Slovakia’s foreign trade surplus narrowed to EUR 232.8mn in August 2014 from a revised EUR 413.2mn the month before, preliminary data from the statistics office showed. July’s surplus figure was revised down from EUR 422.4mn
In annual terms, however, the country's foreign trade surplus expanded by 13.5% in August from EUR 205.2mn in the same month of 2013. Exports decreased 2.4% y/y, following a revised annual rise of 3.2% in July. Imports fell 3.1% y/y, deepening from an annual revised decline of 2.7% in the previous month. On a monthly basis, August’s exports dropped 8.9%, while imports shrank 6.1%.
In the first eight months of 2014 the country's foreign trade surplus totalled EUR 3.19bn, or by EUR 80.6 mn higher than in the same period last year.
In 2013, Slovakia's exports increased 3.3% y/y to EUR 64.17bn, while imports rose 2.3% y/y to EUR 59.9bn, resulting in a foreign trade surplus of EUR 4.23bn.
IntelliNews comment: Exports have been the driving force of the Slovak economic growth in the past two years but it is expected that their contribution to the country’s GDP to weaken in the following years as domestic demand takes the lead. EU sanctions against Russia also put pressure on the country’s exports.
| EUR mn | Aug-14 | Jul-14 | Aug-13 | 2013 |
| Imports | 4,445.9 | 4,732.2 | 4,590.4 | 59,939.9 |
| Exports | 4,678.7 | 5,136.4 | 4,795.6 | 64,172.3 |
| Balance | 232.8 | 413.2 | 205.2 | 4,232.4 |
| y/y % change | ||||
| Imports | -3.1% | -2.7% | -5.7% | 2.3% |
| Exports | -2.4% | 3.2% | -2.1% | 3.3% |
| Source: Statistical Office of the Slovak Republic |
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