The decline in imports again contributed to a higher year-on-year surplus.
“The balance of foreign trade in goods in July ended with a surplus, which was mainly due to lower imports. Although the value of exports fell slightly year-on-year, we recorded the highest value of the positive trade balance in the month under review within a historically comparable time series. The positive news is the recovery in exports, which increased by almost 5% compared to June, mainly due to trade in motor vehicles. Imports also grew by 5.8% month-on-month. This indicates that the decline in total demand in both the domestic economy and our key foreign trading partners is not as significant as originally expected, and is catching up with the slowdown from previous months. The impact of measures against coronavirus infection will of course be seen in foreign trade results in the long run, but the year-on-year decline in foreign trade is likely to be lower than expected” said Martina Tauberová, Deputy Minister of Industry and Trade for the EU and Foreign Trade.
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