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 reaching 170.6% of its GDP in 2020 (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. Since 2009, the economic growth of Slovakia has been driven by its exports. The country represents a platform of re-exportation for the European automotive industry (28% of the country’s total exports in 2020). Other goods exported include motor vehicles parts (5.7%), television receivers (5.0%) and line telephony (4.9%). On the other hand, imports are led by parts and accessories of motor vehicles (13.3%), line telephony (5.7%), motor cars (2.6%) and medicaments (2.2%).

The country's main customers in 2020 were Germany (22.6%), the Czech Republic (10.4%), Poland (7.8%) and France (7.2%). The main suppliers were Germany (18.7%), the Czech Republic (10.1%), China (6.7%), Poland (5.8%) and Vietnam (5.0%).

Slovakia has an overall positive trade balance, though it has been decreasing over the last years and amounted to only 0.9% of GDP in 2020 (World Bank). The total value of merchandise exports - at USD 86.1 billion - decreased by 3.8% year-on-year in 2019, with imports decreasing at a similar pace (-3.9%, at USD 84.4 billion). Concerning commercial services, Slovakia’s exports stood at USD 10 billion, against USD 8.9 billion of imports (-17.9% and -18.6%, respectively - data by WTO). In 2021 Slovakia’s industry-heavy export sector has been hit by severe supply-chain disruptions. As global semiconductor shortages are assumed to persist throughout 2022 the automotive industry production will be affected, resulting in markedly lower export levels. Due to a large share of imported intermediate inputs, weaker exports should also go along with lower import growth, before trade volumes catch up to their previously predicted paths from 2023 onwards.

 
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 20162017201820192020
Foreign Trade (in % of GDP) 184.5188.2190.9184.4170.6
Trade Balance (million USD) 1,408654-252-1,086758
Trade Balance (Including Service) (million USD) 1,8371,6578472871,969
Imports of Goods and Services (Annual % Change) 4.83.95.02.1-8.3
Exports of Goods and Services (Annual % Change) 5.03.65.20.8-7.5
Imports of Goods and Services (in % of GDP) 90.893.094.592.084.9
Exports of Goods and Services (in % of GDP) 93.795.296.492.485.7

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2022 (e)2023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 0.41.44.63.93.8
Volume of imports of goods and services (Annual % change) 1.01.63.33.13.0

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 21.9%
Czech Republic 11.7%
Poland 8.3%
Hungary 6.9%
France 6.5%
See More Countries 44.8%
Main Suppliers
(% of Imports)
2021
Germany 19.0%
Czech Republic 9.6%
China 7.1%
Russia 6.3%
Poland 5.5%
See More Countries 52.4%

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

 
 

Main Products

104.4 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) 25.7%
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. 5.3%
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 58.1%
104.7 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. 11.5%
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) 4.6%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 3.0%
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 76.0%

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

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Latest Update: November 2022