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 20172018201920202021
Imports of Goods (million USD) 83,30492,90290,00184,464103,499
Exports of Goods (million USD) 84,46993,42589,50986,104103,557
Imports of Services (million USD) 9,37410,96410,9238,88910,246
Exports of Services (million USD) 10,34412,03112,28210,08311,187

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

Foreign Trade Indicators 20172018201920202021
Foreign Trade (in % of GDP) 188.1189.8183.5168.5187.8
Trade Balance (million USD) 654-252-1,2611,241-574
Trade Balance (Including Service) (million USD) 1,6578471032,33272
Imports of Goods and Services (Annual % Change) 4.14.82.2-8.212.1
Exports of Goods and Services (Annual % Change) 3.75.10.8-6.410.6
Imports of Goods and Services (in % of GDP) 93.094.091.683.494.0
Exports of Goods and Services (in % of GDP) 95.195.891.985.193.8

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20222023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 2.02.63.33.43.5
Volume of imports of goods and services (Annual % change) 2.92.92.33.03.0

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)
2021
Germany 21.7%
Czech Republic 11.6%
Poland 8.3%
Hungary 7.2%
France 6.4%
See More Countries 44.7%
Main Suppliers
(% of Imports)
2021
Germany 19.1%
Czech Republic 9.8%
China 7.3%
Russia 6.3%
Poland 5.6%
See More Countries 52.0%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

104.7 bn USD of products exported in 2021
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) 25.4%
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. 5.4%
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 5.0%
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) 4.1%
New pneumatic tyres, of rubberNew pneumatic tyres, of rubber 1.8%
See More Products 58.3%
105.1 bn USD of products imported in 2021
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. 11.8%
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) 4.5%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 2.9%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 2.5%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with transmission and reception apparatus for radio-telephony, radio-telegraphy, radio-broadcasting, television, television cameras, still image video cameras and other video camera recorders, radar apparatus, radio navigational aid apparatus or radio remote control apparatus, n.e.s. 2.4%
See More Products 75.8%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

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

 

Main Services

9.6 bn USD of services exported in 2020
33.84%
26.56%
15.01%
13.51%
5.25%
2.17%
1.45%
0.79%
0.62%
0.50%
0.29%
8.6 bn USD of services imported in 2020
30.61%
27.10%
14.68%
10.45%
7.45%
3.80%
1.81%
1.76%
1.36%
0.89%
0.08%

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

Return to top

Any Comment About This Content? Report It to Us.

 

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