Page 39 - CE Outlook Regions 2023

2.6.2 External environment

From January to October 2022, the total export of goods increased y/y
by 17.7% to €85.1bn, and total imports were up by 24.7% to €87.6bn.
The balance of foreign trade was in a deficit of €2.5bn while it was in a
surplus of more than €2.1bn during the corresponding period in 2021.

In the first 10 months of 2022, exports to EU member states increased
by 18.7% y/y and represented 80.6% of the total exports. Imports from
EU member states represented 62.7% of total imports and increased by
21% y/y. Exports to non-EU countries increased by 13.4% y/y and
imports from non-EU countries increased by 31.5% y/y.

The latest figures in the balance of foreign trade from October show a
surplus of €199.5mn. The balance was in positive numbers after four
months of decline, and for only the second time in 2022. The positive
change was mainly driven by a significant m/m increase in the
difference between the export and import of motor vehicles.

The increase in total imports has been influenced by mineral fuels
which include imports of natural gas, oil, and electricity, and has been
growing since April 2021.

More than 35% of output comes from work for global supply chains, the
EBRD’s 2022/23 Transition Report notes.

Slovakia is exempted from the EU embargo on Russian oil, but its
dependency on imports of Russian oil and gas has been pointed out by
IMF as one of the risk factors, with the economy exposed to import
disruptions.

The Russian embargo on oil imports is primarily directed against G7
countries importing crude oil by sea and should not impact the Druzhba
pipeline which is used for oil imports into Slovakia, Hungary, and
Czechia.

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