Both exports and imports with a year-on-year growth by almost 3% reached the second highest value last year

The growing trend of both the exported and imported goods´ value compared to 2023 continued for the third consecutive month. Exports were mainly affected by motor vehicles and imports by their parts and accessories. The balance remained positive, at the level of EUR 328 million.

In November, foreign trade was lower month-on-month, though the value of both exports and imports reached the second highest value in 2024. According to preliminary results, goods in the amount of EUR 9.7 billion were exported from Slovakia, which represents a year-on-year increase by 2.6%. Imports of goods increased by 2.8% to EUR 9.4 billion. The trade balance remained positive for eleven consecutive months, this time with a surplus of EUR 327.9 million. Compared to the corresponding period in 2023, the surplus was lower by nearly EUR 10 million.

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Among the 10 traded sections, 5 recorded a year-on-year increase in exports. The section Machinery and transport equipment (SITC 7), which also includes the export of motor vehicles, had the greatest influence on the development of exports. This section recorded year-on-year growth by 3%, while for the second consecutive month, it was more significant in the non-EU countries, by almost 10%. However, it represented less than a third of the total value of goods in this section exported to these countries. The November ´s export in this section to the member states was approximately at the level of 2023.

As for the imports, 6 out of 10 sections increased year-on-year. The section Machinery and transport equipment (SITC 7), which also includes motor vehicle parts, had the greatest impact on the increase in total imports. The value of imported goods in this section was higher by 6.7% year-on-year.

The most traded SITC section in Slovak foreign trade was Machinery and transport equipment, which represented 63% of the total exports and 49.8% of the total imports.

Traditionally, the main trading partner for the Slovak exporters remains the EU, to which 77.1% of the value of November's exports were directed. Imports from the EU member states accounted for 66.4%. Exports to the EU increased year-on-year by 1.1% and imports increased by 6.3%. There was a more significant recovery in exports to the non-EU countries, which increased by 8% year-on-year. Imports from these countries, on the other hand, dropped by 3.3%.

With the EU member states, the SR had a November´s trade balance surplus of almost EUR 1.3 billion. On the contrary, trade with the non-EU countries ended with a deficit of over EUR 932 million.

Preliminary data for January to November 2024

In total for January to November 2024 compared with the corresponding period in 2023, exports decreased by 1.9% to EUR 99.1 billion. Imports dropped by 1.2% to EUR 95.1 billion. The balance of foreign trade was in surplus in the amount of EUR 3.9 billion. For the corresponding period in 2023, it was higher by almost EUR 785 million.

Adjusted detailed data for January to October 2024

For January to October 2024, according to the adjusted data, year-on-year exports decreased by 2.4% to EUR 89.3 billion and imports decreased by 1.6% to EUR 85.7 billion. The balance of foreign trade was in surplus in the amount of EUR 3.6 billion. In the corresponding period of 2023, the foreign trade balance ended with a surplus of almost EUR 4.4 billion.