The negative April numbers in Slovakia's foreign trade come as a surprise to analysts

It is the first time since 2009 that Slovakia experiences a deficit in a month other than December and August.

Illustrative stock photoIllustrative stock photo(Source: Sme archive)

Slovakia imported more goods than exported in April. After the first three months of 2019 when Slovakia's foreign trade balance was in surplus, a change occurred in the fourth month where foreign trade development surprisingly turned around, as reported by the SITA newswire.

“The foreign trade balance was in deficit in the amount of €68.1 million,” the Statistics Office informed on its website. Last April, the balance was in a surplus of €233.4 million.

This April, Slovakia exported goods worth €6,544.6 million, which is a year-on-year increase of 2.3 percent. However, imports grew by 7.3 percent and rose to €6,612.6 million.

Read also:Slovakia recorded negative trade balance in August 2018 Read more 

The negative figure surprised analysts, saying it is the first deficit since 2009 in a month other than December and August.

“Slovakia used to record negative foreign trade balance now and then in the past years,” said UniCredit Bank analyst Ľubomír Koršňák, as quoted by Sme. “But if it did, it was towards the end of the year, in December, and over the summer, in August.”

Car exports on the increase

Despite the April deficit, the Statistics Office adjusted the cumulative surplus for the first quarter of 2019 from €973.1 million to €1.033 billion, SITA wrote.

With regards to goods, machinery and transport equipment, including cars, increased by €1.572 billion in the first quarter. The total export of goods has increased, in the same period, by 6.9 percent and the total import by 7.3 percent from January 2019 as well, the Statistics Office reported.

Read also:Economy should retain solid growth in 2019 Read more 

Slovakia also went on to increase its total export both to the EU countries, by 4.2 percent, and to the non-EU countries, by 24.7 percent in the first quarter. To compare, the total import from the EU grew by 10.8 percent year-on-year, but it increased only by 0.6 percent from outside the EU.

At the same time, countries in the European Union remains to be the market where Slovakia most often exports to or imports from.

Surpluses to grow

Also, surpluses in the foreign trade balance should increase, despite a negative April, due to new production capacities within the car industry, Koršňák added, as reported by SITA.

“New capacities in the automotive industry should also outbalance the weakening economic growth of our business partners,” said Koršňák, “and thus maintain the surplus in the year-on-year turnover growth in foreign trade.”

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.

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