The Czech Republic’s foreign trade ended in a deficit of CZK 25.5 billion in November, compared to a surplus of CZK 3.9 billion in 2021. The balance is in deficit for the tenth time in a row. The main reasons are still higher oil and gas prices on world markets and higher imported quantities of these commodities. This is according to preliminary data published by the Czech Statistical Office (CSO) on Friday.
Exports rose 10.8 percent year-on-year to CZK 421.6 billion, and imports by 18.7 percent to CZK 447.1 billion. On a seasonally adjusted basis, exports increased by 0.8 percent month-on-month and imports by 1.9 percent.
“A negative trade balance for November is unusual, having last been in the red this month in 2011. It was in negative territory for the tenth consecutive year since the beginning of 2022. The balance of trade deficit for the first eleven months of the year is close to CZK 200 billion,” said Stanislav Konvička, head of the CSO’s trade balance department.
In January–November 2022, the trade balance between exports from the Czech Republic and imports to the Czech Republic showed a deficit of CZK 198.1 billion.
It ended the same period in 2021 with a surplus of CZK 7.3 billion. Year-to-date, exports have grown by 13.6 percent and imports by 19.3 percent.
The balance of foreign trade with EU countries improved by CZK 14.5 billion year-on-year in November, while the trade deficit with non-EU countries widened by CZK 43.5 billion.
Statisticians said that November’s foreign trade results were adversely affected by a larger deficit of CZK 11.1 billion in oil and gas trade due to rising prices on world markets and higher imported quantities.
The trade balance in electrical equipment worsened by CZK 10.3 billion and trade in electricity by CZK 3.1 billion. On the other hand, a CZK 1.6 billion higher surplus on trade in motor vehicles had a positive effect.