Czech Republic’s Top Trading Partners

Czech Republic's Top Trading Partners

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Also known by its official short name Czechia, the Czech Republic shipped US$162.8 billion worth of products around the globe in 2016. That figure represents roughly 1% of overall global exports estimated at $16.236 trillion for 2015.

From a continental perspective, 88.3% of Czech exports by value are delivered to other European countries while 6.7% are sold to Asian importers. Czech Republic ships another 2.7% to North America, with 1% of Czechian exports by value going to Africa.

Czech Republic’s Top Trading Partners

Top 15

Below is a list showcasing 15 of Czech Republic’s top trading partners in terms of Czechian export sales. That is, countries that imported the most Czechian shipments by dollar value during 2016. Also shown is each import country’s percentage of total Czechian exports.

  1. Germany: US$52.5 billion (32.2% of total Czechian exports)
  2. Slovakia: $13.6 billion (8.4%)
  3. Poland: $9.3 billion (5.7%)
  4. United Kingdom: $8.4 billion (5.2%)
  5. France: $8.4 billion (5.2%)
  6. Italy: $6.9 billion (4.2%)
  7. Austria: $6.8 billion (4.2%)
  8. Hungary: $4.7 billion (2.9%)
  9. Netherlands: $4.7 billion (2.9%)
  10. Spain: $4.6 billion (2.8%)
  11. Belgium: $3.8 billion (2.3%)
  12. United States: $3.5 billion (2.1%)
  13. Russia: $3.1 billion (1.9%)
  14. Sweden: $2.4 billion (1.5%)
  15. Switzerland: $2.4 billion (1.5%)

Over four-fifths (82.9%) of Czechian exports in 2016 were delivered to the above 15 trade partners.

Among these top importers, the United States increased its product imports from the Czech Republic by the highest percentage, up 92.2%.

In second place was Spain, up 73.2% followed by Hungary’s 61.8% gain and United Kingdom’s 51.5% improvement.

The smallest gains since 2009 were for export sales to Netherlands (up 6.9%) and Russia (up 16.8%).

Deficits

As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.

It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export countrydoesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.

In 2016, Czech Republic incurred the highest trade deficits with the following countries:

  1. China: -US$8.7 billion (country-specific trade deficit in 2016)
  2. Poland: -$4.3 billion
  3. Netherlands: -$2.9 billion
  4. South Korea: -$2.2 billion
  5. Hong Kong: -$989.5 million
  6. Ireland: -$835.2 million
  7. Thailand: -$689.4 million
  8. Japan: -$458.5 million
  9. Azerbaijan: -$371.2 million
  10. Taiwan: -$347.7 million

Among Czech Republic’s trading partners that cause the greatest negative trade balances, Czechian deficits with Poland (up 2,629%), South Korea (up 104.7%) and Ireland (up 42.5%) grew at the fastest pace from 2009 to 2016.

These cashflow deficiencies clearly indicate Czech Republic’s competitive disadvantages with the above countries, but also represent key opportunities for Czech Republic to develop country-specific strategies to strengthen its overall position in international trade.

Surpluses

Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus. Overall, Czech Republic generated an overall trade surplus of $20.6 billion in 2016 up by 156.8% from $8 billion during 2009.

In 2016, Czech Republic incurred the highest trade surpluses with the following countries:

  1. Germany: US$9.3 billion (country-specific trade surplus in 2016)
  2. Slovakia: $4.7 billion
  3. United Kingdom: $4.3 billion
  4. France: $3.9 billion
  5. Spain: $2.2 billion
  6. United States: $1.4 billion
  7. Sweden: $1.2 billion
  8. Switzerland: $1.2 billion
  9. Austria: $1.2 billion
  10. Turkey: $1.1 billion

Among Czech Republic’s trading partners that cause the greatest positive trade balances, Czechian deficits with Turkey (up 932%), Spain (up 244.3%) and Switzerland (up 112.6%) grew at the fastest pace from 2009 to 2016.

These positive cashflow streams clearly indicate Czech Republic’s competitive advantages with the above countries, but also represent key opportunities for Czech Republic to develop country-specific strategies to optimize its overall position in international trade.

Companies

Companies Servicing Czech Import Partners

Only one Czech company made the Forbes 2015 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)


 
See also Czech Republic’s Top 10 Exports

Research Sources:
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 1, 2017

The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on March 1, 2017

Trade Map, International Trade Centre. Accessed on March 1, 2017

Investopedia, Net Exports Definition. Accessed on March 1, 2017

Wikipedia, List of Companies of the Czech Republic. Accessed on March 1, 2017

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 1, 2017