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Slovakia’s foreign trade downswing slows moderately in August

Slovakia reported a decline in both exports and imports in August of this year but the y-o-y drop in foreign trade slowed down modestly. The indicator remains in a cumulative surplus after the January-August period. Exports amounted to €3.151 billion in August, according to preliminary figures released by the Statistics Office of the Slovak Republic on October 12.

Slovakia reported a decline in both exports and imports in August of this year but the y-o-y drop in foreign trade slowed down modestly. The indicator remains in a cumulative surplus after the January-August period. Exports amounted to €3.151 billion in August, according to preliminary figures released by the Statistics Office of the Slovak Republic on October 12.

This is a year-on-year slump of 14.7 percent, compared with a 25.8-percent decrease posted in July. Imports reached €2.883 billion: down 20.5 percent y-o-y. July saw a y-o-y drop in imports by 29 percent.

Foreign trade is the core channel through which the downturn in global demand spills into Slovakia. Thus, it significantly affects Slovakia's economy, as proven by this year's development with y-o-y drop in exports of up to 30 percent. A decrease in foreign demand, the main driving force of the Slovak industry in the past years, was one of the main factors behind the downswing of Slovak economy (down 5.6 percent in Q1 and 5.3 percent in Q2). SITA

Compiled by Jana Liptáková from press reports
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