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Overview In 2023, Slovakia was the number 61 economy in the world in terms of GDP (current US$), the number 39 in total exports, the number 39 in total imports, the number 51 economy in terms of GDP per capita (current US$) and the number 15 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Slovakia are Cars ($33.5B), Motor vehicles; parts and accessories (8701 to 8705) ($7.25B), Video Displays ($2.92B), Broadcasting Equipment ($2.2B), and Refined Petroleum ($2.18B), exporting mostly to Germany ($21.5B), Czechia ($11.1B), Hungary ($7.34B), United States ($6.19B), and Poland ($6.09B).

In 2023, Slovakia was the world's biggest exporter of Railway Freight Cars ($479M)

Imports The top imports of Slovakia are Motor vehicles; parts and accessories (8701 to 8705) ($13.2B), Broadcasting Equipment ($6.16B), Cars ($3.72B), Insulated Wire ($2.59B), and Petroleum Gas ($2.54B), importing mostly from Germany ($17.6B), Czechia ($15.8B), Poland ($9.03B), China ($8.24B), and Hungary ($6.54B).

Location Slovakia borders Austria, Czechia, Hungary, Poland, and Ukraine by land.

Latest Trends

Latest Trade

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Y-AXIS SCALE

The following section uses the most recent trade data from partners of Slovakia.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Cars$33.5B
Top Destination (2023)Germany$21.5B

In 2023, Slovakia exported a total of $107B, making it the number 39 exporter in the world. During the last five reported years the exports of Slovakia have changed by $20.4B from $87B in 2018 to $107B in 2023.

The most recent exports are led by Cars ($33.5B), Motor vehicles; parts and accessories (8701 to 8705) ($7.25B), Video Displays ($2.92B), Broadcasting Equipment ($2.2B), and Refined Petroleum ($2.18B). The most common destination for the exports of Slovakia are Germany ($21.5B), Czechia ($11.1B), Hungary ($7.34B), United States ($6.19B), and Poland ($6.09B).

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Exports (2023)
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Destinations (2023)
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Market Growth

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Growth
Fastest Growing Export Markets (2022 - 2023)
Germany$1.41B (+ 7.02%)
Ukraine$1.06B (+ 82.9%)
United Kingdom$1.04B (+ 21.3%)
Fastest Growing Import Markets (2022 - 2023)
South Korea$840M (+ 15%)
Vietnam$635M (+ 15.9%)
Hungary$556M (+ 9.29%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

Slovakia Exports Services (2020)$8.35B
Slovakia Imports Services (2020)$8.57B

In 2020, Slovakia exported $8.35B worth of services. The top services exported by Slovakia in 2020 were Other transport ($3.15B), Miscellaneous business, professional, and technical services ($2.43B), Personal travel ($1.12B), Telecommunications services ($380M), and Construction abroad ($202M).

The top services imported by Slovakia in 2020 were Other transport ($2.22B), Miscellaneous business, professional, and technical services ($2.21B), Personal travel ($968M), Royalties and license fees ($644M), and Merchanting and other trade-related services ($576M).

Service Exports (2020)

Service Imports (2020)

Economic Complexity

Overview

Economic Complexity (Trade)1.35Rank 15 of 132
Economic Complexity (Technology)0.4Rank 43 of 96
Economic Complexity (Research)-0.39Rank 76 of 140

Most Specialized Products by RCA Index

Slovakia has a high level of specialization in Railway Freight Cars (27.6), Central Heating Boilers (18.7), Spring, Air, and Gas Guns (18), Self-Propelled Rail Transport (17.2), and Propellant Powders (11.8). Specialization is measured using RCA, an index that takes the ratio between Slovakia observed and expected exports in each product.

Export Opportunities by Relatedness

The top export opportunities for Slovakia according to the relatedness index, were Soil Preparation Machinery (0.28), Other Wood Articles (0.27), Wood Stakes (0.27), Trailers and semi-trailers, not mechanically propelled vehicles (0.27), and Fermented Milk Products (0.27). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Slovakia is not specialized in.

Product Space

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.

Relatedness Space

This network shows the products most related to the production structure of Slovakia. These are products that tend to be co-exported with the products that Slovakia exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2023)

Diversification Frontier

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Depth

The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Slovakia's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨25th to the 15th⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

Explore Rankings

ECI (Trade) Ranking by Country

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