Slovakian June annual trade deficit reverses surplus in May

(RTTNews) - Slovakia recorded an annual trade deficit in June, reversing the trade surplus of the previous month, a report by the Slovak Statistical office said Monday. The trade deficit was valued SKK 1 billion, in contrast to the revised surplus of SKK 3.6 billion in May. Originally, May's trade surplus was recorded as SKK 4.1 billion. Total exports rose 11.9% in June compared with the revised growth of 5.8% in May. Total exports were valued SKK 131.3 billion. Total imports rose 8.5% compared with an unrevised rise of 0.2% in May. Total imports were valued SKK 132.3 billion. During May, the highest trade deficit was recorded with Russia, followed by Korea and China. The country also had trade deficit with Taiwan, Japan and Malaysia. On the other hand, the country had the highest trade surplus with United Kingdom followed by France and Austria. Export of goods rose 13.9% to SKK 646 billion. The significant export items were televisions, cars and other motor vehicles, petroleum oil and oil from bitumen mineral and coaches for motor vehicles. However, exports of data processing facilities, unwrought aluminium, iron and steel, and corn declined. Exports to the Russia showed the fastest growth of 108.4%, followed by 29.2% growth to France. Exports also rose in double-digits to the Czech Republic, Poland and Hungary. Exports to the European Union, comprising 85.7% of the total exports, rose 11.7%, while those to the OECD countries with a share of 87.1%, increased 11%. Import of goods rose 14.5% to SKK 646.6 billion. In this period, imports of petroleum gas and oil, and oil from crude bitumen, parts and accessories used in transmitting equipment, and cars and other motor vehicles increased. In contrast, imports of transmitting equipment, piston compression engines and unwrought zinc declined, among others. Imports to the EU countries, representing about 67.5% of total imports, rose 9.8%, while that to the OECD countries, with a share of 69%, increased 10.1%. Among the individual countries, the fastest rise in imports of 57.9% was from Russia followed by a 24.6% rise from China and an 18.2% rise from Germany. However, imports from Poland declined. During the six months ended June, total exports rose 13.6% to SKK 777.3 billion, while total imports increased 13.5% to SKK778.9 billion. Trade deficit was valued SKK 1.7 billion. Meanwhile, in another report published for June, the statistical agency said employment rose annually at the fastest pace of 8.8% in the construction sector, followed by 7% in real estate businesses. Employment also rose in transport, wholesale and retail trade activities, industry and sale and maintenance of motorcycles. However, it declined for the first time in telecommunications and remained unchanged in hotels and restaurants. On the other hand, average nominal wages rose the most in the industrial sector followed by real estate and wholesale & retail trade. In real terms, the fastest growth was in real estate followed by wholesale & retail trade and the transport sector.