Foreign trade grew significantly

But a slight drop is expected to occur in the following months.

The construction site of a brand new plant of Jaguar Land Rover near Nitra.The construction site of a brand new plant of Jaguar Land Rover near Nitra.(Source: TASR )

Slovakia’s exports and imports continued growing in March. While the total export of goods amounted to €6.7895 billion, which is a 16.5-percent increase year-on-year, total imports rose by 15.3 percent annually to €6.4128 billion.

The foreign trade balance thus amounted to €376.8 million, which is €106.2 million more than in March 2016, the Statistics Office informed on May 9.

“In an annual comparison, foreign trade was impacted by the Easter effect which delayed it to April,” Ľubomír Koršňák, analyst with UniCredit Bank Czech Republic and Slovakia, wrote in a memo.

As a result, both imports and exports grew significantly compared with the previous year.

Over the first three months of 2017, the total export of goods increased by 10.2 percent y/y to €18.3126 billion, while total imports rose by 10.9 percent to €17.3378 billion. The foreign trade balance was in surplus, amounting to €974.8 million (down by €11.6 million y/y), according to the Statistics Office.

Read also:Foreign trade in surplus again Read more 

In a monthly comparison, and after taking the season into consideration, exports continued to grow in March (by 0.5 percent seasonally adjusted, according to the UniCredit Bank estimates), while imports dropped slightly (by 1.7 percent seasonally adjusted, according to the UniCredit Bank estimates).

This may have been the result of lower industrial production during Easter in April, impacted by lower supplies of materials and semi-prepared products, Koršňák opines.

As for the following months, Koršňák expects that the foreign trade surplus will gradually decrease, particularly in the second half of the year. The fall will be only temporary, however, and will be mostly a result of the import of technologies linked to big investments in the automotive sector.

“After the launch of production, we expect that in 2018 (second half) and 2019 the foreign trade surpluses of Slovakia will increase again,” Koršňák added.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Theme: Economics


Top stories

Kočner allegedly made a death threat against ex-general prosecutor Trnka

The recently published conversation concerns the Gorilla file, describing corruptive practices.

Marian Kočner in court.

Slovakia shoulders a heavier tax-levy burden than most, experts opine

The Slovak tax system is more generous to families than to single persons.

In the field of corporate taxation, Slovakia ranks among the most burdened of OECD countries.

First-aid kits in cars will not have to be replaced after expiration

The expiration will not be checked anymore, the Transport Ministry has decided.

Illustrative stock photo

Slovakia's best photo of 2019: Kočner hiding in a police car

Take a look at the best photos from the 2019 Slovak Press Photo contest.

The picture of controversial businessman Marián Kočner, taken by Denník N photographer Tomáš Benedikovič, wins the singles category in the News section of the 2019 Slovak Press Photo contest