In June, the balance of foreign trade was close to the record values of the last decade
Slovakia's trade surplus with foreign countries amounted to more than EUR 817 million, it increased by almost a billion year-on-year. It is also the third highest value since 2010. The overall balance of foreign trade has been positively affected by high value of exported cars since the beginning of this year, as well as by lower value of imports of energy commodities.
According to preliminary results, goods1) in the amount of EUR 9.7 billion were exported from Slovakia in June 2023, it was recorded a year-on-year growth of 9.6%. The biggest impact on the result was mainly the export of cars. Exports have been consistently higher year-on-year since January 2023 and more than doubled their growth rate in June compared to the previous month. Imports were lower compared to the same period last year for the third consecutive month, currently by 0.8% and reached the value of EUR 8.9 billion. A decrease was mainly influenced by lowering the value of imports of oil, natural gas and electricity to Slovakia. The balance of foreign trade was thus active in the amount of EUR 817.2 million, which was a better result by almost EUR 927.5 million compared to the same period last year.
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Of the ten sections in the export structure, half recorded a year-on-year increase. The increases 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 automobiles. The value of exported goods in this section was by 21.5% higher year-on-year. Compared to the same period last year, the double-digit increase continued for the sixth consecutive month. In June, machinery and transport equipment represented almost two thirds of the total exports (64.8%). Their share in Slovakia's total exports is increasing slightly and was currently the highest this year. Most of machines and transport equipment from Slovakia (72.8%) were destined to EU markets.
In the structure of imports, only three of the ten sections recorded a year-on-year growth. The year-on-year decrease in total imports was mainly influenced by lowering 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 of this section dropped by 48.1% year-on-year and at the same time it was the lowest since July 2021.
A more significant decrease in total imports was prevented by higher imports of the sectuib of Machinery and transport equipment (SITC7), which also includes motor vehicle parts. Their value increased by 17.6% year-on-year.
In June, 77.8% of Slovakia's exports went to EU member states2) and imports from EU countries accounted for 69.1%. Exports to EU member countries increased by 6.5% year-on-year, exports to the rest of the world rose by up to 22.2%. Imports from EU member states increased by 7.9%, while imports from non-EU member states were, on the contrary, lower by up to 16.1%.
Preliminary data from January to June 2023
From January to June 2023, compared to the same period in 2022, exports increased by 9.4% to EUR 55.5 billion and imports increased by 1.1% to EUR 53 billion. The balance of foreign trade was in surplus in the amount of EUR 2.5 billion. In the first six months of 2022, the balance was negative in the amount of EUR 1.7 billion.
Adjusted detailed data from January to May 2023
In January-May, compared to the same period in 2022, the export of goods increased by 9.4% to EUR 45.8 billion and imports increased by 1.5% to EUR 44.1 billion. The balance of foreign trade was in surplus in the amount of EUR 1.7 billion; last year, the foreign trade balance ended with a deficit of EUR 1.6 billion in the first five months.
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