Slovakia’s Top Trading Partners

Slovakia's Top Trading Partners

by Flagpictures.org

Slovakia shipped US$94.2 billion worth of products around the globe in 2018. That dollar figure represents roughly 0.5% of overall global exports estimated at $17.546 trillion one year earlier.

Applying a continental lens, 90.7% of Slovakian exports by value were delivered to fellow European trade partners.

Additional 4% portions were sold to importers in both Asia and North America. Smaller percentages went to Africa (0.7%), Latin America (0.3%) excluding Mexico but including the Caribbean, then Oceania (0.2%) led by Australia.

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 2018. Also shown is each import country’s percentage of total Slovakian exports.

  1. Germany: US$20.9 billion (22.2% of total Slovakian exports)
  2. Czech Republic: $11.3 billion (12%)
  3. Poland: $7.3 billion (7.7%)
  4. France: $6 billion (6.3%)
  5. Italy: $5.5 billion (5.8%)
  6. Austria: $5.4 billion (5.7%)
  7. Hungary: $5.3 billion (5.6%)
  8. United Kingdom: $5 billion (5.3%)
  9. United States: $3 billion (3.2%)
  10. Spain: $2.7 billion (2.8%)
  11. Romania: $2.4 billion (2.5%)
  12. Netherlands: $2.1 billion (2.2%)
  13. Russia: $1.8 billion (1.9%)
  14. China: $1.6 billion (1.7%)
  15. Switzerland: $1.4 billion (1.5%)

More than four-fifths (86.6%) of Slovakian exports in 2018 were delivered to the above 15 trade partners.

United States generated the highest increase of imported goods from 2017 to 2018, up 28.3%. In second place was Germany (up 20.6%), trailed by Czech Republic (up 16.3%), Romania (up 15.7%) then China (up 15.3%).

There were two decliners year over year: Netherlands (down -3.8%) and United Kingdom (down -2.1%).

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. South Korea: -US$4.3 billion (country-specific trade deficit in 2018)
  2. Austria: -$4 billion
  3. Czech Republic: -$3.4 billion
  4. Russia: -$2.8 billion
  5. China: -$1.8 billion
  6. Vietnam: -$1 billion
  7. Hungary: -$905.6 million
  8. Malaysia: -$513.6 million
  9. Slovenia: -$394.9 million
  10. Taiwan: -$348.3 million

Slovakia went from black ink to red ink with three of its top export customers: Austria (-$4 billion reversing a $2.5 billion surplus in 2017), Czech Republic (-$3.4 billion reversing a $1 billion surplus), Hungary (-$905.6 million reversing a $1.1 billion surplus) and Slovenia (-$394.9 million reversing a $121.7 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

Overall, Slovakia generated a $182.8 million trade surplus for 2018, shrinking -87.9% from $1.5 billion in black ink one year earler.

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$3 billion (country-specific trade surplus in 2018)
  2. United States: $2.6 billion
  3. Germany: $2.2 billion
  4. Italy: $2.2 billion
  5. France: $2.2 billion
  6. Spain: $1.4 billion
  7. Switzerland: $1 billion
  8. Poland: $957.8 million
  9. Sweden: $666.1 million
  10. Denmark: $407.7 million

Among Slovakia’s trading partners that generate the greatest positive trade balances, Slovakian surpluses with United States (up 82.6%), Switzerland (up 43.9%) and Denmark (up 24.2%) grew at the fastest pace from 2017 to 2018.

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:
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 30, 2019

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 30, 2019

Investopedia, Net Exports Definition. Accessed on March 30, 2019

Trade Map, International Trade Centre. Accessed on March 30, 2019

Wikipedia, List of Companies of Slovakia. Accessed on March 30, 2019

Wikipedia, Slovakia. Accessed on March 30, 2019