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Foreign trade – preliminary results in February and detailed data in January of 2024
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Foreign trade – preliminary results in February and detailed data in January of 2024

Last update: 09.04.2024
Ilustratívny obrázok/Illustrative image
Publisher: Statistical Office of the SR
Topic: Macroeconomic statistics
Domain: Foreign trade
Publish Date: 09.04.2024

Slovakia's foreign trade ended in surplus in February, exports were higher than imports by almost EUR 650 million

The balance of foreign trade was better by EUR 424 million compared to the same period last year. The value of both exports and imports was lower year-on-year. The decrease in Slovak exports was the largest since September 2021 and was mainly affected by exports of cars. Lower imports were mainly due to a drop in the value of imported energy commodities.

According to preliminary results, goods worth1) EUR 8.8 billion were exported from Slovakia in February 2024, there was a year-on-year decrease of 3.4%. After an increase in January, exports returned to decline, which was also the largest in the last 2.5 years. Exports of cars contributed most considerably to it.

The value of imports2) decreased by 8.3% to EUR 8.1 billion. A more significant drop thus continues for the fourth consecutive month. It was mainly affected by a fall in the value of imported energy commodities.

In February 2024, the balance of foreign trade was in surplus in the amount of EUR 649.4 million, which was a better result by EUR 424 million compared to the same period last year.

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As for the ten classes in the export structure, three of them recorded a year-on-year decrease in the second month of this year. The most traded section of foreign trade Machinery and transport equipment (SITC 7), which also includes the export of cars, had a significant impact on the development of Slovak exports. It recorded the highest drop since April 2022. The value of exported machinery and transport equipment was currently down year-on-year by 7.4%.

In the structure of imports, eight of the ten classes recorded a year-on-year decrease. The decrease in total imports continued to be mainly influenced by a fall in the value of imports in the section of Mineral fuels (SITC 3), which also includes oil, electricity and natural gas. The value of imported goods in this section was a third lower year-on-year. Lower imports of the section of Machinery and transport equipment (SITC 7), which also includes parts of motor vehicles, contributed to a significant decline in total imports. The value of goods in this section was 8.6% lower year-on-year.

The most traded SITC section in Slovakia's foreign trade was Machinery and transport equipment with a share of 61.3% of total exports and 48.4% of total imports.

79.2% of Slovakia's exports went to EU member states3) and imports from them accounted for 66.5%. Exports to EU member states fell year-on-year by 1.3% in February. Imports from EU member states decreased by 5.7%. Exports to non-EU countries decreased year-on-year by 10.7%, and imports from these countries were lower by 13%.

Preliminary data for January and February 2024

In the first two months of this year, exports decreased year-on-year by 1.6% to EUR 17.3 billion and imports decreased by 8.7% to EUR 16.1 billion. The balance of foreign trade was in surplus in the amount of EUR 1.2 billion. During the same period last year, it was in deficit in the amount of EUR 59.7 million.

Adjusted detailed data for January 2024

For January 2024, according to the adjusted data, exports increased year-on-year by 0.5% to EUR 8.5 billion and imports decreased by 9% to EUR 8 billion. The balance of foreign trade was in surplus in the amount of EUR 544.6 million. In the same period last year, the balance of foreign trade ended with a deficit of EUR 285.1 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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