Slovakia’s foreign trade surplus narrowed by 11.2% on the month to EUR 483.1mn in October 2013, preliminary data from the statistics office showed. Compared to the same month of 2012, the October trade surplus shrank by 14.9%. The office revised September surplus down to EUR 544.2mn from EUR 545.7mn.
Exports, which have been the sole driving force of the Slovak economic growth last year, rose by 0.1% y/y, following a revised 4.8% annual increase in September. Imports in October went up by 1.6% y/y after rising by a revised 0.9% y/y in September. On a monthly basis, October’s exports rose 4.0% and imports were higher by 5.6%.
For the first ten months of the year, exports increased by 2.9% y/y to EUR 53.5bn, while imports rose 0.8% y/y to EUR 49.2bn, resulting in a foreign trade surplus of EUR 4.29bn, higher by 35.8% compared to the same period last year.
IntelliNews comment: Although Slovakia‘s exports increased in the past two months, the rise was much weaker compared to 2012-levels due to subdued foreign demand which in result will dampen the country's export-driven economic growth to below 1% this year from 2% in 2012.
|y/y % change|
|Source: Statistical Office of the Slovak Republic|
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