Year-on-year, exports fell by 2.6 percent to CZK 403.6 billion and imports by 15.4 percent to CZK 372.8 billion. November 2023 will have the same number of working days as November 2022.
“Due to the higher year-on-year decline in imports compared to exports, November's trade balance ended with a positive result and reached the highest value in 2023 so far,” said Miluše Kavěnová, director of the CZSO's foreign trade statistics department.
“We recorded a larger year-on-year decline in imports, around 46 percent, not only in oil and natural gas, but also in electrical equipment, almost 30 percent,” he added.
According to statistics, the trade balance was positively influenced by the year-on-year motor vehicle trade surplus of CZK 15.1 billion. Electrical equipment trade balance increased by CZK 11.4 billion.
The oil and natural gas trade deficit decreased by CZK 11.3 billion as a result of lower prices on world markets and reduced imports. The negative impact on foreign trade was a decrease in the electricity trade surplus by CZK 3.7 billion.
According to statistics, in November, the foreign trade balance surplus with European Union countries increased by CZK 9.5 billion year-on-year. The trade deficit with countries outside the EU decreased by CZK 47.2 billion.
In January to November the surplus reached CZK 120.8 billion, in the same period in 2022 it ended in a deficit of CZK 202.4 billion. Since the start of 2023, exports have increased by 1.2 percent, while imports have fallen by 6.4 percent.
Foreign trade ended in October also thanks to a car trade surplus
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