Slovakia’s Top Trading Partners

Slovakia's Top Trading Partners

by Flagpictures.org

Slovakia shipped US$84.6 billion worth of products around the globe in 2017. That figure represents roughly 0.5% of overall global exports estimated at $15.952 trillion one year earlier in 2016.

From a continental perspective, 91.1% of Slovakian exports by value were delivered to fellow European trade partners while 4.5% were sold to Asian importers. Slovakia shipped another 3.3% worth of goods to North America.

At 0.6%, a smaller portion of Slovakian exports were bought by African importers.

Slovakia’s Top Trading Partners

Top 15

Below is a list showcasing 15 of Slovakia’s top trading partners, countries that imported the most Slovakian shipments by dollar value during 2017. Also shown is each import country’s percentage of total Slovakian exports.

  1. Germany: US$17.5 billion (20.7% of total Slovak exports)
  2. Czech Republic: $9.8 billion (11.6%)
  3. Poland: $6.5 billion (7.7%)
  4. France: $5.3 billion (6.3%)
  5. Italy: $5.1 billion (6.1%)
  6. United Kingdom: $5.1 billion (6%)
  7. Hungary: $5.1 billion (6%)
  8. Austria: $5.1 billion (6%)
  9. Spain: $2.5 billion (2.9%)
  10. United States: $2.3 billion (2.7%)
  11. Netherlands: $2.2 billion (2.6%)
  12. Romania: $2.1 billion (2.5%)
  13. Russia: $1.8 billion (2.1%)
  14. China: $1.4 billion (1.6%)
  15. Switzerland: $1.3 billion (1.6%)

Well over four-fifths (86.4%) of Slovakian exports in 2017 were delivered to the above 15 trade partners.

Netherlands was the only top importers that decreased its purchases from Slovakia over 2013 to 2017, down in value by -3.7%. Among the other 14 countries, gains ranged from a minimum of 3.2% for Germany up to 37% for Italy.

Deficits

As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.

It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.

Slovakia incurred the highest trade deficits with the following countries:

  1. Czech Republic: -US$3.7 billion (country-specific trade deficit in 2017)
  2. South Korea: -$3.6 billion
  3. Austria: -$3.5 billion
  4. China: -$2.1 billion
  5. Russia: -$1.9 billion
  6. Vietnam: -$694.6 million
  7. Malaysia: -$553.5 million
  8. Slovenia: -$506.1 million
  9. Taiwan: -$377.1 million
  10. Ukraine: -$227.9 million

Slovakia went from black ink to red ink with three of its top export customers: Czech Republic (reversing a $1.2-billion surplus in 2016), Austria (reversing a $2.2-billion surplus) and Slovenia (reversing a $110.1 million surplus).

These cashflow deficiencies clearly indicate Slovakia’s competitive disadvantages with the above countries, but also represent key opportunities for Slovakia to develop country-specific strategies to strengthen its overall position in international trade.

Surpluses

Slovakia garnered an overall $2.2 billion trade surplus in 2016, up 450.6% from the $393.1 million surplus during 2009.

Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.

Slovakia incurred the highest trade surpluses with the following countries:

  1. United Kingdom: US$2.9 billion (country-specific trade surplus in 2017)
  2. Italy: $2.3 billion
  3. United States: $1.8 billion
  4. France: $1.7 billion
  5. Germany: $1.7 billion
  6. Spain: $1.4 billion
  7. Poland: $1.1 billion
  8. Switzerland: $922.1 million
  9. Romania: $899.5 million
  10. Sweden: $648.5 million

Among Slovakia’s trading partners that generate the greatest positive trade balances, Slovak surpluses with Italy (up 78.2%), United States (up 63.9%) and Switzerland (up 53.9%) grew at the fastest pace from 2016 to 2017.

These positive cashflow streams clearly indicate Slovakia’s competitive advantages with the above countries, but also represent key opportunities for Slovakia to develop country-specific strategies to optimize its overall position in international trade.

Companies

Companies Servicing Slovakian Trading Partners

Not one Slovakian corporation ranked among Forbes Global 2000.

Wikipedia does list companies from Slovakia that engage in international trade. Selected examples are shown below:

  • Elnec (programmable circuit systems)
  • Glass LPS (crystal products)
  • Matador (tires)
  • Slovalco (aluminum)
  • Slovenský plynárenský priemysel AS (natural gas)
  • Slovnaft (refined oil, petrochemicals)
  • ZTS OSOS (ammunition)


 
See also Slovakia’s Top 10 Exports, and Top EU Export Countries

Research Sources:
The World Factbook, Field Listing: Imports – Commodities, Central Intelligence Agency. Accessed on April 3, 2017

Trade Map, International Trade Centre, www.intracen.org/marketanalysis. Accessed on April 3, 2017

Investopedia, Net Importer Definition. Accessed on April 3, 2017

Wikipedia, List of Companies of Slovakia. Accessed on April 3, 2017

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 3, 2017

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 3, 2017