The Czech Republic’s foreign trade recorded a surplus of CZK 15.9 billion in March, with exports surpassing imports. This figure represents an improvement of CZK 28.1 billion compared to the previous year. The positive trade balance was attributed to a surge in car exports and a decline in the value of oil and natural gas imports. The preliminary balance in current prices was published on the website of the Czech Statistical Office (ČSÚ).

Miluše Kavěnová, the director of the ČSÚ’s foreign trade statistics department, highlighted that the year-on-year growth in exports outpaced imports in March, resulting in a positive trade balance for the third consecutive month. The significant increase of approximately 37% in the export of motor vehicles and their parts played a major role, along with a decrease of over 44% in the value of oil and natural gas imports.

In March 2023, exports reached CZK 416.8 billion, marking a 7.7% year-on-year increase, while imports rose by 0.4% to CZK 400.9 billion. It is noteworthy that March 2023 had the same number of working days as March 2022. After seasonal adjustment, exports experienced a slight monthly decline of 0.3%, and imports decreased by 0.6%.

The trade surplus in the motor vehicle sector saw a yearly increase of CZK 18.9 billion. Furthermore, the trade deficit related to oil and natural gas decreased by CZK 10.8 billion, primarily due to lower prices in global markets.

According to the ČSÚ, the positive trade balance in machinery and equipment expanded by CZK 3.3 billion, while the trade deficit in basic metals decreased by the same amount.

However, the trade balance in electricity deteriorated by CZK 6.3 billion, while other means of transport and electric equipment also contributed to the unfavorable impact with deficits of CZK 2.5 billion and CZK 1.9 billion, respectively.

Regarding trade with specific regions, the foreign trade balance with European Union (EU) states improved by CZK 18.8 billion on a yearly basis in February, while the trade deficit with non-EU countries decreased by CZK 9 billion.

In summary, the Czech Republic’s foreign trade in March exhibited a surplus of CZK 15.9 billion, fueled by the increased export of motor vehicles and their parts, coupled with reduced oil and natural gas imports. The country experienced positive trade balances in machinery and equipment, while deficits in electricity, other means of transport, and electric equipment had a negative impact.

Article by Prague Forum