Slovakia exports remain historically high
Imports grew after months of decline due to imports of goods from EU countries.
In November 2020, total exports of goods amounted to EUR 7,5 billion. It thus increased by 2,5 % year-on-year and is the second highest value this year at the level of historical maximums. Total imports of goods increased by 1,1 % year-on-year to EUR 7,3 billion.
The positive balance of foreign trade reached the volume of EUR 222,9 million. Although the November surplus accounted for only a quarter of the record October values, it was still by almost two times higher (EUR 103,2 million) in the corresponding period last year.
The growth of exports in the most important class of foreign trade of the Slovak Republic - Machinery and Transport Equipment (SITC7), which also includes the automotive industry, despite the slowdown for the third month in a row, also affected the favorable development of Slovak exports in November.
Of the nine classes, only two, though the most traded classes, showed a positive balance, i.e. a surplus of exports over imports, while the others showed a surplus of imports over exports. The most significant positive balance was again reported by Machinery and Transport Equipment, which also includes automobiles.
Exports in this class exceeded imports by more than a billion EUR. The surplus in this class was higher by 15,2 % compared to a situation in November 2019. The positive balance of EUR 57 million was reported also by the second most traded class - Market products (SITC 6).
Exports of machinery and transport equipment reached EUR 5,1 billion in November and was the second highest in the last decade. In a year-on-year comparison, it increased to non-EU countries by 37,6 %, but only more than a quarter of exports of machinery and transport equipment goes there. Exports to EU Member States dropped by 3,2 %.
After eight months of decline, total imports of goods to Slovakia were higher by 1,1 % year-on-year. In particular, imports from the EU countries increased by 11,6 %, accounting for almost three quarters of total imports.
Of the important classes, imports of Machinery and Transport Equipment from the EU and imports in the class - Chemicals (SITC5) contributed to the growth of imports. Imports from non-EU countries were lower by 18,9 % year-on-year.
Of total exports, exports to EU Member States accounted for 76,9 % and imports from EU Member States accounted for 72,4 % of total imports.
In January to November 2020, compared to the corresponding period last year, total exports of goods decreased by 7,6 % to EUR 68,9 billion and total imports by 9,7 % to EUR 66,4 billion. The balance of foreign trade was active in the amount of EUR 2,6 billion (by EUR 1,5 billion higher than in the corresponding period last year).
Exports to EU Member States in January to November 2020 decreased by 8,5 % compared to the corresponding period last year and accounted for 78,6 % of total exports. Imports from EU Member States accounted for 67,4 % of total imports and fell by 7,1 % year- on-year.
Exports to non-EU countries in January to November 2020 decreased by 3,8 % compared to the corresponding period last year and accounted for 21,4 % of total exports. Imports from non-EU countries accounted for 32,6 % of total imports and dropped by 14,7 % year-o- year.
The most traded SITC class in the foreign trade of the Slovak Republic were Machinery and Transport Equipment with a share of 63,8 % in total exports and 50,4 % in total imports.
After seasonally adjusted data in November 2020, total exports of goods reached the value of EUR 6,9 billion, with a year-on-year growth of 3,2 %. Total imports of goods increased by 0,9 % to EUR 6,5 billion. The foreign trade balance was active in the amount of EUR 380,1 million (by EUR 152,3 million higher than in November 2019). ■