machinery and transport equipment (SITC 7), which also includes the export of cars, had a significant impact on the development of the entire export. The value of exported goods in this section was by 8.3% higher year-on-year. The year-on-year increase in this section has continued continuously since the beginning of this year.

In the structure of imports, five out of ten sections recorded a year-on-year increase. In October, the decrease in total imports also was mainly influenced by a fall in the value of imports in the section of Mineral fuels (SITC 3), which also includes oil, electricity and natural gas. The value of imported goods in this section was lower by almost 31% year-on-year. An even more significant decrease in total imports was prevented by higher imports of the section of Machinery and transport equipment (SITC7), which also includes motor vehicle parts. The value in this section was higher by 9% year-on-year.

The most traded section of SITC in foreign trade of the Slovak Republic was Machinery and transport equipment with a share of 63.8% of total exports and 48.6% of total imports.

77.7% of Slovak exports and 64.6% of imports went to EU member states2). Exports to EU member states increased year-on-year by 2.8% in October. Imports from EU member states increased by 5.7%. Exports to non-EU countries increased year-on-year by 3.2% and imports decreased by 11.2%.

Preliminary data from January till October 2023

From January till October 2023, compared to the same period in 2022, exports increased by 6.8% to EUR 91.3 billion and imports decreased by 0.8% to EUR 87.1 billion. The balance of foreign trade was positive in the amount of EUR 4.2 billion. In the first ten months of 2022, the balance was negative in the amount of EUR 2.3 billion.

Adjusted detailed data from January till September 2023

In total, from January till September 2023, compared to the same period in 2022, exports increased by 7.3% to EUR 81.5 billion and imports decreased by 0.7% to EUR 77.8 billion. The balance of foreign trade was positive in the amount of EUR 3.7 billion, last year the balance of foreign trade ended with a deficit of EUR 2.5 billion in the first nine months.

Outputs on the topic of foreign trade

Classifications of foreign trade

Foreign trade statistics are compiled in four different classifications. The Combined Nomenclature (CN) is the primary nomenclature used by all EU member states to report foreign trade in goods when collecting data. It is based on the Harmonized System (HS) of description and numbering of goods and is subject to annual revisions that ensure their timeliness. It is divided into sections (indicated by Roman numerals), chapters (HS2), headings (HS4) and sub-headings (HS6) of the Harmonized System of which a sub-heading of the combined nomenclature (CN8) is created by adding two more digits.

Converters allow to transpose detailed data collected under the CN to other classifications, such as:

  • Standard International Trade Classification (SITC), which correlates with sub-headings of the Harmonized System,
  • Classification according to the Broad Economic Categories (BEC), which categorizes goods into economic categories with regard to their final use,
  • Statistical Classification of Products by Activity (CPA), which allows linking products that have common characteristics with activities defined by NACE.

Preliminary data

They are published monthly no later than 6 weeks after the end of the reference month, according to the First Release Calendar in the SITC classification, Rev. 4. (at the level of 10 basic sections).

Adjusted detailed data

They are published monthly with shifting the deadline by 1 month (about 70 days after the end of the reference month) according to the Harmonized System (in the HS4 structure - approximately 1,200 headings of goods) and according to partner countries.

 

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  • Statistical Office of the SR
  • Lamačská cesta 3/C
  • 840 05 Bratislava 45
  • Slovak Republic
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  • +421 2 50 236 335
  • e-mail: info@statistics.sk

While publishing of the whole information report or its parts, please state the source of information, the Statistical Office of the Slovak Republic. The Statistical Office of the SR creates high-quality statistics useful for society according to 16 principles regarding the institutional environment, statistical processes and outputs in line with the Code of Practice for European Statistics.


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