Slovakia’s foreign trade surplus widened to EUR 537.1mn in February 2014 from a revised surplus of EUR 393.3mn the month before, preliminary data from the statistics office showed. The January’s surplus figure was revised up from EUR 324.2mn.
In annual terms, the foreign trade surplus was by 30.6% higher in February. Exports, which have been the sole driving force of the Slovak economic growth in the past two years, rose by 6.2% y/y in February 2014, following a revised 6.8% annual increase in January. Imports in February rose by 4% y/y after increasing by a revised 6.7% y/y in the previous month. On a monthly basis, February’s exports rose 3.3% and imports increased by 0.6%.
In the first two months of 2014 the country's foreign trade surplus expanded by 20% on the year to EUR 930.3mn.
In 2013, Slovakia's exports increased by 3.6% y/y to EUR 64.36bn, while imports rose 2.5% y/y to EUR 60.08bn, resulting in a foreign trade surplus of EUR 4.28bn.
IntelliNews comment: Slovakia’s trade surplus expectedly increased in February thanks to rising foreign demand. The central bank expects exports to remain the main driver of the country’s economic growth and to rise by 7.6% y/y in 2014. Local analysts forecast at the beginning of 2014 that the country will end the year with a surplus, which is likely to be higher compared to 2013.
| EUR mn | Feb-14 | Jan-14 | Feb-13 | 2013 |
| Imports | 4,786.6 | 4,759.7 | 4,602.1 | 60,077.4 |
| Exports | 5,323.6 | 5,152.9 | 5,013.3 | 64,361.1 |
| Balance | 537.1 | 393.3 | 411.2 | 4,283.7 |
| y/y % change | ||||
| Imports | 4.0% | 6.7% | 1.4% | 2.5% |
| Exports | 6.2% | 6.8% | 3.8% | 3.6% |
| Source: Statistical Office of the Slovak Republic |
Related Articles
Non-performing loans hit historic low in CESEE, but early warning signs emerge, says EBRD
Non-performing loans (NPLs) in central, eastern and south-eastern Europe (CESEE) fell to their lowest levels since the global financial crisis in 2024, but early indicators suggest rising risks ... more
Fears grow of Russian interference in Central European media space
Two thirds of Central Europeans are concerned about Russian interference in their country’s media or public opinion, according to a new poll conducted by MEDIAN on behalf of the ... more
How Ukrainian grain wrecked the Polish grain market
The Polish grain market has been thrown into disarray by cheap Ukrainian grain that sent prices plummeting in April, causing Warsaw to impose a five-month ban, backed up by the European Commission. ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
20 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago