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

In May 2024, the total balance of international trade¹⁾ in goods²⁾ was favourably influenced mainly by trade in 'electrical equipment', which improved by CZK 6.4 bn as a deficit turned into a surplus. The trade deficit in 'crude petroleum a natural gas' narrowed by CZK 4.0 bn and the trade surplus in 'motor vehicles' increased by CZK 2.7 bn.

The total trade balance was affected negatively mainly due to a larger deficit on trade in 'computer, electronic and optical products', 'refined petroleum products' and 'basic metals' by CZK 5.2 bn, CZK 4.1 bn and CZK 1.8 bn, respectively.

In May 2024, the positive trade balance with EU Member States grew by CZK 2.2 bn, y−o−y. The trade deficit with non-EU countries decreased by CZK 1.8 bn.

Y-o-y exports increased by 1.2% to CZK 388.4 bn, while y-o-y imports remained roughly at the same level as in the previous year (CZK 374.8 bn). May 2024 had the same number of working days as May 2023.

“The trade balance for the month of May remained positive. Moreover, the trade balance for all of the first five months of this year ended with a surplus. These five months, taken together, have already surpassed the previous year’s balance. Exports and imports of motor vehicles, computer, electronic and optical devices increased the most in May, while the largest decreases on both sides of trade were recorded in electrical equipment and machinery and 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 3.2% and 2.1%, respectively.

From January to May 2024, the trade balance reached a surplus of CZK 130.0 bn representing a y−o−y increase of CZK 71.7 bn. Since the beginning of the year, exports and imports have risen by 4.5% and 0.7%, respectively.

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.