The foreign trade surplus fell year-on-year

The Czech Republic’s foreign trade ended in a surplus of CZK 6.2 billion in the first month of this year. Compared to January last year, the surplus was CZK 18.6 billion lower. Both imports and exports grew at a double-digit pace year-on-year. Exports rose by 12.9 percent to CZK 336.7 billion and imports by 20.9 percent to CZK 330.5 billion compared to last January. 

According to the statistics, the overall balance of foreign trade in goods was adversely affected mainly by a higher year-on-year deficit of CZK 7.2 billion in oil and natural gas trade due to rising prices in world markets. The trade balance in computers, electronic, and optical equipment also deteriorated by CZK 6.9 billion and base metals by CZK 5.4 billion.

On the other hand, the overall balance was mainly favored by higher surpluses in trade in electricity, gas, steam, and conditioned air of CZK 5.1 billion and motor vehicles of CZK 4.3 billion.

According to the statistics, the balance of foreign trade with EU countries improved by CZK 4.7 billion year-on-year in January, with the koruna appreciating by an average of 6.8 percent against the euro this year. The trade deficit with non-EU countries widened by CZK 23 billion. On a seasonally adjusted basis, exports rose by 3.2 percent month-on-month and imports by four percent.