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Foreign trade development in September and in the first nine months of 2022
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Foreign trade development in September and in the first nine months of 2022

09.11.2022
Ilustratívny obrázok/Illustrative image



09.11.2022

In September 2022, Slovakia's trade balance was significantly in deficit for the fourth month in a row

The foreign trade deficit in the ninth month reached EUR 473 million. In the last 12 months, the trade balance recorded positive values only twice. The volume of exports and imports increased by more than a quarter year-on-year. Although exports of automobiles is growing, it cannot compensate for the impact of price increases in imports of energy commodities.

The total export of goods from Slovakia reached a value of almost EUR 9 billion according to preliminary results1) in September 2022, with a year-on-year growth of 26%. A rise in exports continues for the twelfth month and was currently the third highest for this period. The total imports of goods increased at an even higher rate, by 31.1% to EUR 9.4 billion. A year-on-year increase in the value of imports has continued smoothly for an even longer period than exports, since February of last year.

The balance of foreign trade was in deficit in the amount of EUR 473.3 million (EUR 390 million larger deficit than in September 2021). The balance of intra-EU foreign trade improved year-on-year by EUR 147 million and reached a positive value of almost EUR 1.4 billion.  On the contrary, the balance of extra-EU trade has been in negative numbers for a long time, currently it has deepened by more than half a billion euros and exceeded EUR 1.8 billion. All indicators of foreign trade are reported at current prices and are values ​​including services related to the delivery of goods to the border of the exporting country2).

Illustrative image – graph

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As for the ten sections in the export structure, all ten recorded a year-on-year growth in September of this year, with a growth ranging from over 5% to almost 95%. The overall export continued to be affected mainly by the higher value of exported motor vehicles and, to a lesser extent, electricity and petroleum products. The year-on-year growth of exports in the most traded section of foreign trade – Machinery and transport equipment (SITC 7), which also includes the export of automobiles, was at the level of 30.4% in September. The increase was the highest since May 2021, when, however, a significant year-on-year rise was affected by a drop in exports during the first wave of the coronavirus. An almost two-fold increase (by 94.7%) in the section - Mineral fuels, lubricants and related materials (SITC 3) also contributed to the overall growth in the value of Slovak exports, where inter alia includes exports of electricity, oil products, etc.. The majority of goods from both of these sections were destined for EU markets.

In the structure of imports, nine of the ten sections recorded a year-on-year increase, ranging from almost 11% to 96%. Similarly as in exports, a growth in imports was most significantly influenced by the higher import of machinery and transport equipment, the value of which rose year-on-year by almost a third (32.4%). The higher dynamics of total imports continue to be influenced by mineral fuels, which include imports of natural gas, oil and electricity. Significant increases have continued steadily since April last year. The current value of imported goods in this section rose by 95.5% year-on-year. The import of mineral fuels was currently almost twice as high as in September 2021 and almost four times higher than in 2020.

Seasonally adjusted foreign trade data

After seasonal adjustment3) of the data in September 2022, the total exports of goods reached a value of EUR 8.7 billion, with a year-on-year growth of 26.5%. The total imports of goods increased by 31.1% to EUR 9 billion. The balance of foreign trade was negative in the amount of EUR 284.5 million.

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

In the first nine months of this year, the value of goods exported, year-on-year, increased by 17.7% to EUR 75.8 billion and the value of goods imported by 24.9% to EUR 78.2 billion. The balance of foreign trade was negative in the amount of EUR 2.4 billion. During the same period last year, it was in surplus by more than EUR 1.7 billion.

Exports to EU member states4) in the nine months of 2022 increased by 19.6% year-on-year and accounted for 80.9% of total exports. Imports from EU member states accounted for 63% of total imports and increased by 20.9% year-on-year. The most traded SITC section in Slovakia's foreign trade was machinery and transport equipment with a share of 56.8% in total exports and 43.7% in total imports.

  • 1) Detailed data will be published according to the first release calendar on 9 November 2022.
  • 2) 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, transshipment, storage of goods, etc.) related to the delivery of goods to the border of the exporting country. All data of foreign trade were 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 from the INTRASTAT-SK system (declarations provided by EU importers and exporters of goods).
  • 3) Seasonal analysis is performed by JDEMETRA+ software.
  • 4) Data for EU are available excluding the United Kingdom since January 2020.

Data source: DATAcube. database:

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