Car Exports Drive Slovakia’s Record High Trade-Balance
With the gradual reduction of anti-pandemic policies across the European Union, Slovakia’s trade-balance reached an all-time high surplus of €710 million this past June. The country’s former trade-balance record was €655 million in May 2014. The current surplus is largely attributed to increased demand for machinery and transportation equipment; the latter of which is driven by cars, which composed nearly two-thirds of the country’s exports.
Despite Slovakia’s increased demand for exports, the country is 5.5% below its January pre-COVID-19 export levels, according to an analyst from the UniCredit Bank Czech Republic and Slovakia. This margin is anticipated to widen as the potential of a second COVID-19 wave becomes imminent across the European Union.
This article is based on: