Foreign trade figures did not surprise this time. Exports fell 22.8% y/y as impact of car scrap subsidies and other policy measures taken abroad can not offset quickly falling demand. On the other hand, imports declined even stronger (26%) due to declining domestic investment activity and lower import prices of oil and other commodities. There is no need CZK should be affected by today’s figures as they close to the value expected by the market. At the same time, foreign trade figures are not an obstacle for the CNB’s rate cut by the end of June.