Czech Republic’s Top Trading Partners

Czech Republic's Top Trading Partners

by FlagPictures.org

Also known by its official short name Czechia, the Czech Republic shipped US$180.2 billion worth of products around the globe in 2017. That figure represents roughly 1.1% of overall global exports estimated at $15.952 trillion one year earlier in 2016.

From a continental perspective, 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%).

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 2017. Also shown is each import country’s percentage of total Czechian exports.

  1. Germany: US$58.8 billion (32.6% of total Czechian exports)
  2. Slovakia: $14 billion (7.7%)
  3. Poland: $10.8 billion (6%)
  4. France: $9.2 billion (5.1%)
  5. United Kingdom: $8.8 billion (4.9%)
  6. Austria: $7.9 billion (4.4%)
  7. Italy: $7.3 billion (4%)
  8. Netherlands: $5.3 billion (2.9%)
  9. Hungary: $5.2 billion (2.9%)
  10. Spain: $5.1 billion (2.8%)
  11. Belgium: $4.1 billion (2.3%)
  12. United States: $3.7 billion (2%)
  13. Russia: $3.5 billion (2%)
  14. Sweden: $2.8 billion (1.6%)
  15. Switzerland: $2.6 billion (1.4%)

Over four-fifths (82.8%) of Czechian exports in 2017 were delivered to the above 15 trade partners.

Among these top importers, Sweden increased its product imports from the Czech Republic by the highest percentage, up 17.3% from 2016 to 2017.

In second place was Poland, up 16% followed by Austria’s 15.6% improvement.

The smallest year-over-year gains were for Czechian export sales to Slovakia (up 2.9%) and the United Kingdom (up 3.7%).

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 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:

  1. China: -US$9.5 billion (country-specific trade deficit in 2017)
  2. Poland: -$3.8 billion
  3. Netherlands: -$3.3 billion
  4. South Korea: -$2.3 billion
  5. Ireland: -$1.3 billion
  6. Hong Kong: -$1.1 billion
  7. Azerbaijan: -$937.6 million
  8. Japan: -$917.9 million
  9. Thailand: -$662.5 million
  10. Malaysia: -$465.8 million

Among trading partners that cause the greatest negative trade balances, Czech Republic went from a $578.6 million surplus with the Netherlands in 2016 to -$3.3 billion in red ink during 2017.

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

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

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.

Czech Republic incurred the highest trade surpluses with the following countries:

  1. Germany: US$10.7 billion (country-specific trade surplus in 2017)
  2. Slovakia: $4.6 billion
  3. United Kingdom: $4.2 billion
  4. France: $4 billion
  5. Spain: $2.3 billion
  6. Austria: $1.6 billion
  7. Sweden: $1.5 billion
  8. Switzerland: $1.3 billion
  9. Turkey: $1.1 billion
  10. United States: $1 billion

Among Czech Republic’s trading partners that generate the greatest positive trade balances, Czech surpluses with United States (up 365.6%), Turkey (up 50.4%) and Norway (up 48.4%) grew at the fastest pace from 2016 to 2017.

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 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.

  • 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

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

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

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

Wikipedia, List of Companies of the Czech Republic. Accessed on February 21, 2018

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