Current Economic Trends
Current economic trends from 6 to 10 January 2020: exports and imports of goods, manufacturing production
Weaker growth in foreign demand was reflected in a notable slowdown in growth in trade of goods in the last months of 2019, while export orders were the lowest in the last few years. The lower growth of trade contributed to the moderation of growth in manufacturing production, which stagnated last year at level achieved in the first quarter.
The growth of real exports and imports of goods strengthened notably towards the end of last year. More moderate export growth than in the previous two years is a consequence of weaker growth in demand from Slovenia’s main trading partners in the EU, particularly Germany. This was also reflected in export orders at the end of the year, which were the lowest in six years. The growth of exports of some manufactured goods for intermediate consumption and exports of machinery, equipment and vehicles also eased notably. Total growth in goods exports remained high, primarily owing to the strong distribution activity in medicinal and pharmaceutical products (re-exports to Switzerland). Owing to the stagnation of manufacturing production, the growth of imports, of intermediate goods in particular, also decelerated significantly.
At the end of the year, production volume in manufacturing remained at the level achieved in the first quarter. Particularly production in medium-high-technology industries strengthened again in the last few months of the year, but also production in low-technology industries, although both increased the least in the eleven months as a whole. High-technology production otherwise increased the most during this period, with significant fluctuations. Production in medium-low-technology industries, which mainly produce intermediate goods, remained almost unchanged.