In July, import and export of goods dropped to this year's minimum, but the balance resulted in a surplus of almost EUR 366 million

Slovak exports continued to be the most significantly affected by the export of motor vehicles even in the first holiday month. Year-on-year imports dropped for the fourth consecutive month, mainly due to a decrease in the value of imports of energy commodities.

In July 2023, according to preliminary results, goods in the amount1) of EUR 8.1 billion were exported from Slovakia, with year-on-year growth by 4.6%. Year-on-year export growth has continued since January 2023. Imports of goods were lower compared to the corresponding period last year for the fourth consecutive month, currently by 2.4% and reaching a value of EUR 7.7 billion. The balance of foreign trade was in surplus in the amount of EUR 365.7 million, which was a better result by almost EUR 547.8 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 exports and included in the statistical outputs also 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, four of them recorded a year-on-year growth. The growth of total exports was most significantly influenced 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 section was higher by 13.2% year-on-year. The double-digit increase compared to the corresponding period last year thus continued for the seventh consecutive month, despite the fact that the pace slowed down significantly compared to June. In July, machinery and transport equipment represented 61.4% of the total exports. The majority of machinery and transport equipment (70.0%) went from Slovakia to the EU markets.

In the structure of imports, half of the ten sections registered a year-on-year increase. The decrease in total imports was mainly influenced by the drop 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 year-on-year by more than half (51.8%) and at the same time it was the lowest since May 2021. A more significant decrease in total imports was prevented by higher imports of the section Machinery and transport equipment (SITC7), which also includes motor vehicle parts. Their value was higher by 14.0% year-on-year.

77.1% of Slovak exports went to the EU member states2), and imports from them accounted for 67.5% of the total imports. Exports to EU member states rose by 2.1% year-on-year in July, and imports rose by 0.5%. Exports to the extra-EU countries increased by 14% year-on-year and imports decreased by 8%.

Preliminary data for January to July 2023

From January to July 2023, compared to the corresponding period in 2022, exports increased by 8.9% to 63.7 billion EUR and imports increased by 1% to EUR 61.1 billion. The balance of foreign trade was in surplus in the amount of EUR 2.6 billion. In the first seven months of 2022, the balance was in deficit in the amount of EUR 1.9 billion.

Adjusted detailed data for January to June 2023

In January to June, compared to the corresponding period in 2022, the total export of goods increased by 9.5% to EUR 55.6 billion and imports increased by 1.6% to EUR 53.4 billion. The balance of foreign trade was in surplus in the amount of EUR 2.3 billion, last year the balance of foreign trade ended with a deficit of EUR 1.8 billion in the first six months.

The Statistical Office of the SR revised the DATAcube database. data on foreign trade for the year 2022, these are definitive data.