The Slovenia Times

Slovenia's export growth slows

Production of pharmaceuticals in a Novartis development centre. Photo: Nebojša Tejić/STA

Slovenia's merchandise exports grew by 4.4% in 2023, the slowest pace since the covid crisis dip in 2020. Imports rose by just 0.6%, the latest Statistics Office data show.

With exports worth €54.9 billion and imports at €57 billion, the export-import ratio stood at 96.4%, an improvement of more than three percentage points over the year before.

There was significant realignment of destinations as exports to EU countries declined by more than 5%, whereas exports to non-EU countries surged by 19.4%.

Imports of goods from the EU contracted by 6.4%, while import from non-EU countries grew by 11.3%.

This was chiefly due to surging trade with Switzerland, which overtook Germany to become the no.1 export and import market, owing largely to a major distribution centre for pharmaceuticals that a Swiss company has built here.

Exports to Switzerland and imports from China recorded the highest growth, while import from Russia decreased by more than 85%.

The EU still accounted for 55% of overall exports and 56% of total imports.

Medical products and pharmaceuticals represented 34% of all exports by value. Other significant exported products were road vehicles, electric machinery and general industrial machinery.

The import of organic chemicals nearly doubled compared to 2022 and amounted to 19% of Slovenia's imports by value. Other major imported product groups were medicinal and pharmaceutical products, road vehicles, and petroleum products.

Compared to 2022 the value of trade in energy products and raw materials decreased significantly, which can be attributed to lower prices of these products on global markets.


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