Foreign trade in July is expected to come in showing a deficit of CZK 1bn after a surplus in June of CZK 9.3bn, according to our estimates. The reason is purely seasonal. The volume of exports typically declines at the beginning of the summer holiday season. The balance of foreign trade improves as is shown in the overall twelve month balance figures. The prices received for exports, which have grown faster than the prices of imports, are the main reason behind these figures. In real terms, the balance will have gotten worse, which will be noticeable kn GDP data.