Slovenia: 2020 export/import value falls YoY

Slovenia: 2020 export/import value falls YoY

In the period from January to December 2020, Slovenia’s exports and imports dropped by 2.0% and 6.0% respectively over the same period in 2019. In contrast to 2019, a trade in goods surplus was recorded in this period.

“External trade was quite modest in December 2020 since the total value of exports (EUR 2.5 billion) was just ninth among last year’s monthly results, while total value of imports (EUR 2.8 billion) was sixth among last year’s monthly results. The value of exports was lower only in April, May and August, while the value of imports was lower in the months from April to September,” the Statistical office announced.

Nevertheless, exports in December 2020 were 6.9% higher than in December 2019. Imports in December 2020 exceeded imports in December 2019 by 1.1%. The value of exports in December 2020 was lower than the average value of monthly exports in 2019 (by 9.9%), while the value of imports in December 2020 was lower than the average value of monthly imports in 2019 (by 2.0%). In December 2020, a trade in goods deficit was recorded; it amounted to EUR 0.3 billion. The export/import ratio was 90.5%.

For Slovenia’s exports and imports, EU Member States remain key markets. In 2020, Slovenia’s exports to the EU Member States represented 66.9% of total exports, while imports from EU Member States accounted for 67.5% of total imports. In December 2020, Slovenia exported to EU Member States 6.2% more and imported from them 3.2% less YoY. Trade value with EU Member States in December 2020 amounted to EUR 1.7 billion for exports and EUR 1.8 billion for imports. Compared to other months in 2020, December’s exports to EU Member States were ranked ninth, while imports were ranked eighth.

The value of goods Slovenia exported to EU non-member countries in December 2020 was 8.5% higher YoY amounting to EUR 0.8 billion. The value of goods the country imported from non-EU countries was 10.1% higher than in December 2019 and amounted to EUR 1.0 billion. Compared to other months in 2020, December’s exports were ranked tenth and imports second.

According to official data, Slovenia’s exports in 2020 amounted to EUR 32.9 billion, while imports amounted to EUR 32.0 billion. The values of exports and imports were lower than in 2019. The export/import ratio was 102.7% and the external trade surplus amounted to EUR 0.9 billion; it was the second-highest in the last ten years.

Slovenia’s trade in 2020 was characterized by exports falling at a lower rate than imports. Exports were 2.0% lower than in 2019, while imports were 6.0% lower than in 2019. Exports decreased mainly due to the lower trade with EU Member States, while trade with non-EU countries even increased. As regards the main trading partners, in comparison to 2019 exports to Germany and Switzerland rose the most, while exports to Italy and France recorded the steepest dive. The largest increase was recorded in exports of goods from the product group of medicinal and pharmaceutical products, which are also the largest contributor to total exports. Products from the group of road vehicles (including air-cushion vehicles) contributed the second-largest share of total exports.

Th drop in imports also reflected the lower trade with EU Member States, while trade with non-EU countries increased at a rate similar to that of exports. Regarding the main trading partners, in comparison to 2019 imports from Switzerland and China recorded the largest surge, while imports from Austria, Italy and Croatia were struck the most. Similar to exports, the biggest contributor to total imports derived from the product group of medicinal and pharmaceutical products, followed by products from the product group of road vehicles (including air-cushion vehicles). /ibna