That dollar amount results from a 28.3% increase compared to $199.5 billion five years earlier during 2019.
Year over year, the overall value of Czechia’s exports rose 5.9% from $241.7 billion in 2022.
Strategically located in central Europe, the Czech Republic is also called Czechia–its officially approved short name since May 2016.
Based on the average exchange rate for 2023, the Czech koruna (also called Czech crown) appreciated by 3.2% against the US dollar since 2019 and strengthened by 5% from 2022 to 2023. Czech Republic’s stronger local currency makes its exports paid for in weaker US dollars relatively more expensive for international buyers during 2023.
Although becoming a member of the European Union on May 1, 2004, Czechia has not adopted the euro as its shared legal currency.
Best Customers for Czechia’s Exports
The latest available country-specific data shows that 78.9% of products exported from the Czech Republic was bought by importers in: Germany (32.8% of the Czech total), Slovakia (7.8%), Poland (7.2%), France (4.8%), Austria (4.13%), Italy (4.07%), United Kingdom (3.8%), Hungary (3.6%), Netherlands (3.5%), Spain (2.7%), United States of America (2.3%) and Belgium (2.2%).
From a continental perspective, 89.1% of the Czech Republic’s exports by value was delivered to fellow European countries while 6.3% was sold to importers in Asia. Czechia shipped another 3% worth of goods to North America.
Czechia’s shipments to fellow European Union members generated 81.2% of overall Czech export sales.
Tinier percentages went to buyers in Africa (1%), Latin America (0.4%) excluding Mexico but including the Caribbean, then Oceania (0.3%) led by Australia and New Zealand.
The Czech Republic’s population was 11 million people in 2023. Therefore, its total $255.9 billion in 2023 exports translates to roughly $23,250 for every resident in the central European country. That per-capita metric exceeds the average $23,000 for 2022.
Czech Republic’s Top 10 Exports
The following export product groups represent the highest dollar value in Czech global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from the Czech Republic.
- Electrical machinery, equipment: US$52.8 billion (20.6% of total exports)
- Vehicles: $52.1 billion (20.4%)
- Machinery including computers: $43.8 billion (17.1%)
- Articles of iron or steel: $8.2 billion (3.2%)
- Plastics, plastic articles: $8.1 billion (3.2%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $6.4 billion (2.5%)
- Optical, technical, medical apparatus: $6.1 billion (2.4%)
- Mineral fuels including oil: $5 billion (2%)
- Iron, steel: $4.9 billion (1.9%)
- Toys, games: $4.5 billion (1.8%)
Czech Republic’s top 10 exports accounted for three-quarters (75%) of the overall value of Czech shipments.
Vehicles was the fastest grower among the top 10 export categories, up by 22.6% from 2022 to 2023.
In second place for improving export sales was the optical, technical and medical apparatus product category, up by 17.2%.
Czech Republic’s shipments of furniture, bedding, lighting, signs and prefabricated buildings recorded the third-fastest gain in value via a 10.8% year-over-year upturn.
The leading decliner among Czech Republic’s top 10 export categories was mineral fuels including oil which fell -41.5% from 2022.
The above listed product categories are at the 2-digit Harmonized Tariff System code level.
At the more granular four-digit Harmonized Tariff System code level, the Czech Republic’s most valuable exported products were cars (12.4% of Czechia’s global total), automobile parts or accessories (6.7%), phone devices including smartphones (6.6%), computers including optical readers (4.7%), electric storage batteries (1.9%), insulated wire or cable (1.8%), lower-voltage switches or fuses (1.6%), seats excluding barber and dentist chairs (1.4%), models, puzzles and miscellaneous toys (1.3%), and medication mixes in dosage (1.2%).
Products Generating Trading Surpluses for Czechia
Czechia posted an overall US$24.5 billion trade surplus in 2023, up 357.2% from $5.4 billion in black ink one year earlier for 2022.
The following types of Czech product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Vehicles: US$28.5 billion (Up by 25.6% since 2022)
- Machinery including computers: $9.4 billion (Up by 26.9%)
- Articles of iron or steel: $2.6 billion (Up by 2.6%)
- Toys, games: $2.5 billion (Up by 18.1%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $2 billion (Up by 17.7%)
- Rubber, rubber articles: $1.43 billion (Up by 2.6%)
- Wood: $1.33 billion (Down by -37.4%)
- Miscellaneous manufactured articles: $1.31 billion (Up by 35.8%)
- Glass: $1.21 billion (Down by -5.7%)
- Cereals: $724 million (Down by -13.2%)
Czech Republic has highly positive net exports in the international trade of automobiles notably cars, automotive parts and accessories. In turn, these cashflows indicate Czech Republic’s strong competitive advantages under the vehicles product category.
Products Causing Trading Deficits for Czechia
Below are exports from Czechia that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Czechia’s goods trail Czech importer spending on foreign products.
- Mineral fuels including oil: -US$9.2 billion (Down by -32% since 2022)
- Pharmaceuticals: -$3.2 billion (Down by -3.1%)
- Plastics, plastic articles: -$2.89 billion (Down by -1.3%)
- Iron, steel: -$2.87 billion (Down by -9.2%)
- Other chemical goods: -$1.53 billion (Up by 20.8%)
- Meat: -$1.52 billion (Up by 21.9%)
- Copper: -$1.2 billion (Down by -3.9%)
- Aluminum: -$973.2 million (Down by -22.3%)
- Fruits, nuts: -$857.6 million (Up by 12.8%)
- Inorganic chemicals: -$679.1 million (Down by -39.3%)
Czechia has highly negative net exports for petroleum oils and gases.
These cashflow deficiencies clearly indicate Czechia’s competitive disadvantages in the international energy market, but also represent key opportunities for the Czech Republic to improve its position in the global economy through focused innovations.
Czech Republic’s Export Companies
Only one Czech company made the Forbes Global 2000 rankings: CEZ Group (electric utilities).
Wikipedia lists other relatively 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)
In macroeconomic terms, Czechia’s total exported goods represent 47.4% of its overall Gross Domestic Product for 2023 ($539.3 billion valued in Purchasing Power Parity US dollars). That 47.4% for exports to overall GDP in PPP for 2023 compares to 46.9% one year earlier. Those percentages suggest a relatively increasing reliance on products sold on international markets for the Czech Republic’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Czechia’s unemployment rate averaged 2.8% in 2023, up from an average 2.08% for 2022 according to International Monetary Fund statistics.
Czech Republic’s capital city is Prague.
See also Czech Republic’s Top Trading Partners and Czech Republic’s Top 10 Imports
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on April 16, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 16, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 16, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 16, 2024
International Trade Centre, Trade Map. Accessed on April 16, 2024
Investopedia, Net Exports Definition. Accessed on April 16, 2024
Wikipedia, Gross domestic product. Accessed on April 16, 2024
Wikipedia, List of Companies of the Czech Republic. Accessed on April 16, 2024
Wikipedia, Purchasing power parity. Accessed on April 16, 2024