In August, Slovakian exports and imports more rapidly increased year-on-year, exceeding the 30% level for the second time this year.
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The total exports were mainly affected by higher value of exported motor vehicles, electricity and petroleum products. The year-on-year higher value of purchased parts and components of motor vehicles, electricity and natural gas affected an increase in imports of goods to Slovakia.
A rise in foreign trade is also related to higher prices of these commodities.
According to the preliminary results, the total exports of goods from Slovakia reached the value of EUR 8.3 billion in August 2022, with a year-on-year growth of 30.3%. A rise in the exports has continued for the eleventh month and is currently the second highest during this period.
The total imports of goods increased at approximately the same rate, namely by 30.7% to EUR 8.4 billion. The year-on-year increase in the value of imports has thus continued smoothly since January last year. The foreign trade balance was in deficit in the amount of EUR 158.2 million (by EUR 54.6 million higher deficit than in August 2021). The values are at constant prices.
Of the ten sections in the structure of exports, nine of them recorded a year-on-year increase in August of this year, with increases ranging from 7% to 164%.
The most significant influence on the growth of total exports was recorded in the most traded section of foreign trade – Machinery and transport equipment (SITC 7), which also includes the exports of automobiles.
The value of exported goods in this section was by 29.4% higher year-on-year. It was the highest increase in this section since May 2021, when, however, there was a significant year-on-year rise due to slumps during the first wave of the coronavirus.
A two-and-a-half-fold increase (by 163.9%) in the section - Mineral fuels (SITC 3) also contributed to the overall growth in the value of the Slovak exports, where inter alia the export of electricity, oil products, etc. is included
Of the ten sections in the structure of imports, eight of them recorded a year-on-year growth, ranging from 2% to 89%. As in exports, increases in imports was most significantly affected by higher import of machinery and transport equipment, the value of which increased by 29.9% year-on-year.
Higher dynamics of the total imports was influenced by the currently third highest item in imports – Mineral fuels, which include imports of natural gas, oil and electricity. Significant increases have continued steadily since April last year. The current value of imported goods in this section was 89% higher year-on-year.
The import of mineral fuels has been currently almost twice as high as in August 2021 and three times higher than in 2020.
After seasonal adjustment of data, in August 2022, the total exports of goods reached the value of EUR 9 billion, with a year-on-year growth by 27.1%. The total imports of goods increased by 26.9% to EUR 8.8 billion. The balance of foreign trade was in surplus in the amount of EUR 173.3 million (by EUR 49.2 million more than in August 2021).
In the first eight months of this year, the value of goods exported increased by 16.7% year-on-year to EUR 66.8 billion and for imports by 24% to EUR 68.7 billion. The balance of foreign trade was negative in the amount of EUR 1.9 billion. During the same period last year, it was in surplus in the amount of more than EUR 1.8 billion.
In January to August 2022, compared to the corresponding period last year, exports to EU member states increased by 18.9% and represented 80.8% of the total exports. Imports from EU member states represented 63.2% of the total imports and it increased by 20.3%, year-on-year.
Exports to non-EU countries in January to August 2022 compared to the same period last year increased by 8.3% and represented 19.2% of the total exports. Imports from non-EU countries represented 36.8% of the total imports and increased by 30.8% year-on-year.
The most traded SITC section in foreign trade of the SR was machinery and transport equipment with a share of 56.6% in the total exports and 43.7% in the total imports. ■