Even in August, the trend of positive results in foreign trade continued, the surplus rose to EUR 483 million

The balance of foreign trade was higher by more than half a billion euros compared to August of last year, primarily due to the double-digit year-on-year growth in exports of motor vehicles. The favourable balance was also affected by the lower value of imports of energy commodities.

According to preliminary results, goods in the amount¹⁾ of EUR 8.5 billion were exported from Slovakia in August 2023, with a year-on-year increase of 2.2%. A year-on-year increase in exports has continued steadily since January 2023, although the growth rate has slowed significantly. Imports of goods were lower compared to the same period last year for the fifth consecutive month. The current decrease of 4.7% was the highest in this period. The import of goods to Slovakia thus reached a value of EUR 8 billion. The balance of foreign trade was in surplus in the amount of EUR 482.7 million, which was a better result by EUR 579.4 million compared to the same period last year.

Download high resolution chart format PDF (90 kB) or PNG (143 kB).

As part of improving data quality, the Statistical Office of the SR extended the sources of data 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 classes in the export structure, only two of them recorded a year-on-year growth. The growth of total exports was ensured by 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 class was higher by 15.8% year-on-year. The double-digit increase compared to the same period last year continued for the eighth consecutive month. In August, machinery and transport equipment accounted for 61.7% of total exports. The majority of machinery and transport equipment, up to 70.4%, were destined for EU markets from Slovakia.

In the structure of imports, out of ten sections, three recorded a year-on-year growth. The decrease in total imports was mainly influenced by the decrease in the value of imports in the section of Mineral fuels (SITC 3), which also includes oil, electricity and natural gas. The value of imported goods in this section was half lower year-on-year. An even more significant decrease in total imports was prevented by higher imports of the section of Machinery and transport equipment (SITC7), which also includes motor vehicle parts. Their value was higher by 9.6%, year-on-year.

77% of Slovakia's exports went to the EU member states²⁾, and imports from them represented 67% of the total imports. Exports to EU member states rose year-on-year by 1.6% in August, and imports increased by 1.4%. Exports to the non-EU countries increased year-on-year by 4.2% and imports decreased by 15.2%.

Preliminary data for January to August 2023

From January to August 2023, compared to the corresponding period in 2022, exports increased by 8.3% to 72.4 billion EUR 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. In the first eight months of 2023, the balance was in deficit in the amount of EUR 2.0 billion.

Adjusted detailed data for January to August 2023

In January to July, compared to the corresponding period in 2022, the total export of goods increased by 9.2% to EUR 63.9 billion and imports increased by 1.1% to EUR 61.1 billion. The balance of foreign trade was in surplus in the amount of EUR 2.8 billion, last year, the balance of foreign trade resulted in a deficit of EUR 1.9 billion in the first seven months of last year.