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Statistics Office: Foreign trade surplus of €459.4 million in June

SLOVAKIA’S foreign trade recorded a surplus of €459.4 million in June, which was a year-on-year drop of €48.9 million, the Slovak Statistics Office (ŠÚ) announced on August 7.

(Source: Sme)

Overall exports of goods reached €5.93 billion, going up 10.9 percent in annual terms. Total imports represented €5.48 billion, which was an increase of 13 percent y-o-y. When the first six months of the year are considered, foreign trade posted a surplus of €2.34 billion, which was a decrease of €299.9 million from the same period of last year, the TASR newswire quoted the ŠÚ.

Overall exports went up 3.2 percent to €33.52 billion, while total imports grew by 4.4 percent to €31.19 billion.

The foreign trade in June was a nice surprise, UniCredit Bank analyst Ľubomír Koršňák wrote, adding that the balance should be markedly positive also for the rest of 2015, but surpluses will gradually decline, compared to the previous year.

Awakening foreign demand – which should positively impact the export performance of the economy – should be fully compensated by growth of imports, consumer investment, but also energy imports.

Comparing the monthly indicators for the second quarter of 2015 shows that the figure expressing the correction of export may be higher than foreseen in the original prognosis, Ján Šilan of the Finance Policy Institute at the Finance Ministry wrote. The higher-than-prognosticated pace of growth in imports also points to possible stronger domestic demand than prognosticated in June, he added. 

Topic: Economics

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