Survey: Slovak Exporters Seeking Markets Outside EU, Ukraine Tops List

Bratislava, 31 August (TASR) - Slovak exporters are increasingly seeking markets for their products outside the European Union (EU), which is related to the persisting global uncertainty marked by military conflicts, trade barriers and an economic recession in the EU, according to a survey carried out by Eximbanka on a sample of 112 respondents in 2024. Interest is growing especially in Ukraine, on 19 percent, followed by sub-Saharan Africa on 16 percent, and the Western Balkans, in particular Serbia and Bosnia and Herzegovina, on 15 percent. Ukraine is currently among the priority markets in which Slovak companies are most interested due to its great need for renewal, especially in the field of energy infrastructure and other strategic sectors. However, companies are also attracted by countries in South and Southeast Asia (13 percent) and Latin America (9 percent). However, when expanding to these countries, they encounter a lack of contacts, financial security and unfamiliarity with the given territories. The least interesting regions for Slovak companies are the Near and Middle East, including North Africa (5 percent), and the Caucasus and Central Asia region (3 percent). "When trying to succeed on less traditional foreign markets, companies face several challenges. The most frequently cited obstacle (24 percent of respondents) is the problem of identifying customers and establishing local contacts. Economic diplomacy plays an extremely important role here, where knowledge of the local environment and the creation of trustworthy contacts are among the decisive factors in building diplomatic and economic relations," specified Eximbanka. The survey further showed that 72 percent of exporters are able to enter developing markets without the need to form trade partnerships. However, another 21 percent view cooperation as essential and use subcontracting, consortia or acquisitions. Partnerships help them to better manage risks, gain local knowledge and open up access to challenging markets that are characterised by political or economic instability. "Slovak exporters have the knowledge and capacity to succeed outside traditional markets. However, this requires, in addition to the quality of their supplies, sufficient preparations and reliable partners, especially on markets with a higher level of risk,” added Eximbanka general director Rastislav Podhorec. ko/df