Both exports and imports recorded a double-digit increase at the beginning of the year, especially the trade in cars was successful

The export value was most affected by a year-on-year increase in exports of motor vehicles. In addition to the increase in imports of motor vehicles and their parts, imports of smartphones also contributed significantly to the growth of imports. On the contrary, after more than two years, the value of imported natural gas decreased year-on-year. The January balance of foreign trade ended with a deficit of EUR 408.4 million.

According to preliminary results¹⁾ goods in the amount of EUR 8.5 billion were exported from Slovakia in January 2023, with a year-on-year growth of 10.7%. After a month, exports again reached double-digit growths, which prevailed in most months of the last year. Imports of goods increased by 10.3% to EUR 8.9 billion. The rate of import growth slowed for the fourth consecutive month. Despite this, the balance of foreign trade was negative in the amount of EUR 408.4 million (EUR 10.6 million larger deficit than in January 2022). All indicators of foreign trade are reported at current prices and are values that include the value of services relating to delivery of goods to the border of the exporting country²⁾.

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Of the ten classes in the export structure, seven of them recorded a year-on-year growth. Again, the most traded section of foreign trade – Machinery and transport equipment (SITC 7), which also includes the export of automobiles, had the most significant impact on the growth of total exports. The value of exported goods in this section was 17.8% higher year-on-year. The majority of machines and transport equipment (73%) went from Slovakia to EU markets, exports increased by 10.5% year-on-year. More significantly, in this section, the value of exported goods to the rest of the world increased by up to 43.6%.

In the structure of imports, six of the ten classes recorded a year-on-year growth. The increase in imports of motor vehicles and their parts, as well as imports of smartphones, which are included in the most traded class – Machinery and transport equipment, contributed significantly to the growth of total imports. After 23 months, the value of imports in the section of Mineral fuels (SITC 3), which includes imports of natural gas, oil and electricity, was lower year-on-year for the first time.

In January 2023, exports to EU member states³⁾ increased by 5.6% year-on-year and accounted for 78.8% of the total exports. Imports from EU member states represented 61.9% of the total imports and increased by 16.9% year-on-year.

In January 2023, compared to January 2022, exports to non-EU countries increased by 35.3% and accounted for 21.2% of the total exports. Imports from non-EU countries accounted for 38.1% of the total imports and increased by 1.1% year-on-year.

The most traded section of SITC in foreign trade of the Slovak Republic was Machinery and transport equipment with a share of 61% of the total exports and 45.7% of the total imports.

Seasonally adjusted foreign trade data

In January 2023, after seasonal data adjustment⁴⁾, the total exports of goods reached the value of EUR 8.9 billion, with a year-on-year growth of 7.8%. The total imports of goods increased by 6.9% to EUR 9.4 billion. The balance of foreign trade was negative in the amount of EUR 417.5 million. (by EUR 41.6 million smaller deficit than in January 2022).