In March, foreign trade resulted in a surplus of EUR 577 million, however, it dropped the most year-on-year since May 2020

The normal high numbers in March resulted in a record decrease. Apart from the two significantly weak months of 2020, the year-on-year decrease in the value of imports was the largest in the last decade. It was mainly caused by the decrease in the value of imported motor vehicle parts. The value of exports also dropped significantly and was mainly due to the lower export of motor vehicles.

In March 2024, according to preliminary results, goods in the amount of¹⁾ EUR 8.7 billion were exported from Slovakia with a year-on-year decrease by 16.4%. The most significant factor was the decrease in the export of vehicles, but the high year-on-year decrease can also be affected by last March´s high export value.

The value of imports²⁾ decreased by 16.3% to EUR 8.2 billion. The significant decline thus continues for the fifth consecutive month. It was mainly affected by the decrease in the value of imported car parts.

In March 2024, the balance of foreign trade was in surplus in the amount of EUR 577.4 million, which was a lower result by EUR 119.4 million compared to the corresponding period last year.

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Of the ten sections in the export structure, nine of them showed year-on-year declines in the third month of this year. The most traded section of foreign trade Machinery and transport equipment (SITC 7), which also includes the export of motor vehicles, had a significant impact on the development of Slovak exports. This was marked by the highest decline since September 2021. The value of the exported machinery and transport equipment was currently lower by 18.5% year-on-year.

In the structure of imports, all ten sections showed a year-on-year decrease. The decline in total imports was mainly affected by the lower value of imports in the section Machinery and transport equipment (SITC 7), which also includes motor vehicle parts. The value of imported goods in this section was lower by 21.4% year-on-year. Lower imports of the Manufactured products sections (SITC 6) also contributed to a significant decrease in total imports, and the value of goods in this section was lower by 15.5% year-on-year.

The most traded SITC section in Slovakia's foreign trade was Machinery and transport equipment with a share of 61.8% of total exports and 47.4% of total imports.

79.2% of the Slovak exports went to EU member states³⁾ and imports from them represented 67.1%. In March, the exports to the EU member states decreased by 12.9% year-on-year. Imports from the EU member states decreased by 16.7%. Exports to the extra-EU countries decreased by 27.5% year-on-year, and imports from these countries were lower by 15.5%.

Preliminary data for January to March 2024

In the first three months of this year, exports decreased year-on-year by 6.9% to EUR 26.1 billion and imports decreased by 11.2% to EUR 24.3 billion. The balance of foreign trade was in surplus in the amount of EUR 1.8 billion. For the corresponding period last year, it was lower by EUR 1.1 billion.

Adjusted detailed data for January to February 2024

For January and February 2024, according to adjusted data, year-on-year exports decreased by 1.2% to EUR 17.4 billion and imports decreased by 8.4% to EUR 16.1 billion. The balance of foreign trade was in surplus in the amount of EUR 1.2 billion. In the corresponding period last year, the balance of foreign trade ended with a deficit of EUR 59.7 million.