Analyst: Slovakia's foreign trade posted surprising deficit in August

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Analyst: Slovakia's foreign trade posted surprising deficit in August

10. 10. 2017 15:29

Slovakia's foreign trade produced a deficit of €50.7 million in August, according to the Statistics Office. "Foreign trade in August surprised us with a negative balance. Slovakia usually posts foreign trade deficits only in the final month of each year due to Christmas imports and industrial production breaks. This is the first time since 2011 that a deficit has been seen in a month other than December," said UniCredit Bank Czech Republic and Slovakia analyst Ľubomír Koršňák. Nonetheless, the structure of and growth in Slovakia's industry are both rather positive, with turnover in foreign trade recovering after the relatively weaker months of June and July. The growing volumes of imports were due to boosted domestic consumption and increased oil prices, while it can't be ruled out that investments could also have pulled August imports up. "We expect that foreign trade surpluses will continue to slacken, mainly towards the end of the year. This should be only a temporary dip, however, related to imports of technologies for major investments in the automotive industry. After production is launched we expect foreign trade surpluses to become more pronounced again in the second half of 2018 and in 2019," added Koršňák.

 

Anca Dragu, Photo: AP/SITA

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