December´s deficit was almost six times higher year-on-year, the annual deficit exceeded EUR 4 billion

Slovakia had the most significant passive foreign trade balance for the twelve months of 2022 with the Russian Federation, the Republic of Korea and China. Exports significantly exceeded imports in trade, especially with Germany, Hungary and Austria.

Based on the updated data in December 2022, the total export of goods decreased by 0.3% year-on-year to EUR 7.60 billion. Total imports increased by 13% to EUR 8.86 billion. Thus, the foreign trade balance was passive in December in the amount of EUR 1.26 billion, which compared to the corresponding period in 2021 represented a higher deficit by EUR 1.04 billion.

In December, imports exceeded exports most significantly in the twelve months of 2022. The cumulative balance of foreign trade for the entire year 2022 was in deficit in the amount of EUR 4.31 billion.

The Slovak Republic had the largest negative balance with the Russian Federation (EUR 7.64 billion), the Republic of Korea (EUR 5.60 billion), China (EUR 5.40 billion), Vietnam (EUR 4.17 billion), Taiwan (EUR 602.6 million), Malaysia (EUR 585.8 million) and Bangladesh (EUR 431.1 million).

The largest positive balance was with Germany (EUR 6.85 billion), Hungary (EUR 4.02 billion), Austria (EUR 2.83 billion), France (EUR 2.83 billion), Czechia (EUR 2.75 billion), the United Kingdom (EUR 2.62 billion), the United States of America (EUR 2.26 billion), Poland (EUR 2.21 billion), Italy (EUR 1.69 billion), Spain (EUR 927.9 million) and Romania (EUR 899.1 million).

Goods in the amount of EUR 102.57 billion were exported from the Slovak Republic for the entire year 2022. Compared to 2021, total exports increased by 15.8%.

In terms of goods, the export of passenger cars and other motor vehicles designed mainly for passenger transport increased by EUR 2.49 billion, electricity by EUR 1.26 billion, petroleum oils and oils obtained from bituminous minerals, other than crude by EUR 1.10 billion, new rubber tires by EUR 481.3 million, parts, components and accessories of tractors and other motor vehicles by EUR 414.5 million, electric accumulators, including their separators by EUR 383.9 million, mineral or chemical nitrogenous fertilizers, other than in tablets or similar forms or other than in packages with a gross weight of up to 10 kg by EUR 375.6 million and flat rolled products of iron or non-alloy steel, clad, plated or coated by EUR 273.7 million.

Exports of unrefined copper, copper anodes for electrolytic ratification decreased the most by EUR 207.2 million and automatic data processing machines and their units by EUR 96.8 million.

Among the most important trading partners, exports to Germany increased by 12.3%, Czechia by 19.6%, Hungary by 39.4%, Poland by 8.3%, France by 5.6%, Austria by 12.4%, Italy by 19.8%, the United Kingdom by 13.1%, the United States by 24.3% and China by 15.8%. Exports to the Russian Federation decreased by 59.4%.

In terms of the main economic groupings, exports to EU countries increased by 16.2% (represented 80% of total Slovak exports) and to OECD countries by 16% (represented 87.6% of Slovakia's total exports).

For the entire year 2022, goods in the amount of 106.88 billion were imported into the Slovak Republic with year-on-year growth by 23.3%.

In terms of goods, the import of petroleum gases and other gaseous hydrocarbons increased by EUR 3.56 billion, electricity by EUR 2.14 billion, parts, components and accessories of tractors and other motor vehicles by EUR 1.40 billion, petroleum oils and oils obtained from bituminous minerals, other than crude by EUR 977.3 million, passenger cars and other motor vehicles designed mainly for passenger transport by EUR 726.8 million, electric accumulators, including their separators by EUR 678.6 million and telephone sets, including smartphones and other telephones for the cellular network or for other wireless networks by EUR 668.3 million.

The import of diagnostic or laboratory reagents on a pad and certified reference materials dropped significantly by EUR 145.8 million, automatic data processing machines and their units by EUR 139.5 million, clothing and clothing accessories, including gloves made of vulcanized rubber by EUR 100.7 million, iron ores and concentrates, including roasted pyrites by EUR 97.8 million and processed tobacco and its substitutes, tobacco extracts and essences by EUR 63 million.

In relation to the most important trading partners, imports from Czechia increased by 12.9%, the Russian Federation by 47.2%, China by 27.3%, the Republic of Korea by 29.5%, Poland by 19.5%, Hungary by 56, 5%, Vietnam by 6.6%, Italy by 9.9%, France by 7.1% and Austria by 15.2%. Imports from Germany decreased by 9.8% and Malaysia by 20.4%.

In terms of the main economic groupings, compared to the corresponding period in 2021, imports from EU countries increased by 19.1% (represented 62.1% of total imports) and from OECD countries by 12.5% (represented 59.1% of the total imports of the SR).