Business News

Slovenia's exports down 6% in first five months, imports drop 11.5%

Ljubljana, 10 July (STA) - Slovenia's exports decreased by 6% to EUR 13.2 billion in first five months of the year, while imports fell by 11.5% to EUR 12.5 billion, show Statistics Office data released on Friday. In May, exports were down by 19.8% year-on-year to EUR 2.38 billion and imports by 22.4% to EUR 2.21 billion for an export to import ratio of 107.8%.

Slovenia recorded an external trade surplus in all of the first five months of 2020, the surplus in all five months combined amounting to EUR 726.9 million. In this period, the export to import ratio was 105.8%.

As for May, the office noted that the year-on-year decrease was smaller than in April, when exports were down 28.8% year-on-year and imports by 41.2%.

It said the negative effect of the epidemic on external trade in goods had been reduced somewhat, while adding the significant annual decline in April was also due to exceptionally high value of imports in April last year.

In May the export to import ratio was 107.8%; a surplus of EUR 172.1 million was generated in external trade in goods. The May external trade surplus is the second highest this year and the highest of the four May surpluses recorded after 2010.

Exports to EU member states in May amounted to EUR 1.53 billion (down 29.0% year-on-year) and imports to EUR 1.51 billion (30.7% less).

"Trade with this group of countries grew continuously from October 2016 until the second half of last year, when the effects of economic cooling began to show. The epidemic negatively affected trade with the EU already in March 2020 and even more in April and May," the Statistics Office wrote.

As for trade with countries outside the EU, Slovenia exported goods worth EUR 848 million in May (up 4.5% y/y) and imported goods worth EUR 693.9 million (up 5.0%).

"Since the end of 2018, we have been recording high growth rates of trade with this group of countries, the trend continued in May, however the growth was significantly reduced by the epidemic."

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