Slovak foreign trade dropped in July

The development of foreign trade is disappointing, stated Ľubomír Koršňák, analyst of UniCredit Bank. As the figures published by the Slovak Statistics office indicate, it has reduced to €60 million, which is 100 million less than expected, representing 4.1% of the GDP. "Even a bigger disappointment than the surplus was the turnover in foreign trade. Even though we expected a slowdown due to the summer holidays, such a steep plummet surprised us all," writes Koršňák. The drop stems from the situation in the two biggest export markets - in Czech Republic and Germany. Both economies recorded significant drops and did not meet the expected numbers. However, Koršňák expects that foreign trade surpluses could slowly grow in the coming months and stabilize at around 4.6% of the GDP.