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Financial News: Slovakia Trade Deficit Highest In A Decade

Slovakia Trade Deficit Highest In A Decade

01/09/2023 - 05:18:00 (RTTNews)

(RTTNews) - Slovakia's trade deficit increased to the highest monthly shortfall in the last decade, as the growth in imports exceeded that of exports, data from the Statistical Office of the Slovak Republic showed on Monday.

The trade deficit widened to EUR 823.5 million in November from EUR 20.2 million in the same month last year. In October, the trade deficit was EUR 138.5 million.

"Despite the record value of the exported machinery and transport equipment, including cars, the passive NovemberĀ“s balance was mainly influenced by a significant increase in the value of imported natural gas and motor vehicle parts," the agency said.

Exports increased in double-digits, up 11.2 percent annually in November. The pace of growth in exports eased for the third straight month. The value of exports hit a monthly record high.

Imports rose 20.5 percent yearly in November and the value exceeded the threshold of EUR 10 billion for the first time, reaching EUR 10.4 billion.

On a seasonally adjusted basis, the trade deficit was EUR 406.4 million in November. Exports rose 11.4 percent annually and imports grew 20.4 percent.

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