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Friday, October 12, 2007

Slovakia Trade Deficit

Slovakia's trade deficit in August was the widest in eight months as exports of cars slowed because of the holiday season. The gap was 7.6 billion koruna, compared with a revised deficit of 3.7 billion koruna in August last year, according to the Bratislava-based Slovak Statistical Office today.

The Slovak trade deficit began to shrink last year as newly built factories by carmakers Kia Motors Corp. and PSA Peugeot Citroen joined the existing Volkswagen AG's factory in driving export growth. With their production resuming after the holiday season, the full-year gap will undoubtedly reduce, but the steady rise in imports is also noteworthy and needs following.

Exports increased an annual 1.7 percent in August, the slowest pace this year. Imports were up 5.2 percent, the office said. The statistics office will release the breakdown of the August trade numbers by Nov. 9.

The 2006 full-year trade deficit was revised to 75.3 billion koruna from 93.1 billion koruna reported earlier, after the office changed the way it accounts for electricity trades. The July trade gap was also revised to 2.5 billion koruna from the 1.8 billion koruna originally reported.

The eight-month gap narrowed to 16.5 billion koruna from a revised 42.9 billion koruna in the same period last year.

The koruna was trading at 33.621 at 12:19 p.m. in Bratislava, down from yesterday's close of 33.541.

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