International trade in goods (change of ownership) - July 2024

In July 2024, the total balance of international trade¹⁾ in goods²⁾ was favourably influenced in particular by trade in 'electrical equipment', which improved y−o−y by CZK 5.3 bn (as a deficit turned into a surplus). The trade surplus increased in 'machinery and equipment' by CZK 2.4 bn and 'motor vehicles' by CZK 1.7 billion.

The total trade balance was affected negatively mainly due to a larger deficit in trade in 'basic metals' by CZK 3.7 bn, 'computers, electronic and optical equipment' by CZK 2.1 bn and 'refined petroleum products' by CZK 1.9 bn.

In July 2024, the positive trade balance with EU Member States grew by CZK 5.8 bn, y−o−y. The trade deficit with non-EU countries increased by CZK 3.4 bn.

Y-o-y exports increased by 12.2% to CZK 355.8 bn y-o-y imports rose by 11.3% to CZK 359.9 bn. July 2024 had three more working days than July 2023.

“After ten months, the trade balance ended in a deficit, making the July balance the first negative balance this year. The value of imports exceeded the export side, also because exports of motor vehicles and their parts stagnated mainly due to the factory holidays, while the import side was boosted most by computers, electronic and optical equipment,” says Miluše Kavěnová, Director of the International Trade Statistics Department of the Czech Statistical Office.

Month-on-month, the seasonally adjusted exports and imports decreased by 4.0% and 1.2%, respectively.

From January to July 2024, the trade balance reached a surplus of CZK 155.2 bn representing a y−o−y increase of CZK 84.3 bn. Since the beginning of the year, exports have risen by 3.5%, and imports by 0.3%.

The CZSO has carried out the regular annual update. Final 2023 data on international trade in goods says, that y−o−y exports grew by 0.8% to CZK 4 442.4 bn, while imports fell by 6.3% to CZK 4 319.9 bn. Balance of international trade in goods for the year 2023 ended in a surplus of CZK 122.5 bn in comparison to a deficit of CZK 204.8 bn in 2022.

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¹⁾ The international trade balance is the difference between exports from the Czech Republic and imports to the Czech Republic.
²⁾ The international trade in goods (change of ownership) reflects export and import performance of the Czech economy, i.e. the international trade balance of the Czech Republic as well. It measures real trade in goods carried out between Czech entities and foreign ones, i.e. the change of ownership between residents and non-residents.