Slovakia's foreign trade ended in deficit for the third consecutive month

February continued with a negative balance, mainly due to the significant year-on-year growth in imports, which was dominated mainly by energy commodities. Although exports also recorded an increase, especially in the motor vehicle section, their dynamics were not enough to overcome the imports.

According to preliminary results, goods worth¹⁾ EUR 9.2 billion were exported from Slovakia in February 2025, which represents a year-on-year growth by 4.3%. Imports of goods rose more dynamically, by 13.1% to EUR 9.3 billion. This was the highest growth in imports since December 2022. Slovakia's foreign trade thus ended in February with a deficit of EUR 41.9 million, while in the corresponding period last year it was in surplus of EUR 652.3 million. The balance was passive for the third consecutive time.

Within the export structure, 6 out of 10 traded sections recorded a year-on-year growth. The section Machinery and transport equipment (SITC 7), which also includes motor vehicle exports, had the greatest impact on the increase in exports. In February 2025, it recorded a year-on-year increase by 4.6%. The increase in the value of exports was also supported by the section Mineral Fuels (SITC 3), which includes, for example, exports of electricity and petroleum products. The value of goods in this section was up by 37.2% year-on-year.

As for the imports, 9 out of 10 sections increased year-on-year. The section Mineral fuels (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 up by 55.9% year-on-year, which was the highest increase since December 2022. The increase in total imports of goods was also influenced by the section Machinery and transport equipment (SITC 7), which also includes motor vehicle parts. The value of imported goods in this section was higher by 9.7% year-on-year.

Even in February 2025, the most traded SITC section in the Slovak foreign trade was Machinery and transport equipment, with a share of more than 61% of total exports and more than 46% of total imports.

Almost 78% of the value of February exports were directed to the EU member states. Imports from these EU states represented more than 63%. Exports to the EU increased by more than 2% year-on-year and imports increased by almost 10%. Exports to the non-EU countries increased by more than 12% year-on-year and imports from these countries increased by more than 19%.

The Slovak Republic had a February´s trade balance surplus of more than 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 1.4 billion.

Preliminary data for January and February 2025

In total for January and February 2025, exports increased by 2.5% to EUR 17.8 billion compared to the corresponding period in 2024. Imports increased by 11.7% to EUR 18.1 billion. The foreign trade balance was in deficit in the amount of EUR 275.3 million. For the corresponding period in 2024, there was a surplus of almost EUR 1.2 billion.

Adjusted detailed data for January 2025

In January 2025, exports increased by 0.7% to EUR 8.6 billion in year-on-year comparison. EUR and imports increased by 10.3% to EUR 8.8 billion. The foreign trade balance was in deficit in the amount of EUR 233.4 million. In January 2024, the foreign trade balance ended with a surplus of EUR 525.1 million.