Slovakia's foreign trade surprisingly strong in May

Slovakia's foreign trade statistics for May include positive surprises for both the posted surplus and the overall trade volume, UniCredit Bank Czech Republic and Slovakia analyst Lubomír Koršňák said on Monday. According to him, after a relatively weaker April marked by the Easter holidays, the country's foreign trade went again into top gear in May and swelled significantly compared to last year. Data from the Statistics Office indicates that the twelve-month surplus of foreign trade reached the level of 3.5% of GDP. Meanwhile, the volumes in Slovakia's foreign trade appear even more optimistic, as exports in May improved by 7.3% year-on-year and imports were up by 6%. "However, it should be noted that the strong nominal dynamics of year-on-year growth was partially due to growing oil prices on the world markets, having effects on both sides of the balance. When trade with mineral oils and fuels is subtracted, imports improved by 4.5 percent year-on-year and exports by 5.6 percent," said Koršňák.