Year over year, the overall value of Slovakian exports grew 3.1% compared to $104.7 billion during 2021.
Based on the average exchange rate for 2022, Slovakia uses the euro which depreciated by -12.1% against the US dollar since 2018 and diluted by -12.3% from 2021 to 2022. The weaker EU currency makes Slovakia’s exports paid for in stronger US dollars relatively less expensive for international buyers.
Applying a continental lens, 88.5% of Slovakia’s exports by value was delivered to fellow European countries while 5.9% was sold to importers in Asia. Slovakia shipped another 3.9% worth of goods to North America.
Tinier percentages were sent to buyers in Africa (0.8%), Latin America (0.5%) excluding Mexico but including the Caribbean, then Oceania (0.4%) 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 2022. Also shown is each import country’s percentage of total Slovakian exports.
- Germany: US$22.7 billion (21% of Slovakia’s total exports)
- Czech Republic: $12.9 billion (12%)
- Hungary: $9.4 billion (8.7%)
- Poland: $8.4 billion (7.8%)
- France: $6.3 billion (5.9%)
- Austria: $5.8 billion (5.3%)
- Italy: $5.2 billion (4.8%)
- United Kingdom: $4.2 billion (3.9%)
- United States of America: $3.7 billion (3.4%)
- mainland China: $2.7 billion (2.5%)
- Romania: $2.7 billion (2.5%)
- Spain: $2.5 billion (2.3%)
- Netherlands: $2.2 billion (2.1%)
- Ukraine: $1.53 billion (1.4%)
- Sweden: $1.51 billion (1.4%)
- Belgium: $1.49 billion (1.4%)
- Switzerland: $1.44 billion (1.3%)
- Türkiye: $929.6 million (0.9%)
- Slovenia: $883 million (0.8%)
- Croatia: $869.1 million (0.8%)
- Denmark: $715.6 million (0.7%)
- Serbia: $682.8 million (0.6%)
- Bulgaria: $640.4 million (0.6%)
- Russia: $572.3 million (0.5%)
- South Korea: $386.8 million (0.4%)
Well over nine-tenths (92.9%) of Slovakian export sales in 2022 belonged the above 25 trade partners.
Generating double-digit percentage increases among the top buyers of Slovakia’s exports were buyers in Ukraine (up 57.1% from 2021), Hungary (up 24.1%), South Korea (up 20.6%), Serbia (up 18.5%), Belgium (up 17%), Croatia (up 16.7%) and the United States of America (up 10.7%).
Year over year, the severest declines were recorded by importers in Russia (down -63.8% from 2021) and Bulgaria (down -10.1%).
Countries Causing Slovakia’s Worst Trade Deficits
The Slovak Republic endured an overall -US$7.2 billion trade deficit in 2022 accelerating by 1,663% from -$408.4 million in red ink one year earlier in 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.
- Russia: -US$8.1 billion (country-specific trade deficit in 2022)
- South Korea: -$6.2 billion
- mainland China: -$5.9 billion
- Vietnam: -$4.5 billion
- Slovakia: -$1.3 billion
- Taiwan: -$651.8 million
- Malaysia: -$626 million
- Bangladesh: -$460.1 million
- India: -$440.7 million
- Thailand: -$396.9 million
Among Slovakia’s trading partners that cause the greatest negative trade balances, Slovakian deficits with India (up 63.5%), Russia (up 61%) and Slovakia (up 38.1%) grew at the fastest pace from 2021 to 2022.
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.
- Germany: US$6.6 billion (country-specific trade surplus in 2022)
- Hungary: $4.1 billion
- Austria: $2.9 billion
- France: $2.79 billion
- United Kingdom: $2.73 billion
- Czech Republic: $2.6 billion
- United States of America: $2.3 billion
- Poland: $2.2 billion
- Italy: $1.7 billion
- Spain: $956.2 million
Among Slovakia’s trading partners that cause the greatest negative trade balances, Slovakian deficits with Germany (up 148.6%), Czech Republic (up 38.7%) and Italy (up 30.4%) grew at the fastest pace from 2021 to 2022.
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 June 30, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 30, 2023
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on June 30, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 30, 2023
International Trade Centre, Trade Map. Accessed on June 30, 2023
Investopedia, Net Exports Definition. Accessed on June 30, 2023
Wikipedia, List of Companies of Slovakia. Accessed on June 30, 2023
Wikipedia, Slovakia. Accessed on June 30, 2023
