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Foreign trade development in March 2022 and in the first three months of 2022
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Foreign trade development in March 2022 and in the first three months of 2022

Last update: 09.05.2022
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Foreign trade
Publish Date: 09.05.2022

In March, the Slovak imports also continued to grow dynamically, with the deficit of foreign trade in goods reaching a record high value

In March 2022, the trade balance of Slovakia was in deficit for the fifth consecutive month, the foreign trade deficit reached EUR 420 million. Since the period when trade was affected by the coronavirus pandemic (April 2020), it is the second highest monthly deficit over the last decade.

According to the preliminary results, imports of goods to Slovakia substantially rose by 14.9% in March 2022 to a historically highest value of just above EUR 9 billion. The year-on-year growth in imports of goods continued to be influenced mainly by higher prices of purchased natural gas, oil, electricity, but also iron ore and vehicle components. However, the year-on-year growth rate of imports has slowed since the beginning of the year.

The total value of goods exported from Slovakia during March was also record high, reaching EUR 8.6 billion. Compared to the corresponding period last year, it increased by 1.5%. Export growth was mainly supported by higher year-on-year exports of metals, metallurgical and rubber products, but also chemicals.

In March, the foreign trade deficit deepened from EUR 199.3 million in February to EUR 420 million in March. As these are preliminary results, the balance may be slightly revised in the coming months.

The year-on-year growth in the value of imports has continued smoothly since February last year. Of the ten sections in the structure of imports, nine showed a year-on-year increase in March this year. The higher dynamics of total imports was mainly influenced by the currently third most traded section of imports – Mineral fuels (SITC 3), including, for example, imports of natural gas, oil and electricity. Significant growth in this class has continued smoothly since April last year, currently the value of imported goods in this class was higher by 151% year-on-year, when it reached almost EUR 1.1 billion. Imports of mineral fuels were currently almost two and a half times higher than in March 2021 and 2020.

The value of goods exported from Slovakia was higher year-on-year for the fifth consecutive month. Of the ten classes, eight showed an increase. A decrease after four months was recorded again by the most traded class in the foreign trade of the SR – Machinery and transport equipment (SITC 7), which also includes car exports. Year-on-year, the volume of goods in this class was lower by 9.1%, although the value of exported vehicles was the second highest in the last 12 months. Exports in this class dropped sharply, to more than 24%, especially to the non-EU countries.

The overall growth in the value of Slovak exports in March 2022 was mostly due to almost 28% higher exports of the second most traded class – Market Products (SITC 6), which includes products of several major Slovak industries such as metal processing, metallurgy, rubber, etc. Significant year-on-year growth was recorded in the less traded classes – Mineral fuels (by 34%) and Chemicals (by 39%).

Seasonally adjusted foreign trade data

After seasonally adjusted data, total exports of goods reached EUR 7.5 billion in March 2022, with a year-on-year growth by 1.5%. Total imports of goods increased by 12.9% to EUR 8 billion. The foreign trade balance was in deficit in the amount of EUR 525.4 million.

Development over the first three months of 2022 compared to the corresponding period in 2021

In January-March 2022, the value of goods rose by 9% year-on-year to EUR 24.2 billion and in imports by 21.3% to EUR 25.2 billion. The foreign trade balance was in deficit in the amount of EUR 972.7 million. In the corresponding period last year, it was in surplus in the amount of more than EUR 1.4 billion.

Exports to the EU Member States in January to March 2022 were higher by 12.9% than in the corresponding period last year and made up more than 80% of total exports. Imports from the EU Member States made up 61% of the total imports, rose by 13.7% year-on-year.

Exports to the non-EU countries in January to March 2022 decreased by 5.4% compared to the corresponding period last year and represented less than a fifth of total exports. Imports from the non-EU countries accounted for 39% of the total and reached a higher value of 35.3% year-on-year.

The most traded SITC class in the foreign trade of the SR was Machinery and transport equipment with a share of 58.4% in total exports and 44% in total imports.

Note: The data are in current prices in the value of the FOB type, i.e. they include the transaction value of the goods and the value of services (eg 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 calendar of the first publication on June 9, 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 Slovak Republic obtained within the customs procedure and INTRASTAT-SK reports provided by consignees and consignors. Seasonal analysis is per-formed by JDEMETRA + software.

Data for the EU have been excluding the United Kingdom since January 2020.

Data source: DATAcube. database:

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