In May 2022, the total balance was also affected by the lower import of natural gas, due to which it was intensively decreasing in recent months.
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Almost 30% growth in total import and export of goods was the highest in the last 11 months.
According to preliminary results, the total export of goods from Slovakia reached a value of EUR 9 billion in May 2022, with year-on-year growth by 29.3%.
The growth of export continues for the seventh month and was currently the highest since May 2021.
The total import of goods also increased at the same pace, by 29.3% to EUR 8.8 billion. Year-on-year growth in the value of imports has thus continued smoothly since February of last year.
The balance of foreign trade in goods thus resulted in a surplus of EUR 160.5 million. In the corresponding period last year, it was lower by EUR 36.5 million. After six months, the balance was in surplus again.
Of the ten sections in the export structure, nine of them showed a year-on-year increase in May of this year.
Again, the most traded section of foreign trade – Machinery and transport equipment (SITC 7), which also includes the export of automobiles, had the most significant impact on the growth of total exports. The value of exported goods in this section was higher year-on-year by almost a quarter.
The 43% higher export of the second most traded section – Market products (SITC 6), including products from several important Slovak industries such as metal processing, metallurgy, rubber industry, etc., also contributed to the overall growth in the value of Slovak exports.
In the structure of imports, nine out of ten sections showed a year-on-year growth. As with exports, growth in imports was most significantly influenced by higher imports of machinery and transport equipment, the value of which was higher by 21% year-on-year.
The higher dynamics of total imports was influenced by the currently third largest volume item in imports – Mineral fuels (SITC 3), which includes, for example, imports of natural gas, oil and electricity.
Significant growth in this section has continued smoothly since April last year. Despite the month-on-month decrease, the May value of imported goods in this section reached almost EUR 871 million, which was twice as much as a year ago and at the same time almost four times higher than in May 2020.
After seasonally adjusted data, total exports of goods amounted to EUR 8.8 billion, with a year-on-year growth of 25.5% in May 2022. Total imports of goods increased by 25.1% to EUR 8.9 billion. The foreign trade balance was in deficit in the amount of EUR 51.7 million (by EUR 7.9 million lower deficit than in May 2021).
In the first five months of this year, the value of goods exported year-on-year, rose by 13% to EUR 41.2 billion and for imports by 22.7% to EUR 42.6 billion. Thus, the balance of foreign trade was in deficit in the amount of EUR 1.4 billion. During the corresponding period of last year, it was in surplus in the amount of almost EUR 1,7 billion.
Exports to the EU member states in January to May 2022 compared to the corresponding period last year increased by 16.5% and represented 81.7% of total exports. Imports from the EU member states represented 61.9% of the total imports and increased by 16.2% year-on-year.
Exports to non-EU countries in January to May 2022 decreased by 0.2% compared to the corresponding period last year and accounted for 18.3% of total exports. Imports from non-EU countries accounted for 38.1% of total imports and increased by 34.8% year-on-year.
The most traded SITC section in Slovakia's foreign trade was Machinery and transport equipment with a share of 57% of total exports and 44.2% of total imports. ■