(RTTNews) - Slovakia trade deficit increased year-on-year in July, a report by the Statistical Office of the Slovak Republic said Thursday. This was due to a faster rise in imports compared to exports.

The trade deficit was valued SKK 4.2 billion in July, an increase of SKK 2.6 billion from the previous year. Analysts expected a trade surplus of SKK 0.8 billion. While exports rose 7.5% to SKK 123 billion, imports grew 9.7% to SKK 127.2 billion.

In the period January-July, the trade deficit was valued SKK 8.3 billion, an increase of SKK 4.5 billion from seven-month period of the previous year. Exports rose 12.5%, while imports increased 13%.

In a separate report, the statistical office said the trade deficit in June decreased by SKK 3.8 billion to SKK 0.8 billion. Exports rose 11.1%, while imports were up 7.6%.

During the six-month period ended June, the trade deficit widened year-on-year by SKK 1.9 billion to SKK 4.1 billion. In this period the country recorded trade deficits with the Russian Federation, Republic of Korea, China, Taiwan Japan Germany and Malaysia. It recorded the highest trade surplus with the UK, followed by France, Austria, and Poland.

Export of goods increased 13.4% to SKK 776 billion helped by increase in export of television equipment, private cars and other motor vehicles, petroleum oil and bitumen mineral oil. However, exports of data processing facilities, unwrought aluminium, iron products and non-alloyed steel declined among others.

Import of goods rose 13.6% to SKK 780.1 billion, due to increase in the imports of petroleum gases, and other gaseous hydrocarbons, petroleum oil and bitumen mineral oil, parts and accessories of transmitting equipment, audio and video equipment, cars and motor vehicles. On the other hand, imports of compression pistons, audio and video equipment, unwrought zinc declined among others.

Among the trading partners, exports increased the most to France at 22.7%, followed by an 18.3% rise to the Czech Republic and a 17.8% increase to Poland. Exports also rose to Germany, Austria, Hungary, UK and Russia, but declined to Italy, Spain and the Netherlands.

Export to the EU countries, with a share of 85.6% in total exports, rose 11.1%, while it was 10.5% to the OECD countries. The OECD countries have a share of 86.9% in exports.

Within imports, imports from the Russia Federation increased 50.9%, from China 27.4%, Republic of Korea 24.6%, Germany 17.6%. Imports from France, the Czech Republic, Austria, Hungary and Poland also increased, but decreased from Italy.

Imports from the EU countries, with share 67.6%, grew 8.9%, while those from the OECD countries with share 69.2% were up 9.7%.

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