Slovakia Economy Snapshot: GDP + Imports/Exports

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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.

The main trade partners of Slovakia, a landlocked Eastern European country, are Germany and Czechia.

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:

CommodityAmount (Annual)
Iron & Steel$4.3 billion
Oil & Mineral Fuels$3.6 billion
Rubber$2.7 billion
Aluminum$1.5 billion
Wood$1.1 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:

CommodityAmount (Annual)
Oil & Mineral Fuels$8.13 billion
Iron & Steel$3.07 billion
Rubber$1.76 billion
Aluminum$1.14 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.

Czechia is also the fastest-growing import partner of Slovakia, followed by Poland ($6.49 billion) and Hungary ($5.76 billion).

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

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).

Cars

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).

Video Displays

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

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%).

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All figures are based on the 2018 OEC and GlobalEdge.msu.edu trade data unless otherwise stated.

Sources and Further Reading

Read what Slovakia’s national debt is and find out what the reasons behind its debt to GDP ratio are. You can also see our global economic indicator guide to more than 45 other countries.

I you want to learn about different ways to trade commodities, see our guides on CFD trading, options trading, stock trading, and bullion dealers.

Our team have also put together generic guides for main commodity categories, like:

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