Slovakia – Market Overview
Table of content
- Why Slovakia Matters
- How to export to Slovak Republic
- Sectoral Opportunities in Slovak Republic
Source: Statistics Canada
Note: Data on Canada-Slovakia service trade, Slovakian Direct Investment in Canada is not available.
2015 Trade and Investment between Slovakia and Canada (C$, Millions)
|Trade and Investment||(C$, Millions)|
|Canadian Merchandise Exports to Slovakia||$23.0|
|Canadian Merchandise Imports from Slovakia||$385.0|
|Canadian Direct Investment in Slovakia||$17.0|
Why Slovakia Matters
- Slovakia is Canada 66th largest partner for bilateral merchandise tradeFootnote 1.
- Slovakia ranks 19th in the EU by total GDP and 21th for GDP per capitaFootnote 2.
- Slovakia produces more passenger cars annually than Canada at 1 million cars per year (2015).
- Slovakia’s economy was one of the quickest to recover in the European Union (EU) following the economic crisis of the late 2000s and has one of the highest economic openness scores (total imports and exports divided by GDP) of any economy in the world.
- Low inflation, a stable political environment, and the introduction of the Euro in 2009 make Slovakia a country with attractive investment opportunities.
- Further liberalization of trade is strongly supported at all levels of society.
How to export to Slovak Republic
Read the guide Exporting to the EU.
Sectoral Opportunities in Slovak Republic:
The automotive industry accounts for 43% of Slovakia’s industry and 13% of its annual GDP, and 62% of Canada-Slovakia bilateral trade. Slovakia’s premium automotive sector, operating with the lower-cost advantages, is the world’s 14th-largest passenger cars producer by annual volume; it produced more than one million passenger vehicles in 2015, compared to Canada’s production of 888,565. Further capital injections from KIA, Peugeot-Citroen and Volkswagen are expected to raise Slovakia’s car production even further. Canadian companies with expertise in the automotive sector could benefit from investing in Slovakia’s automotive areas.
Renewable energy is one of Canada’s priority sub-sectors, and is particularly relevant for trade in the EU; the COP-21 Paris Climate Agreement intends for renewable energy to power 27% of all energy by 2030. Continuing cost reductions have alleviated concerns over affordability and are encouragement to implement new processes. Canada’s has large opportunities to export its Waste-to-Energy technologies, Biomass Energy technologies, as well as technologies related to Greenbuilding and general energy efficiency for Slovakian manufacturers and home-developers.
There is a strong network of Canadian Slovaks and two centres for North American studies in Slovakia. This, along with the fact that 350 young Slovaks visit Canada every year as part of International Experience Canada (IEC), contributes to Canada’s strong brand in Slovakia as a safe, beautiful place to study and work. Educational institutions, particularly those with competitive science and engineering programs, may be interested in doing further outreach to attract Slovak students and researchers.
Slovakia is home to traditionally strong machinery and precision engineering sectors. Canadian firms interested in these areas may benefit from investments in Slovakia’s machinery sector.
For more information on trade and investment opportunities in Slovakia, contact your Trade Commissioner in Bratislava, Slovak Republic.
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