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Foreign trade development in June and in the first six months of 2022
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Foreign trade development in June and in the first six months of 2022

Last update: 09.08.2022
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Foreign trade
Publish Date: 09.08.2022

The trade balance affected by more dynamic growth of imports recorded again a deficit of EUR 78 million after a month.

The overall balance was adversely influenced primarily by a year-on-year higher value of imported oil and natural gas, but also of selected industrial products. Higher surplus in the car trade continued to have a positive impact.

A high increase in prices of energy commodities, as well as other input materials, also contributed to higher year-on-year growth in exports and especially imports in June 2022. The total exports of goods reached the value of EUR 8.7 billion, with year-on-year growth of 12.9%. Exports have reached higher values than a year ago for the eighth month in a row. Imports have been growing even longer, for 17 months already. In June 2022, the total imports of goods increased by 17.1% to EUR 8.8 billion.

After one month, the balance of foreign trade again recorded negative numbers, in the amount of EUR 78.4 million.  For the last ten years, the trade balance was in positive numbers in June; in June 2021 in the amount of EUR 211 million and in 2020 even EUR 847 million.

Illustration image - Graph

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In the export structure, all ten sections showed a year-on-year growth in June of this year. The highest year-on-year increases were recorded by relatively less important sections. The value of total exports was affected most considerably by the most traded section of foreign trade – Machinery and transport equipment (SITC 7), which also includes the export of cars. The value of goods exported in this section was by 7.3% higher year-on-year and recorded a rise for the second month in a row despite problems in supply chains. In June of this year, the positive development of Slovak exports was also affected by a 20.3% higher exports of the second most traded section – Manufactured goods (SITC 6), which includes products from several important Slovak industries such as metal processing, metallurgy, rubber industry, etc.

As for the ten sections in the import structure, eight of them recorded a year-on-year growth. The most significant impact on imports was recorded once again by the fourth 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 have continued steadily since April last year, currently the value of goods imported was by 70% higher, year-on-year, when it reached almost EUR 880 million. The import of mineral fuels was currently almost three times higher than in, for example, June 2020. The total imports were also affected by the import of machinery and transport equipment, the value of which was by 7.8% higher year-on-year.

Seasonally adjusted foreign trade data

After seasonal adjustment of data, the total exports of goods reached the value of EUR 8.5 billion in June 2022, with year-on-year growth of 13%. The total imports of goods increased by 17% to EUR 8.5 billion. The balance of foreign trade was in deficit in the amount of EUR 63.6 million.

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

For the first half of 2022, compared to the same period last year, the total exports of goods increased by 13.4% to EUR 50.1 billion and the total imports by 22% to EUR 51.6 billion. The balance of foreign trade was in deficit in the amount of EUR 1.5 billion. During the same period last year, it was in surplus in the amount of more than EUR 1.9 billion.

In January to June 2022, exports to EU member states increased by 16.4% year-on-year and accounted for 81.4% of total exports. Imports from EU member states accounted for 62.1% of the total imports and increased by 15.5% year-on-year.

In January to June 2022, exports to non-EU countries compared to the same period last year increased by 1.7% and accounted for 18.6% of total exports. Imports from non-EU countries accounted for 37.9% of total imports and increased by 34.3% year-on-year.

The most traded SITC section in foreign trade of the SR was machinery and transport equipment with a share of 57.4% in total exports and 44.4% in 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 8 September 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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