Slovakia’s foreign trade balance turned to a shortfall from a surplus in the previous year as imports grew much faster than exports, preliminary data from the Statistical Office of the Slovak Republic showed on Tuesday.
The trade balance showed a shortfall of EUR 393.5 million in January versus a surplus of EUR 525.1 million in the corresponding month last year. Nonetheless, the deficit narrowed from EUR 584.2 million in December.
This unfavorable result was due to a significant growth in imports influenced by several commodities, while exports increased only slightly, the agency said.
Exports rose 1.2 percent year-on-year in January, while imports grew sharply by 12.8 percent, which was the highest growth since December 2022.
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