In August, the trade balance remained in surplus, although the value of exports dropped to this year's lowest level

Slovakia's foreign trade ended in surplus of almost EUR 141 million in the second holiday month, even though the balance fell to less than a third year-on-year. The decrease in exports was mainly influenced by the lower export of motor vehicles. Imports recorded a slight year-on-year increase, mainly due to the increased value of the imported energy commodities.

In August 2024, according to preliminary results, goods in the amount of¹⁾ EUR 8.1 billion were exported from Slovakia. The year-on-year export was lower for the fifth time this year, currently by 3.8%. Weaker motor vehicle exports contributed the most to this decline. Imports of goods²⁾ rose by 0.6% to EUR 8 billion. The slight increase in imports was influenced by the year-on-year higher value of the imported energy raw materials. The trade balance showed a surplus for the eighth consecutive month, reaching EUR 140.9 million in August. It is significantly less compared to the corresponding period last year, when the surplus was EUR 505.2 million.

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Out of 10 sections in the export structure, up to 7 showed a year-on-year decline in August of this year. The section Machinery and transport equipment (SITC 7), which also includes the export of motor vehicles, had the greatest influence on the development of exports. The value of goods in this section was lower year-on-year for the fourth consecutive month, currently by 7.8%.

In the structure of imports, 6 out of 10 sections showed a year-on-year growth in August. The growth of imports in the Mineral Fuels section (SITC 3) had the greatest impact on the increase in total imports. The value of goods in this section was about 29.1% higher year-on-year, which was only the third and at the same time the highest growth this year.

The most traded SITC section in Slovakia´s foreign trade was Machinery and transport equipment, which represented 58.9% of the total exports and 47.6% of the total imports.

77.5% of Slovak exports went to EU member states²⁾, while imports from them represented 66.3%. Exports to the EU member states dropped by 3.1% year-on-year in August, while imports from them increased by 2.6%. Exports to the non-EU countries decreased by 6% year-on-year, and imports from these countries decreased by 3.2%.

Preliminary data for January to August 2024

In the first eight months of 2024, compared to the corresponding period in 2023, exports decreased by 3.5% to EUR 69.9 billion. Imports dropped by 3.2% to EUR 66.7 billion. The balance of foreign trade was in surplus in the amount of EUR 3.2 billion. For the corresponding period last year, it was higher by EUR 295.5 million.

Adjusted detailed data for January to July 2024

For January to July 2024, according to adjusted data, year-on-year exports decreased by 3.5% to EUR 61.7 billion and imports decreased by 3.7% to EUR 58.7 billion. The balance of foreign trade was in surplus in the amount of EUR 3 billion. In the corresponding period last year, the balance of foreign trade ended with approximately the same surplus in the volume of less than EUR 3 billion.