FX.co ★ Slovakia March Trade Balance Logs Deficit

Slovakia's trade balance turned to a deficit in March, as imports grew faster than exports, preliminary data from the Statistical Office of the Slovak Republic showed on Friday.

The trade balance showed a deficit of EUR 420 million in March versus a surplus of EUR 624.9 million in the same month last year.

Since the period when the trade was affected by the COVID 19 pandemic in April 2020, the latest shortfall was the second highest monthly deficit over the last decade, the statistical office revealed.

In February, the trade deficit was EUR 199.3 million.

Exports grew 1.5 percent annually in March, backed by growth in shipments metals, metallurgical and rubber products and chemicals. Meanwhile, imports registered a substantial growth of 14.9 percent. On a seasonally adjusted basis, the trade deficit was EUR 525.4 million in March. Exports and imports rose by 1.5 percent and 12.9 percent, respectively.

During the first quarter of this year, the trade balance swung to a deficit of EUR 972.7 million from a surplus of EUR 1.4 billion in the corresponding period last year. Exports rose 9.0 percent and imports registered a double-digit growth of 21.3 percent.