Slovakia's foreign trade surplus narrows to EUR 204.3mn in July 2013

By bne IntelliNews September 9, 2013

Slovakia’s foreign trade balance showed a surplus of EUR 204.3mn in July 2013, by 44% lower y/y and by 56% lower m/m, mainly due to a decline in exports, preliminary data from the s tatistics office showed. The office revised the June surplus up to EUR 459.3mn from EUR 458.2mn.

Exports, which have been the sole driving force of the Slovak economic growth last year, fell 0.7% y/y following a revised 2.5% y/y decline in June. On the other hand, imports grew 2.7% y/y after a 3.5% y/y drop in June. On an unadjusted monthly basis, July’s exports dropped 5.3%, while imports fell 0.5%.

For the first seven months of the year, exports increased by 2.9% y/y to EUR 36.85bn, while imports edged up 0.4% y/y to EUR 33.7bn, resulting in a foreign trade surplus of EUR 3.15bn, by 41% higher than in the same period last year.

IntelliNews comment: The decline in exports in the last two months is in line with our forecast for subdued external demand, which is projected to dampen Slovakia’s export-driven economic growth to below 1% this year from 2% in 2012.

EUR mn Jul-13 Jun-13 Jul-12 2012
Imports 4,800.9 4,824.6 4,676.6 59,195.6
Exports 5,005.2 5,283.8 5,039.4 62,783.3
Balance 204.3 459.3 362.8 3,587.6
y/y % change        
Imports 2.7% -3.5% 7.5% 6.1%
Exports -0.7% -2.5% 18.0% 10.6%
Source: Statistical Office of the Slovak Republic        

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