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Foreign trade – preliminary results in May and detailed data in the first four months of 2024
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Foreign trade – preliminary results in May and detailed data in the first four months of 2024

Last update: 09.07.2024
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Publisher: Statistical Office of the SR
Topic: Macroeconomic statistics
Domain: Foreign trade
Publish Date: 09.07.2024

Both export and import values reached this year's highs in May, although both recorded year-on-year declines

Lower imports were mainly due to a decrease in the value of imported motor vehicle parts, and exports were mainly due to a decline in the value of exported cars. The balance of trade also ended with a surplus of EUR 367 million in May, but compared to the same period last year, it was lower by EUR 320 million.

According to preliminary results, goods worth1) EUR 9.1 billion were exported from Slovakia in May 2024, with a year-on-year decrease of 5.4%. Slovak exports reached a lower value than in the same period last year for the third time this year.

Imports of goods2) decreased by 2.3% to EUR 8.8 billion.  Imports recorded a year-on-year lower value four times this year. The rate of decline was still the lowest in May.

The balance of foreign trade was in surplus in the amount of EUR 367 million. In the same period last year, the balance of foreign trade ended with a surplus in the amount of EUR 687.1 million.

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As for the ten sections in the structure of exports, eight of them recorded year-on-year declines in the fifth month of this year, among them all the most traded. The section Machinery and Transport Equipment (SITC 7), which also includes the export of automobiles, had a significant impact on the development of Slovak exports. After a month, the value of goods was again in year-on-year decline, currently by 5.6%.

In the structure of imports, seven out of ten sections recorded a decline in May compared to the same month last year. The decrease in the value of imports in the section Machinery and transport equipment (SITC 7), which also includes motor vehicle parts, had the greatest effect on the lower overall import. The value of goods in this class was lower by 4% year-on-year.

The most traded in foreign trade were machinery and transport equipment with a share of 64% of total exports and 50% of total imports.

77.5% of Slovakia's exports went to EU member states3) and imports from them represented 67.3%. Exports to EU member states decreased year-on-year by 4.7% in May. Imports from EU member states dropped by 1.9%. Exports to extra-EU countries decreased by 7.7% year-on-year. Imports from these countries were lower by 2.9%.

Preliminary data for January to May 2024

In the first five months of this year, exports decreased year-on-year by 3.9% to EUR 44.3 billion and imports decreased by 6% to EUR 41.8 billion. The balance of foreign trade was in surplus in the amount of EUR 2.5 billion. For the corresponding period last year, it was lower by EUR 896.2 million.

Adjusted detailed data for January to April 2024

For January to April 2024, according to the updated data, exports decreased year-on-year by 3.5% to EUR 35.2 billion and imports decreased by 7% to EUR 33 billion. The balance of foreign trade was in surplus in the amount of EUR 2.1 billion. In the corresponding period last year, the balance of foreign trade ended with a surplus of EUR 930.4 million.


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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  • Slovak Republic
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