That dollar amount results from a 28.3% gain compared to $$199.5 billion five years earlier for 2019.
From 2022 to 2023, the overall value of Czechia’s exported products increased by 5.9% starting from $241.7 billion in 2022.
The 5 biggest customers for products shipped from the Czech Republic in 2023 were Germany, Slovakia, Poland, France and Austria. Combined, that quintet of major importers bought well over half (56.8%) of Czechian exported products. Such a high percentage suggests a geographically concentrated set of international trade partners.
Applying a continental lens, almost nine-tenths (89.1%) of the Czech Republic’s exports by value was delivered to other 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 totaled 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.
Czech Republic’s Top Trading Partners
Below is a list showcasing 25 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 2023. Also shown is each import country’s percentage of total Czechian exports.
- Germany: US$84 billion (32.8% of total Czech exports)
- Slovakia: $19.8 billion (7.8%)
- Poland: $18.4 billion (7.2%)
- France: $12.4 billion (4.8%)
- Austria: $10.6 billion (4.1%)
- Italy: $10.4 billion (4.1%)
- United Kingdom: $9.6 billion (3.8%)
- Hungary: $9.1 billion (3.6%)
- Netherlands: $9 billion (3.5%)
- Spain: $6.8 billion (2.7%)
- United States: $6 billion (2.3%)
- Belgium: $5.7 billion (2.2%)
- Romania: $4.13 billion (1.6%)
- Sweden: $4.1 billion (1.6%)
- Switzerland: $3.8 billion (1.5%)
- Türkiye: $3.6 billion (1.4%)
- mainland China: $2.6 billion (1%)
- Denmark: $2.3 billion (0.9%)
- Ukraine: $2 billion (0.8%)
- Ireland: $1.6 billion (0.6%)
- Bulgaria: $1.5 billion (0.6%)
- Finland: $1.23 billion (0.5%)
- Mexico: $1.22 billion (0.5%)
- Slovenia: $1.18 billion (0.5%)
- India: $1.16 billion (0.5%)
About nine-tenths (90.9%) of Czechian exports in 2023 was delivered to the above 25 trade partners.
Posting double-digit percentage gains in terms of increasing purchases of Czechian exports from 2022 to 2023 were customers in Türkiye (up 35.6%), Mexico (up 34.7%), Ukraine (up 33%), Bulgaria (up 15.2%), United Kingdom (up 11.6%), Hungary (up 10.8%) and France (up 10.3%).
The five decliners sifted from the above list were buyers in mainland China (down -3.2% from 2022), United States of America (down -2.6%), Slovenia (down -2.4%), Slovakia (down -2.2%) and Austria (down -1.5%).
Countries Driving Biggest Trade Deficits for the Czech Republic
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.
- mainland China: -US$24.8 billion (country-specific trade deficit in 2023)
- Netherlands: -$4.5 billion
- Poland: -$3.2 billion
- South Korea: -$3 billion
- Russia: -$2.2 billion
- Vietnam: -$1.5 billion
- Japan: -$1.4 billion
- Azerbaijan: -$1.13 billion
- Malaysia: -$1.12 billion
- Thailand: -$783.7 million
Among Czech Republic’s trading partners that cause the greatest negative trade balances, Czechian deficits with Poland (up 67.2%) grew from 2022 to 2023.
In addition, Czechia reversed its $2.2 billion surplus trading with the Netherlands in 2022 to incur its amount of red ink listed 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.
Countries Generating Greatest Trade Surpluses for the Czech Republic
Overall Czechia posted a US$24.5 billion trade surplus in 2023, accelerating by 357.2% from $5.4 billion in black ink one year earlier in 2022.
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$23.2 billion (country-specific trade surplus in 2023)
- United Kingdom: $6.8 billion
- Slovakia: $6.2 billion
- France: $5.6 billion
- Spain: $2.8 billion
- Switzerland: $2.3 billion
- Hungary: $2.2 billion
- Sweden: $2.1 billion
- Austria: $2.09 billion
- United States of America: $2 billion
Among Czech Republic’s trading partners that cause the greatest negative trade balances, Czechian deficits with Switzerland (up 69.7%), United Kingdom (up 36.5%) and France (up 18.5%) grew at the fastest pace from 2022 to 2023.
Czechia also reversed a -$19.6 million deficit trading with the United States of America to recording the $2 billion trade surplus listed above.
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.
Notable Czechian Companies Servicing 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
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on May 29, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 29, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 29, 2024
International Trade Centre, Trade Map. Accessed on May 29, 2024
Investopedia, Net Exports Definition. Accessed on May 29, 2024
Wikipedia, List of Companies of the Czech Republic. Accessed on May 29, 2024