Slovakia flag Slovakia: Economic and Political Overview

Foreign trade figures of Slovakia

Foreign Trade in Figures

Slovakia remains strongly dependent on external markets, with foreign trade representing 170.6% of its GDP (World Bank, latest data available). Slovakia's strong industrial tradition, tax incentives, inexpensive and skilled workforce, rapidly developing infrastructure (boosted by an influx of EU funds) and fragile but real growth, make the country a preferred base for trade. The country also benefits from an advantageous geographical location at the crossroads of Central Europe. The country represents a platform of re-exportation for the European automotive industry. In terms of product category, in 2022 the country mainly exported machinery and transport equipment (57.7%), manufactured goods (16.9%), and chemical products (4.9%); while imports were led by machinery and transport equipment (43.8%), manufactured goods (14.2%), mineral fuels (14.1%), and food (5.1% - data Statistics Slovakia).
In 2022, Europe accounted for 88.6% of total exports and 73.9% of imports. On a country basis, Germany (21.7%), the Czech Republic (11.6%), Poland (8.3%), Hungary (7.2%), and France (6.4%) were the main destinations of Slovakia’s exports; whereas the main suppliers were Germany (19.1%), the Czech Republic (9.8%), China (7.3%), Russia (6.3%), and Poland (5.6% - data WTO).

Historically, Slovakia has an overall positive trade balance, though it has been decreasing over the last few years. For the last 14 years, the export of goods exceeded the import, but in 2022 the balance ended with significantly negative values: exports of goods totalled EUR 95.1 billion (+16.1 yeat-on-year) against EUR 98.2 billion in imports, up by 23.6% y-o-y. Higher prices of selected energies and materials had a significant impact on the record-high import.

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 92,90290,00184,393103,891112,471
Exports of Goods (million USD) 93,42589,50986,640103,891107,771
Imports of Services (million USD) 10,98310,9299,07410,68512,165
Exports of Services (million USD) 12,07812,29410,31611,33012,564

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 189.8183.5168.5184.7203.9
Trade Balance (million USD) -252-1,2611,241-574-6,960
Trade Balance (Including Service) (million USD) 8471032,33272-6,561
Imports of Goods and Services (Annual % Change) 4.82.2-8.112.14.0
Exports of Goods and Services (Annual % Change) 5.10.8-6.310.92.3
Imports of Goods and Services (in % of GDP) 94.091.683.492.4104.8
Exports of Goods and Services (in % of GDP) 95.891.985.192.499.1

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 0.55.73.43.52.9
Volume of imports of goods and services (Annual % change) -3.87.63.13.02.9

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Slovakia is a member of the European Union. It is also a member of the European Economic Area (EEA) which has guaranteed, since 1 January 1993, the free movement of most goods between the European countries.
Multilateral and bilateral agreements with many countries.
 

Main Partner Countries

Main Customers
(% of Exports)
2022
Germany 20.9%
Czech Republic 12.1%
Hungary 8.7%
Poland 7.7%
France 5.8%
See More Countries 44.7%
Main Suppliers
(% of Imports)
2022
Germany 14.1%
Czech Republic 9.1%
China 7.5%
Russia 7.4%
South Korea 5.7%
See More Countries 56.2%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

108.2 bn USD of products exported in 2022
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 24.2%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 5.0%
Monitors and projectors, not incorporating...Monitors and projectors, not incorporating television reception apparatus; reception apparatus for television, whether or not incorporating radio-broadcast receivers or sound or video recording or reproducing apparatus 4.4%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 3.6%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 2.5%
See More Products 60.3%
115.8 bn USD of products imported in 2022
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 10.9%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 5.6%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 5.3%
Electrical energyElectrical energy 3.0%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.6%
See More Products 72.7%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

Return to top

Any Comment About This Content? Report It to Us.

 

© eexpand, All Rights Reserved.
Latest Update: December 2023