Actual (Apr): CZK 22.0bn Consensus: CZK 25.0bn Previous (Mar): CZK 37.0bn The surplus of the Czech foreign trade decreased from the record March level but still remains very high. The exports showed an 8.4 pct. y/y growth, while the imports grew by 4.8 pct. In both cases the pace is higher than in March. Given the worsening news from Germany and the Eurozone, the growth of the Czech exports is good. The figures confirm that the foreign trade remains the key positive contribution for the GDP, while the domestic demand components keep the economy in recession. The trade balance heads for a significantly higher yearly surplus compared with the previous year. In April exports of vehicles and machinery increased by 7.8 pct.; the sector remains the foreign trade´s most important, representing 55 pct. of exports and posting a surplus over CZK 39bn. Manufactured articles showed a CZK 5bn surplus. On the other hand, there is a significant deficit in trade with mineral fuels (CZK -15bn) and chemicals (CZK -9bn).