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Oil imports increase harms Slovak foreign trade balance

SLOVAKIA’S foreign trade deficit in the first half of 2005 reached Sk27.7 billion (€71 million), two and a half times higher than in the first half of 2004, the Hospodárske noviny daily reported.

The reason for the development is the slow in car exports and an increase in oil imports.

However, a positive sign is that in June 2005 Slovakia’s foreign trade balance was better year-on-year. The June foreign trade deficit was Sk3.1 billion (€80 million) although analysts expected it to be as much as Sk7 billion (€180 million).

According to analysts, Slovakia’s exports should rise in the second half of 2005 largely thanks to the launching of new export capacities in the automotive industry.

Oil prices remain a risk factor, however.

Compiled by Martina Jurinová from press reports
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