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BUSINESS IN SHORT

Slovakia posts strong export growth

STRONG sales in China of automobiles produced in Slovakia contributed to a significant increase in exports throughout 2011. Exports grew by nearly 10 percent in October and then recorded 7.5 percent year-on-year growth in November, resulting in a positive trade balance of €330 million for the month, the Hospodárske Noviny daily reported.

STRONG sales in China of automobiles produced in Slovakia contributed to a significant increase in exports throughout 2011. Exports grew by nearly 10 percent in October and then recorded 7.5 percent year-on-year growth in November, resulting in a positive trade balance of €330 million for the month, the Hospodárske Noviny daily reported.

“Exports to China rose by nearly two-thirds year-on-year,” stated Dagmar Hlavatá of the Economy Ministry, as quoted by the daily, adding that automobiles exported to China increased by about 80 percent.

Volkswagen Slovakia also noted the strong foreign demand for its automobiles assembled in Bratislava.

“Our biggest export markets are Germany, China and the US,” said Vladimír Machalík, the company’s spokesperson, as quoted by Hospodárske Noviny, adding that sales to China increased significantly in 2011.

Aggregated exports for the first eleven months of 2011 were 17.7 percent higher than the same period in 2010 and reached €52.052 billion, the TASR newswire wrote, adding that a surprising figure was a 32.8 percent increase in exports by Slovakia’s food industry. But exports of electronic goods such as televisions, monitors and projectors registered a significant drop.

Hlavatá noted that Slovakia’s positive foreign trade balance also reflects reduced domestic consumption.

“The increase [in the trade balance] signals a rise in foreign demand as well as a drop in domestic consumption,” Hlavatá said, as quoted by Hospodárske Noviny.

Economic analysts told the daily that the positive results from 2011 could be reversed in 2012 if economic growth continues to slow.


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