Slovakia's foreign trade surplus widens to EUR 476.6mn in October 2012.

By bne IntelliNews December 10, 2012
Slovakias foreign trade balance showed a surplus of EUR 476.6mn in October 2012, higher than the EUR 397.1mn registered a year ago, preliminary data from the statistics office showed. The office revised the September surplus slightly down to EUR 339.3mn from EUR 346.7mn. The annual growth of exports decelerated to 8.4% in October from 9.6% in the previous month, while the annual growth of imports slowed down to 7.5% from 7.7%. On a monthly basis, October exports grew 4.1% and imports were 1.8% higher. In the first ten months of 2012, Slovakia's exports increased 10.7% y/y to EUR 52.2bn and imports rose 6.2% to EUR 49.09bn, leading to a foreign trade surplus of EUR 3.1bn, by EUR 2.2bn higher than in the same period last year. IntelliNews comment: Slovakias foreign trade recorded a surplus of EUR 2.4bn last year, up from EUR 778.5mn in 2010, on the back of reviving economic activity mostly in the first half of the year. Exports, fuelled by the auto manufacturing industry, still remain the main driving force of the countrys economy. Domestic demand and household consumption, however, still remain a major concern, as the central European country is plagued by huge unemployment of more than 13% and falling real wages. Slovak exports are expected to slow down by the end of this year and also next year due to a decline in demand from the eurozone, which is Slovakias main trading partner. Car makers, however, are increasingly diversifying their exports to include Asia, mainly China, in order to cut their dependence on the European market.
EUR mn Oct-12 Sep-12 Oct-11 2011
Imports 5,370.1 5,277.3 4,997.6 53,966.1
Exports 5,846.7 5,616.6 5,394.7 56,407.9
Balance 476.6 339.3 397.1 2,441.9
y/y % change
Imports 7.5% 7.7% 6.2% 13.6%
Exports 8.4% 9.6% 12.1% 16.9%

Slovakia's foreign trade surplus widens to EUR 476.6mn in October 2012.

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