Year over year, the overall value of Slovakian exports grew rose 8.2% compared to $108.2 billion starting from 2022.
Based on the average exchange rate for 2023, Slovakia uses the euro which depreciated by -3.5% against the US dollar since 2019 but gained 2.6% from 2022 to 2023. The weaker EU currency compared to 2019 makes Slovakia’s exports paid for in stronger US dollars relatively less expensive for international buyers.
Applying a continental lens, 86.1% of Slovakia’s exports by value was delivered to fellow European countries while 6.8% were sold to importers in Asia. Slovakia shipped another 5.2% worth of goods to customers located in North America.
Tinier percentages went to buyers in Africa (0.8%), Latin America (0.6%) excluding Mexico but including the Caribbean, then Oceania (0.4%) led by Australia and New Zealand.
Slovakia sold 77.2% of its exports by value to other European Union member states.
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 2023. Also shown is each import country’s percentage of total Slovakian exports.
- Germany: US$24.5 billion (21% of Slovakia’s total exports)
- Czech Republic: $14.1 billion (12.1%)
- Poland: $8.6 billion (7.3%)
- Hungary: $8.3 billion (7.1%)
- France: $6.2 billion (5.3%)
- Austria: $6 billion (5.1%)
- Italy: $5.2 billion (4.5%)
- United States: $5.2 billion (4.5%)
- United Kingdom: $5.1 billion (4.3%)
- mainland China: $3.1 billion (2.7%)
- Romania: $2.9 billion (2.5%)
- Spain: $2.7 billion (2.3%)
- Netherlands: $2.4 billion (2%)
- Ukraine: $2 billion (1.7%)
- Belgium: $1.7 billion (1.5%)
- Sweden: $1.51 billion (1.3%)
- Switzerland: $1.51 billion (1.3%)
- Türkiye: $1.2 billion (1%)
- Croatia: $910.7 million (0.8%)
- Slovenia: $840.5 million (0.7%)
- Finland: $811.3 million (0.7%)
- Bulgaria: $798.9 million (0.7%)
- Denmark: $685.3 million (0.6%)
- Serbia: $562.7 million (0.5%)
- United Arab Emirates: $557.4 million (0.5%)
Over nine-tenths (92%) of Slovakian export sales in 2023 belonged the above 25 trade partners.
Generating the greatest percentage increases among the top buyers of Slovakia’s exports were buyers in Finland (up 138.5% from 2022), United Arab Emirates (up 106.3%), United States of America (up 43.3%), Ukraine (up 32.7%), Türkiye (up 30.4%) and the United Kingdom (up 22.1%).
Year over year, the severest declines were recorded by importers in Serbia (down -17.3% from 2022), Hungary (down -11.6%) and Slovenia (down -6.3%).
Countries Causing Slovakia’s Worst Trade 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.
- South Korea: -US$6.1 billion (country-specific trade deficit in 2023)
- mainland China: -$5.4 billion
- Vietnam: -$4.57 billion
- Russia: -$4.57 billion
- Slovakia: -$1.1 billion
- India: -$556 million
- Taiwan: -$519.1 million
- Malaysia: -$510.1 million
- Bangladesh: -$427 million
- Thailand: -$419.4 million
Among Slovakia’s trading partners that cause the greatest negative trade balances, Slovakian deficits with India (up 25.2%), Thailand (up 5.1%) and Vietnam (up 1.8%) grew from 2022 to 2023.
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
The Slovak Republic produced a US$1.71 billion surplus for 2023, reversing an overall -$7.55 billion trade deficit one year earlier in 2022.
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$7.8 billion (country-specific trade surplus in 2023)
- United States: $3.8 billion
- United Kingdom: $3.4 billion
- Austria: $3 billion
- France: $2.6 billion
- Czech Republic: $2.4 billion
- Hungary: $2.37 billion
- Poland: $1.7 billion
- Italy: $1.4 billion
- Ukraine: $975 million
Among Slovakia’s trading partners that cause the greatest positive trade balances, Slovakian surpluses at the expense of Ukraine (up 352.1%), United States of America (up 62.2%) and the United Kingdom (up 24%) grew at the fastest pace from 2022 to 2023.
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 December 18, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on December 18, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on December 18, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on December 18, 2024
International Trade Centre, Trade Map. Accessed on December 18, 2024
Investopedia, Net Exports Definition. Accessed on December 18, 2024
Wikipedia, List of Companies of Slovakia. Accessed on December 18, 2024
Wikipedia, Slovakia. Accessed on December 18, 2024