Applying a continental lens, 88.4% of Slovakia’s exports by value were delivered to fellow European countries while 5.8% were sold to importers in Asia. Slovakia shipped another 4.3% worth of goods to North America.
Tinier percentages went to Africa (0.8%), Oceania led by Australia (0.35%) then Latin America excluding Mexico but including the Caribbean (0.31%).
Slovakia’s Top Trading Partners
Below is a list showcasing 15 of Slovakia’s top trading partners, countries that imported the most Slovakian shipments by dollar value during 2020. Also shown is each import country’s percentage of total Slovakian exports.
- Germany: US$19 billion (22.1% of Slovakia’s total exports)
- Czech Republic: $9.1 billion (10.6%)
- Poland: $6.8 billion (7.9%)
- France: $6.3 billion (7.3%)
- Hungary: $5.5 billion (6.4%)
- Austria: $4.7 billion (5.5%)
- United Kingdom: $3.8 billion (4.4%)
- Italy: $3.7 billion (4.3%)
- United States: $3.2 billion (3.8%)
- China: $2.4 billion (2.7%)
- Romania: $2.2 billion (2.6%)
- Spain: $2.1 billion (2.4%)
- Netherlands: $1.8 billion (2.1%)
- Russia: $1.4 billion (1.6%)
- Switzerland: $1.3 billion (1.5%)
More than four-fifths (85.3%) of Slovakian exports in 2020 were delivered to the above 15 trade partners.
Four among Slovakia’s top trading partners from 2019 to 2020 increased their purchases of Slovakian exports: China (up 24.3%), United States (up 14.8%), Poland (up 0.1%).
Year over year, leading decliners were Spain (down -18.3%), Russia (down -14.9%), United Kingdom (down -12.5%) and Italy (down -10.4%).
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.
- Czech Republic: -US$5.8 billion (country-specific trade deficit in 2020)
- South Korea: -$2.8 billion
- Austria: -$2.6 billion
- Russia: -$1.4 billion
- Vietnam: -$1.2 billion
- China: -$807.8 million
- Hungary: -$648.8 million
- Malaysia: -$558.7 million
- Slovenia: -$266.4 million
- Netherlands: -$189.3 million
Among Slovakia’s trading partners that cause the greatest negative trade balances, Slovakia reversed surpluses in 2019 to incur deficits during 2020 with five countries (Netherlands, Hungary, Slovenia, Austria and Czech Republic).
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.
The Slovak Republic reversed an overall -$999 million deficit in 2019 to post a $1.7 billion surplus for 2020.
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.
- United States: US$2.7 billion (country-specific trade surplus in 2020)
- Germany: $2.5 billion
- France: $2.5 billion
- United Kingdom: $2.4 billion
- Switzerland: $868.5 million
- Spain: $820.7 million
- Italy: $757 million
- Romania: $703.1 million
- Sweden: $574.7 million
- Denmark: $408.2 million
Among Slovakia’s trading partners that generate the greatest positive trade balances, Slovakian surpluses with United States (up 55.1%), Switzerland (up 22.3%) and Denmark (up 7.2%) grew from 2019 to 2020.
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 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
Central Intelligence Agency, The World Factbook Europe: Slovakia. Accessed on April 2, 2021
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 2, 2021
International Trade Centre, Trade Map. Accessed on April 2, 2021
Investopedia, Net Exports Definition. Accessed on April 2, 2021
Wikipedia, List of Companies of Slovakia. Accessed on April 2, 2021
Wikipedia, Slovakia. Accessed on April 2, 2021