“The trade balance ended in the red in July, making it the first negative balance of the year. From the export side, we recorded the highest year-on-year decline in electricity by 72 percent, and in imports by 63 percent in oil and natural gas, both declines were mainly due to falling commodity prices,” he said. Miluše Kavěnová, director of the CZSO Foreign Trade Statistics Department.

Exports year-on-year fell by four percent to 318.8 billion kroons and imports by 8.4 percent to 324.7 billion kroons. Month-on-month, after seasonal adjustment, exports decreased by 3.6 percent and imports by 1.4 percent.

The trade balance deficit in July was mainly due to a decrease in electricity trade by 6.8 billion kroons. In the trade in computers, electronic devices and optical devices, the deficit increased by 6.5 billion kroons, and in the trade in electrical equipment by 1.8 billion kroons. The smaller oil and natural gas trade deficit on a year-on-year basis of 23.3 billion kroons was a positive influence due to falling prices on world markets. The motor vehicle trade surplus increased by 4 billion kroons, and the base metals trade deficit decreased by 3.1 billion kroons.

In the first seven months, the trade balance surplus amounted to 73.6 billion kroons. In the same period last year, there was a deficit of 108.3 billion kroons. Since the beginning of the year, exports have increased by four percent, imports have fallen by 3.1 percent.

The Statistics Agency also clarified last year’s data. Based on final data, last year’s foreign trade balance ended in a deficit of 204.8 billion kroons, in 2021 it will be a deficit of 9.2 billion kroons. Last year, exports increased year-on-year by 13.6 percent to 4.4 trillion kroons and imports by 18.5 percent to 4.6 trillion kroons.