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Czech foreign trade continues to post very high surpluses

Czech foreign trade continues to post very high surpluses

7.9.2012 9:54
Autor: Tomáš Vlk, Patria Finance

The foreign trade surplus decreased in July, but remained strong and beat expectations. Both the exports and imports accelerated. Their y-o-y growth was 10.3 pct. and 4.2 pct., respectively. However, the trade turnover decreased compared with the previous month.

The trade data draw a similar picture as the figures from the Czech industry. The exports are based on vehicles where the surplus reached CZK 43.5bn. Some minor contribution also comes from the sector of manufactured articles. On the other hand, the trade with mineral fuels and chemicals produces deficits - in July the balance was CZK -24,6bn in total. The trade balance surplus is still mostly generated from the trade with the Eurozone members (CZK 40.5bn). The Czech Republic has big deficits with China due to imports of consumer goods and with Russia (and the post-Soviet republics) due to imports of oil and commodities. However, the balance with these countries has improved thanks to higher Czech exports. This is good news as their growth potential is better than that of the Eurozone and it would be favorable to diversify the trade this way. After the first seven months the 2012 foreign trade balance is already higher than in the entire 2011, when it reached a record 191 billion. Thus, it heads for a very good result, although in the remainder of the year the surpluses will likely shrink.

Trade balance (Jul): CZK 25.8bn
Consensus: CZK 22.4bn
Previous (Jun): CZK 28.9bn


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