Slovakia’s trade statistics place the country on the 35th place when it comes to imports and the 39th position when it comes to exports out of 136 countries. The Slovak trading balance ranks 26th among all 136 states. The country’s trade balance improved significantly after 2002 when it started to follow an upward trend. The Slovak Statistical Office issued a report stating that the country’s overall trade balance at the end of 2015 was approximately 630 million euros in exports and nearly 600 million euros in imports.
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Slovakia is currently the 45th largest exporter in the world and it also has the 14th most complex economy in the world, according to the Economic Complexity Index (ECI).
When it comes to exports, Slovakia exports cars worth 14 billion USD and vehicle parts worth almost 4.5 billion USD. Refined petroleum is also one of the top products exported by Slovak companies. Slovakia’s most important export partners are Germany, the Czech Republic, Poland, Hungary and Austria in Europe, Russia, China and the United States in the rest of the world.
The most imported products in Slovakia are vehicle spare parts, crude petroleum and petroleum gas. Vehicle parts account for 8.3% of the country’s total imports, while petroleum products account for approximately 9% cumulated. Slovakia’s main import partners are Germany, the Czech Republic, Russia and South Korea.
Slovakia is a member of several important international agreements which allow for simplified import and export procedures and also for lower costs related to the operations. As an EU member state, Slovak companies benefit from free movement of goods within the boundaries of the Union. Also, considering the European Union has an unified foreign trade policy, licensing is required for certain products only. Import and export of goods in Slovakia are done through the TARIC system, which requires products to have a specific code which makes them easier to recognize.
For complete information about import and export proceedings in Slovakia, do not hesitate to contact our local agents.