In October, foreign trade again surprised positively, with a surplus of EUR 807,5 million, it was the highest in the last decade

In October 2020, foreign trade again surprised positively, the surplus of EUR 807,5 mil. was the highest in the last decade. Exports from Slovakia were above the last year's level for the fifth month in a row, although the growth rate slowed in October. The value of exports and the balance of foreign trade reached the highest value in the last 10 years. Imports were below the last year's values for the eighth consecutive month.

According to preliminary results, total export of goods from Slovakia reached the value of EUR 7,9 billion in October 2020, with a year-on-year growth of 0,6 %. Total imports of goods decreased by 5,7 % to EUR 7,1 billion. The foreign trade balance was in surplus in the amount of EUR 807,5 mil., which was by EUR 475,8 million higher value than in the same period last year and the highest in the last decade.

This result was again influenced by the most important section of foreign trade in the Slovak Republic - Machinery and transport equipment (SITC 7), which also includes the automotive industry. In this section, exports of goods were by EUR 1,6 billion higher than imports. In addition, a positive balance of EUR 45,3 million was also recorded in the second most traded section SITC - Market Products (SITC 6). As for the nine classes, only these two classes showed a positive balance, while in the others the import of goods exceeded the export.

In October, the situation in the automotive industry also had a positive effect on the overall year-on-year growth of the Slovak exports, despite the fact that a rise in the Machinery and transport equipment section slowed down for the second month in a row. While in August exports of goods in this section were higher by more than 14 % year-on-year, by 13,2 % in September, exports were higher by 7,4 % year-on-year in October. It thus represented more than two thirds of the total Slovak exports. Higher year-on-year increase was recorded by two still less significant sections of foreign trade - oils, fats and waxes by 15,6 %, as well as beverages and tobacco by 9 %.

In October, Slovak goods were exported to the countries of the EU by 0,8 % less than the last year, and on the contrary to countries outside the EU by 5,7 % more. Exports to the EU accounted for 77,1 % of the Slovak exports.

Imports of goods to Slovakia have not reached the last year's level since February this year. In October, it decreased by 5,7 % year-on-year. In October, imports from EU countries fell by 1,9 % and from the rest of the world by 12,7 %. Imports from these countries represented 32,8 % of total imports.

In January-October 2020, compared to the same period last year, total exports of goods decreased by 8,8 % to EUR 61,3 billion and total imports by 11 % to EUR 59 billion. The foreign trade balance was in surplus in the amount of EUR 2,3 billion (by EUR 1,4 billion higher than in the same period last year).

Over the first ten months of this year, exports to EU Member States fell by 9,3 % year on year, representing 78,8 % of total exports. Imports from EU Member States represented 67 % of total imports and decreased by 9 % year on year.

In January-October 2020, exports to non-EU countries decreased by 7 % compared to the same period last year and accounted for 21,2 % of total exports. Imports from non-EU countries represented 33 % of total imports and declined by 14,8 % year on year.

The most traded SITC section in the foreign trade of the Slovak Republic were Machinery and transport equipment with a share of 63,3 % in total exports and 49,9 % in total imports.

Seasonally adjusted foreign trade data ¹⁾

After seasonally adjusted data, in October 2020, total exports of goods reached the value of EUR 7 billion, with a year-on-year growth of 3,2 %. Total imports of goods decreased by 3,3% to EUR 6,3 billion. The balance of foreign trade was in surplus in the amount of EUR 644,4 mil. (by EUR 433,9 million higher than in October 2019).