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Foreign trade – preliminary results in July and detailed data in the first six months of 2024
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Foreign trade – preliminary results in July and detailed data in the first six months of 2024

Last update: 06.09.2024
Ilustratívny obrázok/Illustrative image
Publisher: Statistical Office of the SR
Topic: Macroeconomic statistics
Domain: Foreign trade
Publish Date: 06.09.2024

The driving force of the Slovak economy – the automobile industry – hampered exports in July as well

Slovakia's foreign trade resulted in a surplus in the first holiday month, despite the fact that exports dropped to this year's lowest value. Its decrease was mainly due to the lower export of motor vehicles. A decrease in imports, the value of which was the lowest since January of this year, also contributed to maintaining a positive trade balance.

In July 2024, according to preliminary results, goods in the amount of1) EUR 8.2 billion were exported from Slovakia with a year-on-year growth by 2%. After two months, exports again had a year-on-year higher value. The most important factor was the higher export of market products, i.e. products of sectors such as metal processing, metallurgy, and rubber industry. Exports decreased mainly due to the lower export of motor vehicles.

Imports of goods2) rose faster than of exports. Compared to July last year, it rose by 4.9% to EUR 8 billion. Nevertheless, it reached its lowest value since January of this year. The trade balance continued with a surplus, in July in the volume of EUR 205.8 million. In the corresponding period last year, the balance of foreign trade was in a twice as high surplus, in the amount of EUR 419.4 million.

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Of the ten sections in the export structure, seven of them showed a year-on-year growth in the seventh month of this year. The second most traded section in Slovakia's foreign trade – Market products (SITC 6), which includes products from industries such as metal processing, metallurgy, and rubber industry, had a significant impact on the development of Slovak exports. The value of goods was up by more than 15% year-on-year. The higher growth of total exports was prevented by a 2.5% decrease in the section Machinery and transport equipment (SITC 7), which also includes the export of motor vehicles.

In the structure of imports, up to nine out of ten classes showed a growth in July compared to the same month last year. The growth of imports in the section Chemicals and allied products (SITC 5) contributed the most to the increase in total imports. The value of goods in this section was up to 13.9% higher year-on-year.

The most traded SITC section in Slovakia's foreign trade was Machinery and transport equipment with a share of 58.8% in total exports and 48.5% in total imports.

76.6% of the Slovak exports went to the EU member states3) and imports from them represented 65.7%. Exports to the EU member states increased by 1.5% year-on-year in July. Imports from the EU member states were higher by 5.8%. Exports to the non-EU countries increased by 3.9% year-on-year. Imports from these countries were higher by 3.4%.

Preliminary data for January to July 2024

In the first seven months of this year, exports decreased year-on-year by 3.5% to EUR 61.7 billion and imports decreased by 3.8% to EUR 58.7 billion. The balance of foreign trade was in surplus in the amount of EUR 3 billion. For the corresponding period last year, it was lower by 68.3 million.

Adjusted detailed data for January to June 2024

For January and June 2024, according to adjusted data, year-on-year exports decreased by 4.3% to EUR 53.5 billion and imports decreased by 5.1% to EUR 50.7 billion. The balance of foreign trade was in surplus in the amount of EUR 2.8 billion. In the corresponding period last year, the balance of foreign trade ended with a surplus of EUR 2.5 billion.

The Statistical Office of the SR revised data on foreign trade for the year 2023 in the DATAcube. database the published data are already definitive.

Outputs on the topic of foreign trade

Classifications of foreign trade

Foreign trade statistics are compiled in four different classifications. The Combined Nomenclature (CN) is the primary nomenclature used by all EU member states to report foreign trade in goods when collecting data. It is based on the Harmonized System (HS) of description and numbering of goods and is subject to annual revisions that ensure their timeliness. It is divided into sections (indicated by Roman numerals), chapters (HS2), headings (HS4) and sub-headings (HS6) of the Harmonized System of which a sub-heading of the combined nomenclature (CN8) is created by adding two more digits.

Converters allow to transpose detailed data collected under the CN to other classifications, such as:

  • Standard International Trade Classification (SITC), which correlates with sub-headings of the Harmonized System,
  • Classification according to the Broad Economic Categories (BEC), which categorizes goods into economic categories with regard to their final use,
  • Statistical Classification of Products by Activity (CPA), which allows linking products that have common characteristics with activities defined by NACE.

Preliminary data

They are published monthly no later than 6 weeks after the end of the reference month, according to the First Release Calendar in the SITC classification, Rev. 4. (at the level of 10 basic sections).

Adjusted detailed data

They are published monthly with shifting the deadline by 1 month (about 70 days after the end of the reference month) according to the Harmonized System (in the HS4 structure - approximately 1,200 headings of goods) and according to partner countries.

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  • Slovak Republic
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While publishing of the whole information report or its parts, please state the source of information, the Statistical Office of the Slovak Republic. The Statistical Office of the SR creates high-quality statistics useful for society according to 16 principles regarding the institutional environment, statistical processes and outputs in line with the Code of Practice for European Statistics.


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