Slovak foreign trade ended last year with a surplus of EUR 3 billion, it dropped by almost a third year-on-year

The value of exported goods was lower in 2024 compared to the previous year. The decrease was mainly influenced by the weaker export of cars. Imports remained at approximately the same level. In December, the balance of foreign trade dropped into a deficit of more than EUR 700 million, which significantly affected the annual surplus, which decreased by almost a third compared to 2023.

According to preliminary results, goods worth¹⁾ EUR 7.7 billion were exported from Slovakia in December 2024, which represents a year-on-year growth by 3.6%. Imports of goods rose more dynamically, by 10.1% to EUR 8.4 billion. Thus, for the first time last year, the trade balance was in deficit in the amount of EUR 700.6 million. Compared to December 2023, it was by EUR 501.4 million larger deficit.

Out of the 10 traded sections, 8 recorded a year-on-year increase in exports. The section Mineral fuels (SITC 3), which includes, for example, the export of electricity and petroleum products, affected the most the development of exports. In the last month of last year, this section recorded a year-on-year increase of up to 56.8%. As for the imports, 9 out of 10 sections increased year-on-year. The section Machinery and transport equipment (SITC 7), which also includes motor vehicle parts, had the greatest impact on the increase in total imports. The value of imported goods in this section was higher by 7.3% year-on-year.

The development of foreign trade in 2024

Slovakia's foreign trade ended the year 2024 with a surplus, which, however, decreased year-on-year by EUR 1.4 billion and reached a volume of EUR 3.1 billion. The balance was adversely affected by a significant decrease in the surplus in the section Machinery and transport equipment and a deepening of the deficit in the section Chemicals. Since 2010, the export of goods exceeded the import for the fourteenth time, the only exception was the year 2022, when the import exceeded the export by a record EUR 4.5 billion.

According to preliminary data, the export of goods from Slovakia for the whole of last year dropped by 1.5% to almost EUR 107 billion, while imports into the SR decreased by 0.2% to almost EUR 104 billion. Despite the decrease in the value of exports and imports, they exceeded the EUR 100 billion mark in 2024 as well. The total turnover thus exceeded EUR 200 billion for the third consecutive year , while 2024 was surpassed only by a higher value in 2023.

Traditionally, the main trading partner for the Slovak exporters will remain the EU in 2024, to which almost 78% of the export value was directed. Imports from the EU member states represented almost 65%. Exports to the EU decreased year-on-year by only 0.8% and imports dropped by 0.3%. A more significant decrease was recorded in exports to the non-EU countries, which dropped by almost 4% year-on-year. Imports from these countries remained approximately at the same level as the year before.

With the EU member states, the SR had a trade balance surplus of almost EUR 16 billion for the entire year 2024. Conversely, trade with the non- EU countries ended with a deficit of approximately EUR 13 billion.

Machinery and transport equipment for the first time since Covid with a decrease in both exports and imports

Out of ten sections in the export structure in 2024, 4 showed a year-on-year decrease. The most significant influence on the development of Slovak exports throughout the year was the most traded section of foreign trade Machinery and transport equipment (SITC 7), which also includes the export of motor vehicles. The value of exported goods in this section was lower year-on-year for up to nine months during 2024, and for the whole year the decrease exceeded 4%. After the Covid year 2020, it was only the second, but at the same time, the highest year-on-year decrease in the last 14 years. The share of this section in total Slovak exports decreased from 63.1% in 2023 to last year's 61.3%.

The value of imports in 2024 remained approximately at the same level as the year before, the decrease represented only 0.2%. Year-on-year imports rose in 6 out of 10 sections. The decrease in the value of imports by almost 3% in the section Machinery and transport equipment (SITC 7) was mainly offset by an almost 9% increase in the section Miscellaneous industrial products (SITC 8).

Adjusted detailed data for January to November 2024

In total for January to November 2024, compared to the corresponding period in 2023, exports decreased by 1.9% to EUR 99.1 billion and imports decreased by 1% to EUR 95.4 billion. The balance of foreign trade was in surplus in the amount of EUR 3.8 billion, in 2023 the balance of foreign trade ended with a surplus of EUR 4.7 billion in the first eleven months.