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Slovakia’s foreign trade surplus continues to grow

Slovakia is continuing to report a significant surplus in foreign trade. According to preliminary data released by the Statistics Office, in February the country’s foreign trade surplus rose by more than €100 million compared to the previous month, to €458.7 million. During the first two months of this year the surplus stood at €814.7 million, a year-on-year increase of more than €230 million, the SITA newswire reported on April 9.

Slovakia is continuing to report a significant surplus in foreign trade. According to preliminary data released by the Statistics Office, in February the country’s foreign trade surplus rose by more than €100 million compared to the previous month, to €458.7 million. During the first two months of this year the surplus stood at €814.7 million, a year-on-year increase of more than €230 million, the SITA newswire reported on April 9.

The total value of goods exported from Slovakia in February reached €5.06 billion, an increase of 3.7 percent year-on-year. Total imports rose only slightly, by 0.2 percent to €4.602 billion. Overall, total exports for the first two months of 2013 rose by 5.6 percent year-on-year to €9.892 billion, while total imports stood at €9.077 billion, 3.3-percent up compared to 2012.

UniCredit Bank’s chief economist, Ľubomír Koršňák, said that Slovakia had recorded its highest ever February foreign trade surplus. The country should keep its surplus balance for most of this year, Koršňák added.

“The indicators of sentiment in Europe imply that demand from our most important business partners in the beginning of the year stabilised, or is gradually recovering,” Koršňák said, as quoted by SITA, adding that this might help to restart an increase in both exports and imports.

On the other hand, domestic demand will not start to recover in the early part of this year, which could keep consumer and investment imports at relatively low levels, SITA reported.

Source: SITA

Compiled by Radka Minarechová from press reports
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