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Foreign trade development in July and in the first seven months of 2022
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Foreign trade development in July and in the first seven months of 2022

Ilustratívny obrázok/Illustrative image


In July, both export and import rose by more than 18% year-on-year, but the trade balance again ended in negative numbers

Total exports in the first month of the holiday were positively affected mainly by the higher value of exported motor vehicles and their parts. Higher prices of purchased electricity, gas and oil contributed to higher imports of goods to Slovakia.

According to preliminary results, the total export of goods from Slovakia reached a value of EUR 8 billion in July 2022, with year-on-year growth by 18.5%. Double-digit export growth continues for the third month. The total import of goods also increased at a similar rate, namely by 18.6% to EUR 8 billion. Imports have maintained double-digit growth since November last year.

In July of this year, the balance of foreign trade was in deficit in the amount of EUR 26.6 million. Thus the deficit was higher by EUR 6.6 million than in the corresponding period last year. The total balance was adversely affected mainly by the year-on-year deficit of trade with mineral fuels by EUR 298 million, caused primarily by higher prices of energy commodities. Slightly, by more than EUR 55 million, the balance in trade with industrial and market products also deteriorated. The higher year-on-year surplus of trade in machinery and transport equipment by EUR 362 million favorably affected the overall balance.

Illustrative image - graph

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In the export structure, eight out of ten sections showed a year-on-year increase in July of this year. The most significant influence on the value of total exports 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 higher by 19.6%, year-on-year and recorded a growth for the third consecutive month despite problems in supply chains. The almost 82% higher export of the fifth most traded section – Mineral fuels (SITC 3) contributed to the positive development of Slovak exports in July of this year, primarily due to the higher price of exported electricity from Slovakia.

Eight out of ten sections also showed a year-on-year growth in the structure of imports. The most significant impact on imports was currently the third item with the largest volume in imports - Mineral fuels (SITC 3), which includes, for example, imports of natural gas, oil and electricity. Significant increases in this section, resulting mainly from the ever-increasing prices of purchased energy commodities, has continued smoothly since April last year. Currently, the value of imported goods in this section was higher almost by 84%, year-on-year, when it reached over a billion EUR. The import of mineral fuels thus had a value approximately three times higher than in July 2020. The total imports in July of this year was also significantly affected by the import of the most traded section - Machinery and transport equipment, the value of which was almost by 13% higher year-on-year.

Seasonally adjusted foreign trade data

After seasonal adjustment of data, in July 2022 the total export of goods reached the value of EUR 9.1 billion, with year-on-year growth by 21%. The total import of goods increased by 22% to EUR 8.9 billion. The balance of foreign trade was in surplus in the amount of EUR 169.7 million (by EUR 31.9 million lower than in July 2021).

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

For January to July 2022, compared to the corresponding period last year, the total export of goods increased by 15.1% to EUR 58.6 billion and total imports by 23.2% to EUR 60.4 billion. The balance of foreign trade was in deficit in the amount of EUR 1.8 billion. In the corresponding period of last year, on the other hand, it was in surplus by almost EUR 1.9 billion.

In January to July 2022, exports to EU member states compared to the corresponding period last year increased by 18.1% and represented 81.2% of total exports. Imports from EU member states represented 63.3% of total imports and it increased by 18.7% year-on-year.

Exports to non-EU countries in January to July 2022 increased by 3.8% compared to the corresponding period last year and represented 18.8% of total exports. Imports from non-EU countries represented 36.7% of total imports and increased by 31.7% year-on-year.

The most traded SITC section in foreign trade of the SR was machinery and transport equipment with a share of 56.9% of total exports and 43.5% of total imports.

Note: 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, transhipment, storage of goods, etc.) associated with the delivery of goods to the border of the exporting country.

Detailed data will be published according to the first release calendar on 7 October 2022. The information was 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 INTRASTAT-SK reports provided by consignees and consignors. Seasonal analysis is performed by JDEMETRA+ software.

Data for EU are available excluding the United Kingdom since January 2020.

Data source: DATAcube. database:

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