Trade balance hits record high in 2009

The Czech Republic’s trade balance rose to a record surplus of 153.2 billion crowns in 2009. That is more than double 2008’s surplus of 67.3 billion. The total is the highest since 2005 when the foreign trade balance started to be positive. Figures from the national statistics office showed a 2.8 billion surplus in December compared with a deficit of around 9.0 billion a year earlier. The volume of trade dropped sharply in 2009 due to the economic crisis. Imports declined by 18.1 percent compared with 2008 and exports by 14.1 percent, according to estimates by the office. One of the main factors in the record figure for the year was a sharply reduced deficit for trade in fuels such as oil.

Author: Chris Johnstone