In May 2023, the predominance of exports over imports was mainly affected by the export of motor vehicles for the fourth consecutive month

Slovakia's surplus of foreign trade rose to EUR 686.1 million, which represents a more than six-fold increase year-on-year. It is also the second highest value since October 2020. The result was positively influenced mainly by the year-on-year growth of the surplus in trade with machinery and transport equipment and a significantly lower deficit in trade with mineral fuels.

According to preliminary results, goods in the amount of¹⁾ EUR 9.5 billion were exported from Slovakia in May, with a year-on-year growth by 3.5%, which was mainly affected by the export of motor vehicles. Export growth has continued since January 2023, but has slowed significantly for the second month. In May, the total import of goods decreased by 2.9% year-on-year to EUR 8.8 billion. After more than two years of year-on-year growth, imports dropped for the second consecutive month. Thus, the balance of foreign trade was in surplus in the amount of EUR 686.1 million, which was a better result by more than EUR 582 million compared to the corresponding period last year.

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Of the ten sections in the export structure, only three recorded a year-on-year growth. The growth of total exports, despite high declines in other goods, was mainly affected 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 the exported goods in this section was higher by 15.4% year-on-year. The double-digit increase compared to the corresponding period last year continued for the fifth consecutive month. In May, machinery and transport equipment represented almost two thirds of total exports (64.1%). The majority of machines and transport equipment (70.1%) went from Slovakia to the EU markets.

In the structure of imports, four of the ten sections recorded a year-on-year growth. The year-on-year decrease in total imports was mainly influenced by the decrease 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 by 44.7% year-on-year and at the same time the lowest since September 2021.

An even 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 12.2% year-on-year.

In May, 76.5% of Slovak exports and 67.9% of imports went to EU member states²⁾. Intra-EU exports decreased by 1.5% year-on-year, while exports to extra-EU countries rose by 24.0%. Imports from EU member states increased by 0.7%, while imports from the extra -EU countries, on the contrary, were lower by 9.8%.

Preliminary data for January-May 2023

From January to May 2023, compared to the corresponding period last year, the total export of goods increased by 9.3% to EUR 45.7 billion and total imports increased by 1.4% to EUR 44 billion. The balance of foreign trade was in surplus in the amount of EUR 1.7 billion. In the first five months of 2022, the balance was in deficit in the amount of EUR 1.6 billion.

Adjusted detailed data for January to April 2023

In January to April, compared to the corresponding period in 2022, the total export of goods increased by 10.9% to EUR 36.2 billion and total imports increased by 2.5% to EUR 35.2 billion. The balance of foreign trade was in surplus in the amount of EUR 1 billion, last year the balance of foreign trade ended with a deficit of EUR 1.7 billion in the first four months.