The balance of trade in April reached a positive balance of
CZK 3.0bn. Exports rose by 19.7% y/y while imports were up 16.8% y/y. Foreign trade hasn't brought about any surprises this time around. The surplus and the import and export growth rates are in line with expectations so we don't expect any significant
koruna reaction. What cannot be left out from are reactions to data revisions for the first three months of this year. To be specific, 1Q07 data lowered our GDP growth estimate by 0.4%. The full-year balance is, for the time being, heading towards
CZK 60bn.