Export Britain


Find support in this market.

Ease of trading across borders

Importing a standard container of goods into Slovakia requires:



The Slovak economy is considered an advanced economy, with the country dubbed the "Tatra Tiger". Slovakia transformed from a centrally planned economy to a market-driven economy. Slovakia adopted the Euro currency on 1 January 2009 as the 16th member of the Eurozone. Slovakia is an attractive country for foreign investors mainly because of its low wages, low tax rates and well educated labour force. In recent years, Slovakia has been pursuing a policy of encouraging foreign investment.

Economic snapshot (% annual growth rate)

GDP 3.6 3.4 3.6
Export of goods and services 7 4.2 6.2
Import of goods and services 8.2 3.8 5.7
Inflation -0.3 -0.2 1.4
Current account balance (% of GDP) -1.3 -1.0 0.3
Population 0.1 0.0 0.0
Source: IMF, World Economic Outlook Database, Oct 2016

Economic outlook

GDP grew by 0.4% in Q4 2013, with growth driven by both net trade and domestic demand as consumer and business confidence improved significantly in Q4. Growth should accelerate further in 2014, helped by the gradual pick-up in foreign demand. However, a weak labour market will remain a drag on growth this year as unemployment is expected to decline only modestly this year. 

Trade outlook

Foreign trade is important to Slovakia’s economy. Crude oil, natural gas, machinery, and transportation equipment are Slovakia’s main imports. Exports include machinery, chemicals, fuels, steel, and weapons. The Czech Republic, Austria, Germany, and Russia are Slovakia’s leading trade partners. The upward trend in import business was stimulated by increased deliveries for the automobile industry as well as the electronic home entertainment sector, along with growing purchases of crude oil. 

Cultural tips

  • Punctuality is taken very seriously
  • Avoid scheduling meetings on Friday afternoons as many Slovaks live outside of the cities
  • Business is often conducted slowly so maintain patience in meetings 

SWOT analysis

Political & economic stability. Skilled and inexpensive labour.
External demand largely from the Eurozone.
Slovakia's strategic geographical location - major European transit corridors, connecting the Western and Eastern parts of Europe.
Housing market bubble. Number of foreign owned banks.

Slovakia's trade with the UK

Sector segmentation growth

Sectors to watch:
  • sector
  • sector
  • manufacturing
  • manufacturing

Fastest-growing exporters into Slovakia

1 South Africa
2 Hong Kong
3 Cambodia
4 India
5 Singapore
6 Vietnam
7 Turkey
8 South Korea
9 Hungary
10 Poland

Total merchandise trade - Leading import partners

Total merchandise trade - leading import partners
Opportunities for UK businesses

Slovakia has an established premium automotive sector, representing over 40% of its overall industry. With a high number of technology centres, opportunities exist in machinery & precision engineering, metallurgy & metal processing, electronics, chemistry and pharmaceuticals. 

Find support in this market.

Your local Chamber provides a range of export services and links to overseas markets.
Find your local Chamber here.

View the Cathay Pacific partner page View the Control Risks partner page View the DHL Express partner page View the Experian partner page View the UK Export Finance partner page