Slovakia's foreign trade was in surplus, in March it reached EUR 804 million and it was the highest since October 2020

The growth of export in the third month was positively affected mainly by the higher value of export of motor vehicles and aircraft. The favorable trade balance also includes a decrease in the value of imports of energy commodities in Slovakia.

According to preliminary results, goods in the amount of¹⁾ EUR 10.2 billion were exported from Slovakia in March, with a year-on-year growth by 12.6%. The value of exports was the highest in the last decade. The total import of goods decreased for the first time in more than two years year-on-year, by 2.1% to EUR 9.4 billion. The balance of foreign trade was in surplus in the amount of EUR 804.2 million. In the corresponding period last year, the balance of foreign trade resulted in a deficit of almost EUR 541 million.

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Out of the ten sections in the export structure, only four recorded a year-on-year growth. The most traded section of foreign trade Machinery and transport equipment (SITC 7), which also includes the export of motor vehicles and aircraft, had the highest increase, and therefore the most significant impact on the value of total exports. The value of exported goods in this section was higher by 25.2% year-on-year, the double-digit increase compared to the corresponding period last year continued for the third consecutive month. The majority of machinery and transport equipment (68.9%) went from Slovakia to EU markets, even though exports of this section to extra-EU countries rose much more dynamically, up to 63.5%.

In the structure of imports, only four of the ten sections showed a year-on-year growth. The year-on-year decrease in total imports was mainly influenced by the lower value of imports in the section Mineral fuels (SITC 3), which also includes oil, electricity and natural gas. The value of imported goods in this section was lower by more than half year-on-year and at the same time the lowest since September 2021.

A more significant decrease in total imports was prevented by higher imports of the section Machinery and transport equipment (SITC7), which also includes motor vehicle parts. Their value was higher by 15.4% year-on-year.

In March, 75.3% of Slovak exports and 68% of imports went to the EU member states²⁾. Intra-EU exports increased by only 4%, while exports to extra-EU countries rose by up to 50.5%. Imports from the EU member states were higher by 5.9% and imports from the extra-EU countries, on the contrary, were lower by 15.8%.

The most traded SITC section in Slovakia's foreign trade was Machinery and transport equipment representing 63.1% of total exports and 50.5% of total imports.

Preliminary data for the first three months of 2023

From January to March 2023, compared to the corresponding period last year, the total exports of goods increased by 11.4% to EUR 27.7 billion and total imports increased by 3.3% to EUR 26.9 billion. The balance of foreign trade was in surplus in the amount of EUR 818.2 million. For the first three months of 2022, the balance was in deficit in the amount of EUR 1.1 billion.

Adjusted detailed data for January to February 2023

In January and February, compared to the corresponding period in 2022, the total export of goods increased by 10.6% to EUR 17.5 billion and total imports increased by 6.5% to EUR 17.5 billion. The balance of foreign trade was in surplus in the amount of EUR 14 million, last year the balance of foreign trade resulted in a deficit of EUR 600.4 million in the first two months.