Year over year, the overall value of Slovakian exports gained 20.4% compared to $86.7 billion during 2020.
Applying a continental lens, 88.8% of Slovakia’s exports by value were delivered to fellow European countries while 5.7% were sold to importers in Asia. Slovakia shipped another 3.8% worth of goods to North America.
Tinier percentages went to Africa (1%), Latin America (0.45%) excluding Mexico but including the Caribbean, and Oceania (0.37%) led by Australia.
Slovakia’s Top Trading Partners
Below is a list showcasing 25 of Slovakia’s top trading partners, countries that imported the most Slovakian shipments by dollar value during 2021. Also shown is each import country’s percentage of total Slovakian exports.
- Germany: US$22.8 billion (21.9% of Slovakia’s total exports)
- Czech Republic: $12.2 billion (11.7%)
- Poland: $8.7 billion (8.3%)
- Hungary: $7.2 billion (6.9%)
- France: $6.8 billion (6.5%)
- Austria: $5.8 billion (5.5%)
- Italy: $4.9 billion (4.7%)
- United Kingdom: $4.1 billion (4%)
- United States: $3.3 billion (3.2%)
- China: $2.7 billion (2.6%)
- Romania: $2.6 billion (2.4%)
- Spain: $2.4 billion (2.3%)
- Netherlands: $2.1 billion (2%)
- Russia: $1.6 billion (1.5%)
- Switzerland: $1.5 billion (1.4%)
- Sweden: $1.4 billion (1.4%)
- Belgium: $1.3 billion (1.2%)
- Turkey: $931.1 million (0.9%)
- Slovenia: $929.5 million (0.9%)
- Ukraine: $913 million (0.9%)
- Denmark: $793.8 million (0.8%)
- Croatia: $738.1 million (0.7%)
- Bulgaria: $668.8 million (0.6%)
- Serbia: $576.3 million (0.6%)
- Egypt: $363.6 million (0.3%)
Well over nine-tenths (93.1%) of Slovakian export sales in 2021 belonged the above 25 trade partners.
The fastest growth among Slovakia’s top trading partners from 2020 to 2021 was attributable to Egypt (up 78.1%), Slovenia (up 43%), Serbia (up 40.5%), Croatia (up 38.9%), Czech Republic (up 34.4%), Hungary (up 32.2%), and Italy (up 31.8%).
Year over year, the most modest advance was the 2.1% gain for the United States of America’s purchases of Slovakian exports.
Countries Causing Slovakia’s Worst Trade Deficits
Slovakia reversed its -$1.7 billion surplus in 2020 to post a -$322 million deficit for 2021.
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.
- South Korea: -US$5.4 billion (country-specific trade deficit in 2021)
- Russia: -$5 billion
- China: -$4.8 billion
- Vietnam: -$4.7 billion
- Slovakia: -$1.1 billion
- Malaysia: -$900 million
- Taiwan: -$490.7 million
- Bangladesh: -$365.8 million
- Thailand: -$319.3 million
- Japan: -$285.3 million
Among Slovakia’s trading partners that cause the greatest negative trade balances, Slovakian deficits with Russia (up 95.8%), mainland China (up 40.9%) and South Korea (up 40.5%) grew at the fastest pace from 2020 to 2021.
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.
Countries Creating Slovakia’s Best Trade Surpluses
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.
- Hungary: US$3.4 billion (country-specific trade surplus in 2021)
- France: $3.1 billion
- Austria: $3 billion
- Germany: $2.92 billion
- Poland: $2.91 billion
- United Kingdom: $2.8 billion
- United States: $2.2 billion
- Czech Republic: $2.1 billion
- Italy: $1.4 billion
- Romania: $921.6 million
Among Slovakia’s trading partners that cause the greatest negative trade balances, Slovakian deficits with the Czech Republic (up 331.4%), Hungary (up 135.9%) and Italy (up 63%) grew at the fastest pace from 2020 to 2021.
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, Top EU Export Countries, Germany’s Top Trading Partners, Czech Republic’s Top Trading Partners and Poland’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Europe: Slovakia. Accessed on August 30, 2022
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on August 30, 2022
International Trade Centre, Trade Map. Accessed on August 30, 2022
Investopedia, Net Exports Definition. Accessed on August 30, 2022
Wikipedia, List of Companies of Slovakia. Accessed on August 30, 2022
Wikipedia, Slovakia. Accessed on August 30, 2022
