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.