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

Imports grew at a faster rate than exports

Publication Date: 09. 12. 2024

Product Code: 241018-24

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According to preliminary data in current prices, the trade balance of goods in October 2024 ended in a surplus of CZK 11.0 bn, which was CZK 3.2 bn lower, year−on−year (y−o−y).

In October 2024, the total balance of international trade1) in goods2) was favourably influenced in particular by y−o−y higher trade surplus in 'motor vehicles' by CZK 2.8 bn. The trade deficit in 'crude petroleum and natural gas' decreased by the same amount and the negative balance on trade in 'chemicals and chemical preparations' fell by CZK 1.9 bn.

The total trade balance was affected negatively mainly by a smaller trade surplus in 'machinery and equipment' by CZK 3.3 bn and in 'fabricated metal products by CZK 1.5 bn. The trade deficit in 'basic metals' widened by CZK 3.3 bn.

In October 2024, the positive trade balance with EU Member States fell by CZK 11.6 bn, y−o−y. The trade deficit with non-EU countries decreased by CZK 8.1 bn.

Y-o-y exports increased by 2.8% to CZK 426.4 bn and y-o-y imports rose by 3.7% to CZK 415.4 bn. October 2024 had the same number of working days as October 2023.

 “In October, exports and imports continued to grow year-on-year for the fourth consecutive month. This time, however, the growth rate of imports exceeded that of exports. While exports grew by CZK 11.5 bn year-on-year, imports grew by CZK 14.8 bn. The growth in imports was related, among other things, to the pre-Christmas stocking of some traders, says Miluše Kavěnová, Director of the International Trade Statistics Department of the Czech Statistical Office.

Month-on-month, the seasonally adjusted exports and imports increased by 1.1% and 2.0%, respectively.

From January to October 2024, the trade balance reached a surplus of CZK 195.0 bn representing a y−o−y increase of CZK 104.9 bn. Since the beginning of the year, exports have risen by 4.7% and imports by 1.9%.

 

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.