The volume of Slovak exports decreased year-on-year for the first time this year, mainly due to a drop in the EU supplies

In September, due to the drop in imports the monthly balance remained in positive numbers of almost EUR 334 million. The overall balance of foreign trade was facilitated by the high value of exported motor vehicles since the beginning of this year, as well as the decrease in the value of imports of energy commodities.

In September 2023, according to preliminary results, goods in the amount of¹⁾ EUR 9.1 billion were exported from Slovakia, with a year-on-year decrease by 0.6%. Exports thus recorded a slight decline for the first time in eight months. Mainly the export of cars prevented a greater decline. The import of goods was also lower compared to the corresponding period last year, when it reached EUR 8.7 billion. The rate of decline is gradually increasing to the current 8.7%, which mainly affects the decrease in the value of imports of natural gas and electricity to Slovakia.

Despite the year-on-year drop in the value of exports, the balance remained positive, for the eighth time in a row. The balance of foreign trade was in surplus in the amount of EUR 333.7 million, which was a better result by almost 772 million compared to the corresponding period last year.

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As part of data quality improvement, the Statistical Office of the SR expanded the data sources on imports and included in the statistical outputs the data for natural and legal persons not registered for VAT who bought goods remotely (e.g. via the Internet) within the EU. New data have been incorporated into statistical outputs from January 2022.

Of the ten classes in the export structure, only two of them showed a year-on-year growth. However, only one had a significant impact on the development of the entire export, and that is the most traded section of foreign trade Machinery and transport equipment (SITC 7), which also includes the export of motor vehicles. The value of exported goods in this section was higher by 9.3% year-on-year. The year-on-year increase in this section continues for the ninth consecutive month.

In the structure of imports, three of the ten sections showed a year-on-year increase. The decrease in total imports in September was mainly influenced by the decrease in the value of imports in the section Mineral fuels (SITC 3), which also includes oil, electricity and natural gas. The value of imported goods in this section was lower by almost 42% year-on-year. An even more significant decrease in total imports was prevented by higher imports of the section Machinery and transport equipment (SITC 7), which also includes motor vehicle parts. The value in this section was higher by 3.1% year-on-year.

77% of Slovak exports and 65.2% of imports went to EU member states²⁾. Exports to EU member states decreased by 6.1% year-on-year in September. Imports from EU member states dropped by 4.9%. Exports to extra-EU countries increased year-on-year by 23.2% and imports decreased by 15%.

The most traded SITC section in Slovakia's foreign trade was Machinery and transport equipment with a share of 64.4% of total exports and 50.6% of total imports.

Preliminary data for January to September 2023

For January to September 2023, compared to the corresponding period in 2022, exports increased by 7.2% to EUR 81.4 billion and imports decreased by 0.7% to EUR 77.8 billion. The balance of foreign trade was in surplus in the amount of EUR 3.6 billion. In the first nine months of 2022, the balance was in deficit in the amount of EUR 2.5 billion.

Adjusted detailed data for January to August 2023

In January to August, compared to the corresponding period in 2022, the export of goods increased by 8.3% to EUR 72.3 billion and imports increased by 0.4% to EUR 69.1 billion. The balance of foreign trade was in surplus in the amount of EUR 3.3 billion, last year the balance of foreign trade ended with a deficit of EUR 2 billion in the first eight months.