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Foreign trade development in April and for the first four months of 2022
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Foreign trade development in April and for the first four months of 2022

Last update: 09.06.2022
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Foreign trade
Publish Date: 09.06.2022

Imports of goods has continued to grow rapidly, while exports has been slowed down by the driving force of the Slovak economy - the automotive industry

In April 2022, the foreign trade deficit exceeded the record value of EUR 500 million. In the long run, it is mainly affected by the deficit in trade in natural gas and oil, caused by rising prices of these commodities.

According to preliminary results, goods in the amount of EUR 7.7 billion were exported from Slovakia in April 2022, with a year-on-year growth of 5.5%. Export growth has continued for the sixth month in a row, mainly supported by higher year-on-year exports of oil, electricity and market products.

Imports of goods to Slovakia sharply increased by 14.5% to EUR 8.2 billion. The year-on-year rise in imports of goods continued to be influenced mainly by higher prices of purchased natural gas, but also hard coal. The values of imports have steadily continued to increase, year-on-year, since February last year, but the rate has been slowing down since the beginning of the year. While in January it was almost 30%, in April it is only less than half.

Illustrative image – graph

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The foreign trade balance was also in deficit in the amount of EUR 503.3 million in April 2022 and its amount is about the same as last month, when for the first time in the last decade it exceeded the value of half a billion per month. The surplus in trade of motor vehicles zeroed the deficit in trade of natural gas, oil and electricity.

As for the ten sections in the structure of exports, eight recorded a year-on-year increase in April this year, with growth ranging from 1.5% to 100.6%. The highest year-on-year increase was recorded by Mineral fuels (SITC 3), which also includes exports of electricity and petroleum products. Significant year-on-year export growth of approximately 36% was also reported by Chemicals (SITC 5). The most traded section of foreign trade - Machinery and transport equipment, which also includes car development, recorded a decrease of 10%. This also significantly slowed down the growth of total exports of goods from Slovakia. The value of exported goods was also the lowest in April this year.

Also in the import of goods to Slovakia, eight of the then sections recorded a year-on-year increase, from 4.4% to 107.1% in April 2022. In this case, as well as, the third largest section in imports - Mineral fuels (SITC 3), which includes, for example, imports of natural gas, oil and electricity, achieved the highest increase. Significant increases in this section has steadily continued since April last year. Imports of mineral fuels were currently almost twice as high as in April 2021, despite the fact that their value fell by almost 15% month-on-month.

Seasonally adjusted foreign trade data

After seasonally adjusted data, total exports of goods amounted to EUR 8.1 billion, with a year-on-year growth of 9.7% in April 2022. Total imports of goods increased by 19% to EUR 8.4 billion. The foreign trade balance was in deficit in the amount of EUR 293.1 million.

Development for the first four months of 2022 compared to the same period in 2021

In the first four months of this year, the value of goods in export rose by 9% to EUR 32.2 billion and in imports by 20.8% to EUR 33.7 billion year-on-year. The foreign trade balance was in deficit in the amount of EUR 1.6 billion. In the same period last year, it was in surplus in the amount of more than EUR 1.6 billion.

Exports to EU Member States increased by 13.3% in January-April 2022, compared to the same period in 2021, accounting for almost 82% of total exports. Imports from EU Member States accounted for 61% of total imports, up 12.9% year-on-year.

Exports to non-EU countries decreased by 6.9% in January to April 2022, compared to the same period in 2021 and accounted for 18.1% of total exports. Imports from non-EU countries represented 38.8% of total imports and increased by 35.6% year-on-year.

Machinery and transport equipment, as the most traded SITC section in foreign trade of the SR, represented 57% in total exports and 43.8% in total imports.

Note: The data are at current prices in the value of the FOB type, i.e. they include the transaction value of the goods and the value of services (e.g. transport, insurance, transhipment, storage of goods, etc.) associated with the delivery of goods to the border of the exporting country.

Detailed data will be published according to the first release calendar on 8 July 2022. 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 SR obtained within the customs procedure and INTRASTAT-SK reports provided by consignees and consignors. Seasonal analysis is performed by JDEMETRA+ software.

Data for EU are available excluding the United Kingdom since January 2020.

Data source: DATAcube. database:

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