Slovakia's foreign trade ended in surplus in February, exports were higher than imports by almost EUR 650 million

The balance of foreign trade was better by EUR 424 million compared to the same period last year. The value of both exports and imports was lower year-on-year. The decrease in Slovak exports was the largest since September 2021 and was mainly affected by exports of cars. Lower imports were mainly due to a drop in the value of imported energy commodities.

According to preliminary results, goods worth¹⁾ EUR 8.8 billion were exported from Slovakia in February 2024, there was a year-on-year decrease of 3.4%. After an increase in January, exports returned to decline, which was also the largest in the last 2.5 years. Exports of cars contributed most considerably to it.

The value of imports²⁾ decreased by 8.3% to EUR 8.1 billion. A more significant drop thus continues for the fourth consecutive month. It was mainly affected by a fall in the value of imported energy commodities.

In February 2024, the balance of foreign trade was in surplus in the amount of EUR 649.4 million, which was a better result by EUR 424 million compared to the same period last year.

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As for the ten classes in the export structure, three of them recorded a year-on-year decrease in the second month of this year. The most traded section of foreign trade Machinery and transport equipment (SITC 7), which also includes the export of cars, had a significant impact on the development of Slovak exports. It recorded the highest drop since April 2022. The value of exported machinery and transport equipment was currently down year-on-year by 7.4%.

In the structure of imports, eight of the ten classes recorded a year-on-year decrease. The decrease in total imports continued to be mainly influenced by a fall 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 a third lower year-on-year. Lower imports of the section of Machinery and transport equipment (SITC 7), which also includes parts of motor vehicles, contributed to a significant decline in total imports. The value of goods in this section was 8.6% lower year-on-year.

The most traded SITC section in Slovakia's foreign trade was Machinery and transport equipment with a share of 61.3% of total exports and 48.4% of total imports.

79.2% of Slovakia's exports went to EU member states³⁾ and imports from them accounted for 66.5%. Exports to EU member states fell year-on-year by 1.3% in February. Imports from EU member states decreased by 5.7%. Exports to non-EU countries decreased year-on-year by 10.7%, and imports from these countries were lower by 13%.

Preliminary data for January and February 2024

In the first two months of this year, exports decreased year-on-year by 1.6% to EUR 17.3 billion and imports decreased by 8.7% to EUR 16.1 billion. The balance of foreign trade was in surplus in the amount of EUR 1.2 billion. During the same period last year, it was in deficit in the amount of EUR 59.7 million.

Adjusted detailed data for January 2024

For January 2024, according to the adjusted data, exports increased year-on-year by 0.5% to EUR 8.5 billion and imports decreased by 9% to EUR 8 billion. The balance of foreign trade was in surplus in the amount of EUR 544.6 million. In the same period last year, the balance of foreign trade ended with a deficit of EUR 285.1 million.