Analysts: Slovakia's foreign trade remains strong

Analysts: Slovakia's foreign trade remains strong

Slovakia's foreign trade produced a surplus of €432.2 million in June, which is an increase of 20 percent year-on-year, according to the Statistics Office. Both exports and imports went up by 10 percent. According to UniCredit Bank's analyst Ľubomír Koršňák, Slovakia's foreign trade remained strong in June. "Growing industry is putting increased pressure on imports of material and goods for production. Fuels were responsible for almost one third of year-on-year import growth, while more than a half of the growth can be ascribed to the category of machinery and means of transport. Consumer imports didn't show any significant growth in June. However, nominal foreign-trade figures were significantly influenced by growing oil prices on the global market," he said.

Strong domestic demand, either the import of technologies for a new automotive plant (Jaguar Land Rover) or higher industrial supplies before the start of the plant's production, might again put pressure on imports in the upcoming months. However, strong imports should be compensated by stronger exports. "At the end of the year (in the last quarter), and chiefly next year, trade-balance surpluses should start growing significantly again under the influence of the fourth carmaker's transition from the investment to the production stage," stated Koršňák. He sees a risk for foreign trade in the potential launch of a trade war between the EU and the USA, which Slovakia would chiefly feel in its automotive industry. Slovenská Sporiteľňa analyst Katarína Muchová also thinks that foreign-trade basics remain favourable and in addition to the still favourable development of Slovakia's chief trade partners, the start of the new carmaking plant's production can gradually begin to contribute to export growth in Slovakia.



Anca Dragu, Photo: AP/SITA

Živé vysielanie ??:??

Práve vysielame