Slovak foreign trade continued the development from the end of last year and started the new year with a deficit

In January 2025, the foreign trade balance ended with a deficit of almost EUR 394 million, representing a year-on-year deterioration by more than EUR 900 million. This unfavorable result was due to a significant growth in imports influenced by several commodities, while exports increased only slightly.

According to preliminary results, in January 2025, goods worth¹⁾ EUR 8.6 billion were exported from Slovakia, which represents a year-on-year growth by 1.2%. Imports of goods rose more dynamically, by 12.8% to EUR 9 billion. This was the highest growth since December 2022. The trade balance was thus in deficit for the second consecutive time, currently in the amount of EUR 393.5 million. Compared to January 2024, this was a less favorable result by EUR 918.6 million.

Of the 10 traded sections, 9 recorded a year-on-year increase in exports, but in spite of that, they achieved only a moderate growth. The increase in exports was mainly influenced by the section Mineral fuels (SITC 3), which includes, for example, the export of electricity and petroleum products. In January 2025, it recorded a year-on-year increase by 28.3%. Higher growth was prevented by an 8% decline in the section Manufactured goods (SITC6), which includes products from divisions such as metal processing, metallurgy, and rubber. Exports of the most traded foreign trade section Machinery and transport equipment (SITC 7), which also includes motor vehicle exports, remained at approximately the same level as in January 2024.

As for the imports, 8 out of 10 sections increased year-on-year. The increase in total imports of goods was influenced by a wider range of commodities, but especially the Machinery and transport equipment section (SITC 7), which also includes motor vehicle parts and smartphones. The value of imported goods in this section was higher by 16.5% year-on-year.

In the first month of this year, the most traded SITC section in Slovak foreign trade was Machinery and transport equipment, which represented over 59% of the total exports and over 47% of the total imports.

Almost 79% of January´s exports were directed to the EU member states. Imports from these EU states represented 61%. Exports to the EU increased by 0.6% year-on-year and imports by 12.3%. Exports to the non-EU countries increased by almost 4% year-on-year and imports from these countries increased by almost 14%.

The SR had a January trade surplus of almost EUR 1.3 billion with the EU member states. On the contrary, trade with the non-EU countries ended with a deficit of almost EUR 1.7 billion.

Adjusted detailed data for January to December 2024

In total, for 2024, exports decreased by 1.7% year-on-year to EUR 106.6 billion and imports decreased by 0.6% to EUR 103.3 billion. The foreign trade balance was in surplus in the amount of EUR 3.3 billion, in 2023 the foreign trade balance ended with a surplus of EUR 4.5 billion.