Slovakia’s foreign trade surplus increased in June

Slovakia’s increase in its foreign trade surplus continues, with June’s numbers reaching €458.2 million, according to the preliminary data of the Statistics Office. Though the surplus dropped by €200 million compared to May, the cumulative foreign trade surplus during the first six months of the year increased to €2.992 billion, which is about €1 billion more than during the same period in 2012, the SITA newswire reported on August 9.

Slovakia’s increase in its foreign trade surplus continues, with June’s numbers reaching €458.2 million, according to the preliminary data of the Statistics Office. Though the surplus dropped by €200 million compared to May, the cumulative foreign trade surplus during the first six months of the year increased to €2.992 billion, which is about €1 billion more than during the same period in 2012, the SITA newswire reported on August 9.

Positive foreign trade balance numbers were reached despite an annual drop in Slovak exports. The total amount of exported goods reached €5.284 billion in June, which is 2.3 percent less than the previous month. The total imports decreased by 3.6 percent month-on-month to €4.826 billion. During the first half of the year the total exports grew to €31.801 billion, which is a 3.2-percent increase. The total imports dropped by 0.2 percent year-on-year to €28.808 billion, as reported by SITA.

Slovakia achieved the foreign trade surplus mostly due to the slowdown in imports, said Marek Gábriš, analyst with ČSOB bank.

“Imports were under pressure because of decreasing consumption as well as lower imports of consumer goods,” Gábriš told SITA, adding that other factors were weaker interest in import of investment units and semi-products caused by the drop in investments and slower industrial growth.

Yet, according to the currency department of the National Bank of Slovakia (NBS), the country’s central bank, the foreign trade surplus could be higher this year than what was originally expected. At the end of June the 12-month cumulative surplus stood at 6.5 percent of GDP, which was 2.8 percent more than last year, SITA reported.

Source: SITA

Compiled by Radka Minarechová from press reports

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