Slovak exports continued to be hampered by motor vehicles, their exports were lower year-on-year already for the eighth time this year

The trade balance remained in positive numbers, despite the decline in exports and the current growth in imports. The decrease in exports was mainly affected by the lower value of exported motor vehicles, while the growth in imports was related to the higher value of the imported energy commodities.

In September 2024, according to preliminary results, goods in the amount of¹⁾ EUR 9 billion were exported from Slovakia, which represents a year-on-year decrease by 0.7%. Imports of goods increased by 1.3% to EUR 8.8 billion. Compared to August, the value of exports and imports increased by almost EUR one billion. In September, the trade balance was in in positive numbers for the ninth consecutive month, this time with a surplus of EUR 195.7 million. Compared to the corresponding period last year, however, the surplus was lower by almost EUR 176 million.

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Within the structure of exports, a year-on-year decrease was reported in 4 out of 10 sections. The section Machinery and transport equipment (SITC 7), which also includes the export of motor vehicles, had the greatest impact on the development of exports. The value of goods in this section was lower year-on-year already for the eighth time this year, currently by 6.3%.

As for the imports, 7 out of 10 sections increased year-on-year. The Mineral Fuels section (SITC 3), which includes oil, electricity and natural gas, had the greatest impact on the increase in total imports. The value of these goods was higher by 17.4% year-on-year.

The most traded SITC section in the Slovak foreign trade was Machinery and transport equipment, which represented 60.3% of the total exports and 46.9% of the total imports.

Slovakia's main trading partner remains the EU, to which 77.3% of the value of September exports were directed and from which 66.1% of the value of imports originated. Exports to the EU decreased slightly by 0.5% year-on-year. While imports from the EU increased by almost 5%. Exports to non-EU countries dropped by 1.5% and imports from these countries decreased by around 5%.

With the EU member states, the Slovak Republic had a trade balance surplus of more than EUR 1.1 billion. On the contrary, it reported a deficit of EUR 944.4 million with the non- EU countries.

Preliminary data for January to September 2024

In total for January to September 2024 compared with the corresponding period in 2023, exports decreased by 3.5% to EUR 78.6 billion. Imports dropped by 3.1% to EUR 75.3 billion. The balance of foreign trade was in surplus in the amount of EUR 3.4 billion. For the corresponding period last year, it was higher by EUR 473.6 million.

Adjusted detailed data for January to August 2024

For January to August 2024, according to the adjusted data, year-on-year exports decreased by 3.9% to EUR 69.6 billion and imports decreased by 3.6% to EUR 66.4 billion. The balance of foreign trade was in surplus in the amount of EUR 3.2 billion. In the corresponding period last year, the balance of foreign trade resulted in a surplus of almost EUR 3.5 billion.