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Big foreign trade surplus in February

IN FEBRUARY, the total export of goods form Slovakia amounted to €5,416.1 million with a year-on-year growth by 1.7 percent, the Slovak Statistic Office (ŠÚ) wrote, with a surplus of  €529 million.

(Source: Reuters)

Though the total import of goods rose by 1.6 percent – to €4,887.1 million, the foreign trade balance was €11.9 million higher than in February 2014.

The data for January 2015 were revised, with the foreign trade balance in surplus and amounting to €392.7 million (by €51 million lower than in January 2014). Slovakia had the highest balance surplus with Germany, the United Kingdom, Poland, Austria, the Czech Republic, France, Italy and Spain.

The results were a surprise, according to economic analyst of the UniCredit bank Ľubomír Koršňák. The turnover in foreign trade increased for the fourth consecutive month – seasonally adjusted – and both sides of the balance, export and import, thus returned to a growth year-on-year; despite the ongoing marked decline in export or energy prices y-o-y.

The positive fact is that it was mainly the growing exports that drew the foreign trade in surplus, unlike the H2 2014 when it was the declining imports. The largest balance deficit was recorded in the foreign-trade activity with the Republic of Korea, China, Russia, Japan, Taiwan, Malaysia, Ukraine and India, ŠÚ wrote.

Goods valued at €5,036.2 million were exported from Slovakia; compared y-o-y, the total export dropped by 3 percent.

The outlook is good, as the balance is expected to remain largely in surplus for 2015, but the surpluses are foreseen as slightly gradually declining, when compared with 2014. Household consumption is expected to return to growth and investments are expected to increase, too. The surplus of foreign trade should fall from 6.2 percent last year to 5.6 percent of GDP, according to Koršňák. 

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