diff --git a/ChangeLog.d/fix-static-key-slot-buffer-size-computation.txt b/ChangeLog.d/fix-static-key-slot-buffer-size-computation.txt
new file mode 100644
index 0000000000..bb04efcf2b
--- /dev/null
+++ b/ChangeLog.d/fix-static-key-slot-buffer-size-computation.txt
@@ -0,0 +1,4 @@
+Features
+   * The automatic computation of MBEDTLS_PSA_STATIC_KEY_SLOT_BUFFER_SIZE has
+     been improved to take into account the following key types:
+     asymmetric keys, ciphers, AEADs, CMAC and HMAC.
diff --git a/include/psa/crypto_extra.h b/include/psa/crypto_extra.h
index a710397a77..89a38a8054 100644
--- a/include/psa/crypto_extra.h
+++ b/include/psa/crypto_extra.h
@@ -33,13 +33,32 @@ extern "C" {
 #endif
 
 /* If the size of static key slots is not explicitly defined by the user, then
- * set it to the maximum between PSA_EXPORT_KEY_PAIR_OR_PUBLIC_MAX_SIZE and
- * PSA_CIPHER_MAX_KEY_LENGTH.
- * See mbedtls_config.h for the definition. */
+ * try to guess it based on some of the most common the key types enabled in the build.
+ * See mbedtls_config.h for the definition of MBEDTLS_PSA_STATIC_KEY_SLOT_BUFFER_SIZE. */
 #if !defined(MBEDTLS_PSA_STATIC_KEY_SLOT_BUFFER_SIZE)
-#define MBEDTLS_PSA_STATIC_KEY_SLOT_BUFFER_SIZE  \
-    ((PSA_EXPORT_KEY_PAIR_OR_PUBLIC_MAX_SIZE > PSA_CIPHER_MAX_KEY_LENGTH) ? \
-     PSA_EXPORT_KEY_PAIR_OR_PUBLIC_MAX_SIZE : PSA_CIPHER_MAX_KEY_LENGTH)
+
+#define MBEDTLS_PSA_STATIC_KEY_SLOT_BUFFER_SIZE 1
+
+#if PSA_EXPORT_KEY_PAIR_OR_PUBLIC_MAX_SIZE > MBEDTLS_PSA_STATIC_KEY_SLOT_BUFFER_SIZE
+#undef MBEDTLS_PSA_STATIC_KEY_SLOT_BUFFER_SIZE
+#define MBEDTLS_PSA_STATIC_KEY_SLOT_BUFFER_SIZE PSA_EXPORT_KEY_PAIR_OR_PUBLIC_MAX_SIZE
+#endif
+
+/* This covers ciphers, AEADs and CMAC. */
+#if PSA_CIPHER_MAX_KEY_LENGTH > MBEDTLS_PSA_STATIC_KEY_SLOT_BUFFER_SIZE
+#undef MBEDTLS_PSA_STATIC_KEY_SLOT_BUFFER_SIZE
+#define MBEDTLS_PSA_STATIC_KEY_SLOT_BUFFER_SIZE PSA_CIPHER_MAX_KEY_LENGTH
+#endif
+
+/* For HMAC, it's typical but not mandatory to use a key size that is equal to
+ * the hash size. */
+#if defined(PSA_WANT_ALG_HMAC)
+#if PSA_HASH_MAX_SIZE > MBEDTLS_PSA_STATIC_KEY_SLOT_BUFFER_SIZE
+#undef MBEDTLS_PSA_STATIC_KEY_SLOT_BUFFER_SIZE
+#define MBEDTLS_PSA_STATIC_KEY_SLOT_BUFFER_SIZE PSA_HASH_MAX_SIZE
+#endif
+#endif /* PSA_WANT_ALG_HMAC */
+
 #endif /* !MBEDTLS_PSA_STATIC_KEY_SLOT_BUFFER_SIZE*/
 
 /** \addtogroup attributes