Drop in foreign trade moderated, but remains high

A slight improvement may come in the following months, impacted by the lifting of coronavirus measures.

Illustrative stock photoIllustrative stock photo (Source: SITA)

Although the May foreign trade figures improved compared with the previous month, they are still suffering from the impact of the measures adopted to stop the spread of the coronavirus pandemic.

The total export of goods amounted to €4.5957 billion, down by 33.9 percent year-on-year, while the total import of goods went down by 35.8 percent y-o-y to €4.3961 billion. The foreign trade balance was in surplus, amounting to €199.6 million, up by €94.3 million compared with last year, the Statistics Office data shows.

In April, the drop was much more significant, with the total export of goods falling by 43 percent and the total import of goods by 36.6 percent y-o-y.

“Mostly the lower import of raw materials helped foreign trade figures to end in the black in May,” Ľubomír Koršňák, analyst with UniCredit Bank Czech Republic and Slovakia, wrote in a memo.

Lagging behind pre-coronavirus levels

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