Slovakia’s foreign trade swung into a surplus of EUR 324.2mn in January 2014 from a revised deficit of EUR 51.3mn the month before, preliminary data from the statistics office showed. The December’s gap figure was revised down from EUR 61.3mn.
Exports, which have been the sole driving force of the Slovak economic growth in the past two years, rose by 8.3% y/y in January 2014, following a revised 7.9% annual increase in December. Imports in January went up by 9.9% y/y after increasing by a revised 11.1% y/y in December. On a monthly basis, January’s exports rose 11.9% and imports increased by 3.8%.
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 figures expectedly swung back into a surplus in January after posting its first deficit since December 2011 the month before. Local analysts expect that the country will end 2014 with a surplus, which is likely to be higher compared to 2013 thanks to rising foreign demand.
| EUR mn | Jan-14 | Dec-13 | Jan-13 | 2013 |
| Imports | 4,904.3 | 4,724.0 | 4,462.1 | 60,077.4 |
| Exports | 5,228.6 | 4,672.7 | 4,826.0 | 64,361.1 |
| Balance | 324.2 | -51.3 | 363.9 | 4,283.7 |
| y/y % change | ||||
| Imports | 9.9% | 11.1% | 6.1% | 2.5% |
| Exports | 8.3% | 7.9% | 8.6% | 3.6% |
| Source: Statistical Office of the Slovak Republic |
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