The balance of trade showed a surplus of CZK 11.0bn in January. Exports increased by 13.8% y/y, while imports by were up by 15.5% y/y. The reduced surplus shows that the real deterioration in the balance of foreign trade is continuing into the beginning of the year. Taking into account the terms of trade, the surplus decreased by around CZK 5.5bn y/y. A high volume of imports of machinery and vehicles are behind this decrease. The decline in the positive trade balance should be further exacerbated by net exports contribution to GDP growth and their weight in balance of trade current account, which at the end of last year approached 5% of GDP.