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Foreign trade shows CZK 20.4bn surplus in June

( 07 / August / 2009 )

Czech foreign trade showed a surplus of Kc20.4bn in June, up Kc 6.5bn year-on-year, reaching the second highest value since the formation of the independent Czech Republic, the Czech Statistical Office (CSU) said yesterday.

The results was influenced positively mainly by a Kc6bn fall of trade deficit in mineral fuels.

Exports and imports fell by 15.1 percent and 19.3 percent, respectively, year-on-year in June, according to preliminary data. Imports and exports decreased for the ninth month in a row.

"The foreign trade balance for June showed unexpectedly good figures. The surplus exceeded even the most optimistic market expectations. In addition, the speed of exports growth is slowing down, though not so markedly as indicated by the industrial output data for June. The weak imports, however, show that the Czech economy is still in an unfavourable situation," Komercni banka analyst Jan Vejmelek said.

Due to depreciation of the Czech crown against the two major currencies, Czech foreign trade decreased faster in euros (exports down by 22.2 percent, imports down by 26.1 percent) and even more in US dollars (exports down by 29.9 percent, imports down by 33.4 percent).

June had one working day less than June 2008.

Trade balance with EU member states posted a Kc41.8bn surplus, down by Kc1bn year-on-year, while trade balance with non-EU countries showed a deficit of Kc21.3bn, down by Kc7.5bn year-on-year.

June trade balance has been in surplus continuously since 2004.

Besides the fall of trade deficit in mineral fuels, further improvements of balance appeared due to increases in surplus in crude materials by Kc0.9bn, manufactured goods classified chiefly by material by Kc0.3bn and beverages and tobacco by Kc0.2bn.

On the other hand, the total balance was negatively affected by a drop in surplus in miscellaneous manufactured articles by Kc0.9bn and in machinery and transport equipment by Kc0.6bn.

Total exports of machinery and transport equipment fell by 13.8 percent (Kc16.1bn). Lower exports were recorded mainly in electrical machinery, apparatus and appliances, general industrial machinery and equipment and road vehicles.

Total imports of machinery and transport equipment decreased by 18.7 percent (Kc15.5bn), of which the biggest falls were recorded in the categories of road vehicles, telecommunications and sound-recording equipment and machinery specialized for particular industries.

Exports and imports only increased in other transport equipment.

Imports of mineral fuels declined by 37.3 percent, mainly due to lower imports of crude oil and natural gas.

Surplus rose in trade with Germany, Austria, Italy and France, while deficit dropped in trade with Russia, China and Japan. Balance improved in trade with Azerbaijan as deficit turned into a surplus. On the other hand, the balance deteriorated in trade with Poland as surplus changed into a deficit.

CTK

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