The year 2024 started with a positive January´s balance of EUR 411 million

The value of the exports increased only slightly compared to the corresponding period last year, mostly affected by the export of motor vehicles. Imports, which recorded a year-on-year decrease, were mainly affected by the decrease in the value of the imported energy commodities.

In January 2024, according to preliminary results, goods in the amount of¹⁾ EUR 8.6 billion were exported from Slovakia with a year-on-year growth by 1.1%. After two previous months of decline, it returned to positive numbers. The most important part was the export of motor vehicles.

The value of imports²⁾ decreased by 6.9% to EUR 8.1 billion. A more significant decline thus continues for the third consecutive month. In January 2024, the balance of foreign trade was in surplus in the amount of EUR 410.9 million, which was a better result by almost EUR 700 million compared to the corresponding period last year.

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Of the ten sections in the export structure, four of them showed a year-on-year growth in the first month of this year. The most traded section of foreign trade Machinery and transport equipment (SITC 7), which also includes the export of motor vehicles, had a significant impact on the development of the Slovak exports. The value of exported machinery and transport equipment was higher by 2.3% year-on-year. Growth in this section has continued continuously since January 2023.

In the structure of imports, only three out of ten sections showed a year-on-year increase. The decrease in total imports continued to be mainly influenced by the lower value of imports in the section Mineral fuels (SITC 3), which also includes oil, electricity and natural gas. The value of the imported goods in this section was lower by almost 25% year-on-year. Lower imports of the section Machinery and transport equipment (SITC 7), which also includes motor vehicle parts, contributed to a significant decrease in total imports. The value of goods in this section was lower by 7.4% year-on-year.

The most traded SITC section in Slovakia's foreign trade was Machinery and transport equipment with a share of 61.7% of total exports and 46% of total imports.

79.4% of the Slovak exports went to the EU member states³⁾ and imports from them represented 64%. Exports to the EU member states increased by 1.8% year-on-year in January. Imports from the EU member states decreased by 0.7%. Exports to the extra-EU countries decreased by 1.7% year-on-year, and imports from these countries decreased by 16.3%.

Adjusted detailed data for 2023

For the whole year 2023, according to the adjusted data, exports increased year-on-year by 5.3% to EUR 108.3 billion and imports decreased by 3% to EUR 104.1 billion. The balance of foreign trade was in surplus in the amount of EUR 4.2 billion. In 2022, the balance of foreign trade was in a deficit of EUR 4.5 billion.