FX.co ★ Slovakia Industrial Production, Trade Surplus Decline

Slovakia's industrial production declined in April, data from the Statistical Office of the Slovak Republic showed on Friday.

Separate data from the statistical office showed that the trade surplus decreased in April, following a gain in the previous month.

Industrial production fell a working day adjusted 2.0 percent year-on-year in April, following a 2.6 percent growth in March.

"Most sectors of industrial production struggled with significant year-on-year declines, which generally could not be covered even by the growth of the crucial manufacture of transport equipment as well as manufacture of metals," the statistical office said.

"The key sector of the Slovak economy in April 2023 produced a value that was only less than 3 percent above the average performance in 2015," the statistical office said.

Among the main industrial groups, manufacture of rubber and plastic products recorded a significant decrease by 9.4 percent. The manufacture of computer, electronic and optical products showed more than a quarter decrease.

Meanwhile, the production of wood and paper products dropped more than 15 percent. Further, the manufacture of food, beverages and tobacco products decreased about 8 percent.

On a seasonally adjusted basis, industrial production fell 1.2 percent monthly in April.

The trade surplus decreased to EUR 292.9 million in April from EUR 765.6 million in the previous month. The trade balance had a surplus of over EUR 516 million in the same month last year.

In January, the trade balance had showed a shortfall of EUR 243.2 million.

The trade surplus was attributed to higher export of motor vehicles or aircraft and a lower value of imports of energy commodities to Slovakia.

Exports increased 8.4 percent annually in April and imports gained by 8.1 percent.