Also known by its official short name Czechia, the Czech Republic exported $198.4 billion worth of goods around the globe in 2019. That dollar amount reflects a 26.2% increase since 2015 and a -2% downtick from 2018 to 2019.
Applying a continental lens, 89.2% of Czech exports by value were delivered to fellow European countries. Smaller percentages were sold to customers in Asia (5.8%), North America (2.9%), Africa (1.1%), Latin America excluding Mexico but including the Caribbean (0.4%) then Oceania led by Australia and New Zealand (0.3%).
Czech Republic’s Top Trading Partners
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 2019. Also shown is each import country’s percentage of total Czechian exports.
- Germany: US$63 billion (31.8% of total Czech exports)
- Slovakia: $15.1 billion (7.6%)
- Poland: $11.9 billion (6%)
- France: $10.1 billion (5.1%)
- United Kingdom: $9 billion (4.5%)
- Austria: $8.5 billion (4.3%)
- Netherlands: $7.6 billion (3.8%)
- Italy: $7.5 billion (3.8%)
- Hungary: $6.5 billion (3.3%)
- Spain: $6.3 billion (3.2%)
- United States: $4.5 billion (2.3%)
- Russia: $4.2 billion (2.1%)
- Belgium: $4.2 billion (2.1%)
- Sweden: $3.2 billion (1.6%)
- Romania: $3.1 billion (1.5%)
Over four-fifths (83%) of Czechian exports in 2019 were delivered to the above 15 trade partners.
Five among these top importers increased their product imports from the Czech Republic from 2018 to 2019 namely: United States (up 8.4%), Hungary (up 6.3%), Russia (up 3.1%), Netherlands (up 1.4%) and Romania (up 1%).
The strongest declines year over year belong to Sweden (down -8%), Austria (down -5.5%) then the United Kingdom (down -4.7%).
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 country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Czech Republic incurred the highest trade deficits with the following countries.
- China: -US$14.2 billion (country-specific trade deficit in 2019)
- Poland: -$4 billion
- Netherlands: -$2.7 billion
- South Korea: -$2.1 billion
- Hong Kong: -$1.9 billion
- Ireland: -$1.1 billion
- Azerbaijan: -$1.1 billion
- Japan: -$735.5 million
- Thailand: -$730.4 million
- Malaysia: -$719.9 million
Among Czech Republic’s trading partners that cause the greatest negative trade balances, Czechian deficits with Ireland (up 458%), Poland (up 111%) and Azerbaijan (up -7.4%) grew at the fastest pace from 2018 to 2019. In addition, the Czech Republic reversed a $2.3 billion surplus trading with the Netherlands and a $292.1 million surplus at the expense of Hong Kong to post the billion-dollar amounts of red ink in 2019 shown above.
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.
Overall Czechia posted a $21.8 billion trade surplus in 2019, up 24.1% from $17.6 billion in black ink one year earlier.
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.
Czech Republic incurred the highest trade surpluses with the following countries.
- Germany: US$12.6 billion (country-specific trade surplus in 2019)
- United Kingdom: $5.7 billion
- Slovakia: $5.4 billion
- France: $4.6 billion
- Spain: $3.5 billion
- Switzerland: $1.9 billion
- Austria: $1.8 billion
- Sweden: $1.8 billion
- Hungary: $1.6 billion
- United States: $1 billion
Among Czech Republic’s trading partners that generate the greatest positive trade balances, Czechia’s surpluses with Switzerland (up 91.2%), Spain (up 10.6%) and France (up 8.8%) grew at the fastest pace from 2018 to 2019. In addition, Czechia’s trade with the United States went from $485.2 million in red ink for 2018 to $1 billion in black ink in 2019.
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 Servicing Czech Import Partners
Only one Czech company made the Forbes Global 2000 rankings: CEZ Group (electric utilities).
Wikipedia lists other large Czech companies. A selected sample of these companies appears below.
- Agrofert, A.S. (conglomerate)
- Barum Continental Spol. S R.O. (tires)
- ČEPRO, A.S. (oil, gas)
- Continental Automotive Czech Republic S.R.O. (auto parts)
- Finitrading, A.S. (metallurgy)
- RWE Supply & Trading CZ, A.S. (oil, gas)
- Škoda Auto A.S. (automobiles)
- UNIPETROL, A.S. (chemicals)
See also Czech Republic’s Top 10 Exports and Czech Republic’s Top 10 Imports
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on February 21, 2020
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on February 21, 2020
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 28, 2019
International Trade Centre, Trade Map. Accessed on February 21, 2020
Investopedia, Net Exports Definition. Accessed on February 21, 2020
Wikipedia, List of Companies of the Czech Republic. Accessed on February 21, 2019