Slovak foreign trade was hit hard at the beginning of 2009 by both the forced shutdown of several export-oriented industries due to the disruption of natural gas supplies from Russia and by the precipitous economic slowdown of export markets in the eurozone. But economic analysts polled recently by the TASR newswire agreed that this double-whammy effect last January represented the worst period for the country in 2009.
During the course of the 2009, exports revived gradually, and analysts now expect growth in Slovakia’s foreign trade to continue in 2010. In turn, industrial production and revenues in industrial branches are starting to return to life. "This trend started in recent months, when the dynamics of the year-on-year drop of exports and imports started to disappear," said UniUniCredit Bank Slovakia analyst Ľubomír Koršnák. According to Poštová Banka analyst Jana Mrvová, the driving force for Slovak exports in 2010 will remain the car industry, as well as the manufacture of electronics. Volksbank Slovakia analyst Vladimír Vano thinks that, as in 2009, industrial firms with international business concerns manufacturing in several countries which decide to take advantage of Slovakia's introduction of the euro and move more of their manufacturing to Slovak factories will enjoy a favourable position in 2010.
Compiled by Zuzana Vilikovská from press reports
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7. Jan 2010 at 10:00