Both import and export values increased in Slovakia in November 2024, on a year-on-year basis, new data from the Slovak Statistical Office has found.
Exports increased by 2.6% to €9.7 billion, while imports were up 2.8% to €9.4 billion.
According to the data, in November, the trade balance maintained a surplus for the eleventh month in a row, amounting to €327.9 million, however this was nearly €10 million less than the surplus recorded in November 2023.
Machinery and transport sector
On a sector-by-sector basis, machinery and transport, which includes motor vehicles, was a key contributor to export growth in November, recording a year-on-year increase of 3%.
Exports to non-EU countries in this sector saw almost 10% growth, year-on-year, while exports within the EU remained stable at the 2023 level. On the import side, the same sector recorded a 6.7% year-on-year increase, largely driven by imports of motor vehicle parts.
The machinery and transport equipment category dominated Slovak foreign trade, comprising 63% of total exports and 49.8% of total imports.
The EU remained Slovakia’s primary trade partner, accounting for 77.1% of exports and 66.4% of imports in November. Slovakia maintained a trade surplus of nearly €1.3 billion with EU member states but faced a deficit exceeding €932 million with non-EU countries.
January to November
Looking at the period from January to November 2024, exports from Slovakia were up 1.9%, to €99.1 billion, while imports declined by 1.2% to €95.1 billion.
The overall trade surplus during this 11-month period was €3.9 billion, which was €785 million lower than the corresponding period the previous year.
Finally, adjusted data for January to October 2024 showed a year-on-year decrease of 2.4% in exports (€89.3 billion) and a 1.6% decline in imports (€85.7 billion), resulting in a trade surplus of €3.6 billion. This surplus was lower than the €4.4 billion recorded in the same period of 2023. Read more here.
