Actual (July): CZK 12.3bn Consensus: CZK 9.0bn Previous (June): CZK 20.4bn Trade balance reached a surplus of CZK 12.3bn slightly ahead of expectations. Exports increased marginally compared to June, while imports went on falling. The Czech economy can profit from improving external economic development indicated by PMI figures in euro zone countries. On the other hand, the domestic demand still suffers from rising unemployment and languishing investment activity. The fate of foreign trade figures will depend on the impact of the car-scrapping exit in Germany. Nevertheless, it looks that the whole-year surplus should be the highest in history despite the aftermath of the financial crisis.