Czech Republic’s Top 10 Exports

Czech Republic Top 10 Exports

Fireworks over Prague

A landlocked central European nation that shares its western border with economic powerhouse Germany, the Czech Republic shipped US$180.2 billion worth of goods around the globe in 2017. That dollar amount represents an 11.5% increase from 2013 to 2017 and an 11.1% uptick from 2016 to 2017.

The Czech Republic is also called Czechia, its officially approved short name since May 2, 2016.

Based on estimates from the Central Intelligence Agency’s World Factbook, Czechia’s exported goods plus services represent 79.1% of total Czechian economic output or Gross Domestic Product. The analysis below focuses on exported products only.

Given Czechia’s strategic location in central Europe, it should come as no surprise that 88.6% of Czech exports by value were delivered to fellow European countries. Smaller percentages were sold to customers in Asia (6.6%), North America (2.7%) and Africa (0.9%).

Given Czechia’s population of 10.7 million people, its total $180.2 billion in 2017 exports translates to roughly $16,900 for every resident in that country.

Czechia’s unemployment rate was 3.9% as of January 2018 down from 5.3% one year earlier, according to Trading Economics.

Czech Republic’s Top 10 Exports

Top 10

The following export product groups represent the highest dollar value in Czech global shipments during 2016. Also shown is the percentage share each export category represents in terms of overall exports from the Czech Republic.

At the more granular four-digit Harmonized Tariff System code level, Czechia’s most valuable export products are cars followed by automobile parts and accessories, computers then mobile phones.

  1. Vehicles: US$38.2 billion (21.2% of total exports)
  2. Machinery including computers: $33.8 billion (18.8%)
  3. Electrical machinery, equipment: $30.6 billion (17%)
  4. Articles of iron or steel: $6.7 billion (3.7%)
  5. Plastics, plastic articles: $6.4 billion (3.6%)
  6. Furniture, bedding, lighting, signs, prefab buildings: $5.4 billion (3%)
  7. Rubber, rubber articles: $3.9 billion (2.2%)
  8. Iron, steel: $3.8 billion (2.1%)
  9. Optical, technical, medical apparatus: $3.7 billion (2%)
  10. Mineral fuels including oil: $3.3 billion (1.9%)

Czech Republic’s top 10 exports accounted for three-quarters (75.4%) of the overall value of its global shipments.

Optical, technical and medical apparatus were the fastest-growing among the top 10 export categories, up 23.4% from 2016 to 2017.

In second place for improving Czech export sales was exported iron and steel which rose 22.3%.

Czech-made plastics and articles made from plastic posted the third-fastest gain in value (up 17%) followed by machinery including computers (up 12.5%).

Advantages

Overall Czechia posted a $180.2 billion trade surplus in 2017 up 11.5% from $162.1 billion in black ink during 2016.

The following types of Czech product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

  1. Vehicles: US$20.7 billion (Up by 11% since 2016)
  2. Machinery including computers: $6.5 billion (Up by 25%)
  3. Articles of iron or steel: $2.1 billion (Up by 10.1%)
  4. Furniture, bedding, lighting, signs, prefab buildings: $2 billion (Down by -1.8%)
  5. Toys, games: $1.6 billion (Down by -6.3%)
  6. Rubber, rubber articles: $1.1 billion (Up by 1.3%)
  7. Wood: $1.1 billion (Up by 11.4%)
  8. Glass: $961.1 million (Up by 5.5%)
  9. Miscellaneous manufactured articles: $600 million (Up by 18.1%)
  10. Railways, streetcars: $566.9 million (Up by 7.5%)

Czech Republic has highly positive net exports in the international trade of automobiles notably cars, auto parts and accessories. In turn, these cashflows indicate Czech Republic’s strong competitive advantages under the vehicles product category.

Opportunities

Below are exports from Czechia that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Czechia’s goods trail Czech importer spending on foreign products.

  1. Mineral fuels including oil: -US$5.6 billion (Up by 47.9% since 2016)
  2. Plastics, plastic articles: -$2.6 billion (Down by -3%)
  3. Iron, steel: -$2.2 billion (Up by 41.2%)
  4. Pharmaceuticals: -$2.1 billion (Up by 14.6%)
  5. Meat: -$968.3 million (Up by 14.9%)
  6. Other chemical goods: -$956.7 million (Up by 4.1%)
  7. Copper: -$850.9 million (Up by 19.5%)
  8. Aluminum: -$761.4 million (Up by 29.2%)
  9. Fruits, nuts: -$622.2 million (Up by 12.8%)
  10. Paper, paper items: -$533.7 million (Up by 9.6%)

Czechia has highly negative net exports and therefore deep international trade deficits for oil, encompassing both crude and refined oils as well as petroleum gases.

These cashflow deficiencies clearly indicate Czechia’s competitive disadvantages in the international energy market, but also represent key opportunities for the Czech Republic to improve its position in the global economy through focused innovations.

Companies

Czech Export Companies

Only one Czech company made the Forbes Global 2000 rankings: CEZ Group (electric utilities) coming in at number 315.

Wikipedia lists other large Czech companies. A selected sample of these companies appears below.

  • Škoda Auto A.S. (automobiles)
  • Agrofert, A.S. (conglomerate)
  • RWE Supply & Trading CZ, A.S. (oil, gas)
  • Unipetrol, A.S. (chemicals)
  • ČEPRO, A.S. (oil, gas)
  • Barum Continental Spol. S R.O. (tires)
  • Continental Automotive Czech Republic S.R.O. (auto parts)
  • Finitrading, A.S. (metallurgy)


 
Czech Republic’s capital city is Prague.

Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.

See also Czech Republic’s Top Trading Partners and Czech Republic’s Top 10 Imports

Research Sources:
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on February 21, 2018

The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on February 21, 2018

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on February 21, 2018

Investopedia, Net Exports Definition. Accessed on February 21, 2018

Trade Map, International Trade Centre. Accessed on February 21, 2018

Wikipedia, List of Companies of the Czech Republic. Accessed on February 27, 2016

World’s Capital Cities, Capital Facts for Prague, Czech Republic. Accessed on February 27, 2016