This summarized guide of Slovakia’s economy begins with the country’s relative global performance by GDP.
Then, we explore the most imported and exported commodities, along with other major import and export products in commercial industries.
Our further reading section offers trading guides and other generic commodity guides for traders.
Economic Overview Of Slovakia
Slovakia’s economy is ranked number 60 in the world in terms of its GDP of $106 billion.
Total annual exports of $92.4 billion make the country the world’s 39th largest product exporter, while imports of $87.2 billion put them in 41st place.
The country has a positive trade balance of $5.19 billion.
Slovakia’s GDP Growth
Slovakia’s GDP is $106 billion, which represents a growth of 5.41% in the ten years from 2008 to 2018. The GDP per capita is $19,443 – an increase of 4.1% over the same ten-year period.
During the last 20 years, the economy of Slovakia has become more complex, resulting in a slide down the ECI rank from 21st to 16th.
Slovakia’s Top Commodity Exports
Here are Slovakia’s five most exported commodities:
|Iron & Steel||$4.3 billion|
|Oil & Mineral Fuels||$3.6 billion|
Other Notable Exports From Slovakia
- Cars – $21.6 billion
- Vehicle parts – $5.43 billion
- Video displays – $5.09 billion
- Broadcasting equipment – $4.26 billion
- Rubber tires – $1.91 billion
Car exports account for 23.3% of all Slovakian exports. In the five years from 2013 to 2018, total exports grew by $23.5 billion.
Germany is Slovakia’s biggest export partner, with $15.1 billion of all exports destined for this country. Other major export markets are Czechia ($7.64 billion), Hungary ($4.23 billion), Poland ($4.16 billion), France ($4.13 billion), and the UK ($5.23 billion).
Slovakia’s Top Commodity Imports
Slovakia imports these five commodities in the largest volumes each year:
|Oil & Mineral Fuels||$8.13 billion|
|Iron & Steel||$3.07 billion|
|Base Metal Articles||$834 million|
Other Notable Imports To Slovakia
- Vehicle parts – $8.58 billion
- Broadcasting equipment – $5.06 billion
- Cars – $3.32 billion
- Insulated wire – $1.57 billion
- Packaged Medicaments – $1.34 billion
$8.58 billion in vehicle part imports make up 9.83% of total Slovakian imports of $87.2 billion.
From 2013 to 2018, Slovakia’s total imports grew by $8.8 billion. The biggest import market is Germany ($15.8 billion), with Czechia ($14.3 billion) close on its heels.
More About Popular Slovakian Imports/Exports
Read on to find out about Slovakia’s top performing export and import sectors on a national and global scale.
Broadcasting equipment is the 2nd most imported product in Slovakia at $5.06 billion per year, but it is also the 4th most exported product at 4.26 billion.
Imports originate mostly from Vietnam ($3.79 billion), while exports are destined for Poland ($838 million), Italy ($655 million), Czechia ($491 million), Romania ($482 million), and Germany ($421 million).
With annual exports totaling $21.6 billion, Slovakia is the 12th largest car exporter in the world. Representing 23.3% of total exports, cars are the country’s most exported product by far.
The biggest, and fastest-growing, export market is Germany, which receives $4.8 billion worth of cars from Slovakia. Other main car export destinations are France ($2.65 billion), the United States ($2.41 billion), the United Kingdom ($1.73 billion), and Italy ($1.21 billion).
Slovakia is the 3rd largest global exporter of video displays, which is also its 3rd most exported product. Of the $5.09 billion worth of Slovakia’s video display exports, Germany gets $1.09 billion.
Other major export destinations are the United Kingdom ($598 million), Netherlands ($448 million), Italy ($413 million), and France ($402 million).
Vehicle parts make up almost 10% of Slovakia’s imports. The $8.58 billion worth of vehicle parts entering Slovakia annually makes it the world’s 10th largest importer of this product, tied with Italy.
Germany sends $2.75 billion, which represents 32% of the total. The other biggest export markets are Czechia (12.7%), France (8.13%), and Spain (6.86%).
Where Can I Trade Commodities?
Start your research with reviews of these regulated brokers available in .
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. <b>Between 53.00%-89.00% of retail investor accounts lose money when trading CFDs.</b> You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
All figures are based on the 2018 OEC and GlobalEdge.msu.edu trade data unless otherwise stated.
Sources and Further Reading
Our team have also put together generic guides for main commodity categories, like: