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Analysts: Slovakia's Foreign Trade Now Awakening
Monday 11 January 2010 Zoom in | Print page
Bratislava, January 11 (TASR) - Slovakia's high foreign trade surplus of €259.3 million reported for November 2009 was driven especially by a surprisingly fast year-on-year hike in exports (by 2.7 percent), along with a continuing lowering of imports (by 8.7 percent) on the year, TASR was told by analysts on Monday.
Therefore, the country's foreign trade is reigniting, they agree.
"We expect exports to continue to have grown in December, while the hike in imports should be slightly reduced. The monthly balance should thus end up on a surplus of about €30 million, and the total-year result for 2009 should see a surplus of €1.42 billion - compared to a deficit of €760 million in 2008," according to VUB Banka senior analyst Martin Lenko.
UniCredit Bank Slovakia analyst Lubomir Korsnak thinks that Slovakia's foreign trade should stay in black figures. According to him, growing exports should continue to stimulate the reawakened demand from abroad.
"However, for 2010 as a whole the foreign trade balance could slip back into the red - notwithstanding the fact that the country this year the country will likely be better off in terms of exports than in 2009," Korsnak said. He explained that the extremely positive balance in foreign trade in 2009 was, in fact, a reflection of reduced investment activity.
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