Slovenia spikes trade with Russia after Ukraine war broke out

After one year of the Ukraine war, most of the EU member states' trade with Russia has decreased while Slovenia's trade with Russia has soared.

Slovenia's imports to Russia from March to December last year, which is just after the war, increased 333 percentand exports increased 43 percent. This is in stark compared to the EU's 39% increase in imports to Russia and 47% decrease in exports during the same period.

In response, the Slovenian Institute of Macroeconomic Analysis and Development (IMAD) explained that most of the increase in imports is due to an increase in energy imports, and that the increase in exports is generally related to the increase in pharmaceutical exports.

Slovenia is a small country with a population of 2 million and is relatively affected by price fluctuations of certain products.The overall import amount has also increased significantly because ofrising energy prices after travel demand due to the lifting of the COVID-19 blockade led to increased energy demand.

However, Slovenia's Koper port is a logistics hub of the surrounding region. Also, Energy imports from Koper port are being transported to Austria, Hungary, and southern Germany. Slovenia is increasing energy imports from other countries, not only Russia at the same time.

In particular, Slovenia's increase in trade with Russia last year was only a temporary phenomenon, given that Russia accounted for only 2.4 percent of Slovenia's total trade volume.