Slovakia's foreign trade balance in October jumped to a surplus of more than half a billion euros, two and half times the surplus in the same month a year earlier. For the year to the end of October, the trade balance is plus €4.2 billion, while a year earlier the trade balance was actually in deficit.
The car industry is a large part of the trade balance. Exports have been increasing every month of the year so far, and so also in October. The category ‚Machinery and transport equipment‘ accounts for two-thirds of exports, and half of imports. Car parts come in, complete cars go out.
But cars are not the only story in the trade balance. The jump in the trade surplus was also thanks to a drop in energy imports. This is n aspect of the seasonal trends in Slovakia’s trade balance. As imports of gas and oil increase in winter, they overwhelm exports and the trade balance goes into negative territory in winter.
Still, the economy looks on track to end this year with a surplus. Almost every month of the year so far has seen more exports than imports.
(TASR)
