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| Slovak exports to the US are still resisting tariffs, and they grew in April |
| Bratislava, 10.07.2025 |
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| Exports of goods from Slovakia increased in May, probably driven by the export of weapons and ammunition. Imports, on the other hand, decreased, and the Slovak trade balance thus entered a significant surplus. Despite the introduced tariffs, Slovak exports to the United States of America continued to grow in April. This was pointed out by Dávid Hojdan, an analyst at the Institute of Financial Policy (IFP) of the Ministry of Finance, in response to the latest foreign trade data published by the Statistical Office (Ú) of the Slovak Republic on Wednesday.
He recalled that the flat ten percent tariffs on all goods imported to the US entered into force on April 5 and special tariffs on the import of cars and parts began to apply on April 2. Despite this, Slovak exports to the US continued to grow in April, new data on the geographical structure of exports for the fourth month of the year showed.
"Compared to the same period last year, the nominal value of exports to the US even increased by 8.9%. This is positive news for Slovak exporters so far. However, the question remains whether the effects of the tariffs will not be reflected with a delay," the analyst pointed out, adding that exports outside the EU countries also grew in May.
In the fifth month of the year, Slovak exports exceeded last year's values, but slowed down slightly month-on-month. The nominal value of exports of goods increased by 3.1% year-on-year, slowing down by 0.6% compared to the previous month, seasonally adjusted data from the Statistical Office of the Slovak Republic showed.
"The category of various industrial products contributed most to the positive year-on-year growth of exports, the value of which increased by 27%. This category also includes exports of weapons and ammunition, which have been growing at a rapid pace in recent months and probably contributed significantly to overall growth," Hojdan assessed.
The second driver of Slovak exports was the export of mineral fuels, lubricants and related materials, which increased by 23% year-on-year. According to the analyst, this increase was probably mainly due to the export of electricity. "On the contrary, the largest export category, machinery and transport equipment, stagnated in May both year-on-year and month-on-month," he added.
Imports of goods to Slovakia fell in the fifth month of the year both year-on-month and month-on-month. Compared to last year, imports were lower by 1.9%, and compared to the previous month, they worsened by 3.4%. The year-on-year decline was mainly contributed by imports of mineral fuels, as well as machinery and transport equipment. As a result of this development, the Slovak trade balance recorded a surplus in May after seasonal adjustment of data at the level of 347 million euros.
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