November, the year-on-year decrease of Slovak exports and imports was so far the highest  in 2023

The balance of foreign trade in goods resulted in a surplus of EUR 288 million, which was a more favourable result by EUR 1.2 billion than in November 2022. The positive trade balance was mainly due to the decrease in imports, caused by the lower value of imports of energy commodities and also motor vehicle parts.

In November 2023, according to preliminary results, goods in the amount of¹⁾ EUR 9.4 billion were exported from Slovakia and it was significantly influenced by the export of motor vehicles. Year-on-year exports dropped for the second time this year, currently the most, by 3.2%. The value of imports decreased by 14.3% to EUR 9.1 billion. It was the most significant year-on-year decrease in imports since the first wave of the coronavirus pandemic in May 2020. The balance of foreign trade was in surplus in the amount of EUR 288.2 million, which was a more favourable result by almost 1.2 billion compared to the corresponding period the year before last.

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As part of data quality improvement, the Statistical Office of the SR extended the data sources on imports and included in the statistical outputs 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 sections in the export structure, four of them showed year-on-year growth. The most traded section of foreign trade Machinery and transport equipment (SITC 7), which also includes the export of motor vehicles, had a significant impact on the development of the entire export. The value of exported goods in this section was higher by 0.6% year-on-year. The year-on-year increase in this section has been maintained continuously since the beginning of this year.

In the structure of imports, only two of the ten sections showed a year-on-year increase. The decrease in total imports in November 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 more than 43% year-on-year. The double-digit decrease in total imports was also helped by lower imports of the section Machinery and transport equipment (SITC7), which also includes motor vehicle parts. The value in this section was lower by 11.2% year-on-year.

The most traded SITC section in Slovakia's foreign trade was Machinery and transport equipment with a share of 62.8% of total exports and 47.3% of total imports.

78% of Slovak exports went to EU member states²⁾ and imports from them represented 65.8%. Exports to EU member states decreased by 4.9% year-on-year in November. Imports from EU member states decreased by 7.6%. Exports to extra-EU countries increased by 3% year-on-year, and imports from these countries decreased by 24.7%.

Preliminary data for January to November 2023

For January to November 2023, compared to the corresponding period in 2022, exports increased by 5.9% to EUR 100.8 billion and imports decreased by 2.1% to EUR 96.3 billion. The balance of foreign trade was in surplus in the amount of EUR 4.4 billion. In the first eleven months of 2022, the balance was in deficit in the amount of EUR 3.2 billion.

Adjusted detailed data for January to October 2023

In total for January to October 2023, compared to the corresponding period in 2022, exports increased by 6.9% to EUR 91.4 billion and imports decreased by 0.6% to EUR 87.3 billion. The balance of foreign trade was in surplus in the amount of EUR 4.1 billion, the year before last the balance of foreign trade resulted in a deficit of 2.3 billion in the first ten months.