Foreign exports support the Czech economy, most goods still end up in EU countries

Published: 16.04.2024 Related countries:  United Kingdom United Kingdom

Solid production by companies for foreign markets has slowed the decline of the domestic economy.

Without it, the Czech economy would have fallen by more than 0.4 percent last year, according to the Czech Statistical Office. Exports of Czech goods, unlike household spending, did not fall, but instead strengthened slightly.

Czech engineering, IT technologies, cars, but also pharmaceuticals and cosmetics are the most popular abroad. The vast majority of goods are exported by Czech companies to the European Union countries, but they are also looking for other territories in the Arabian Peninsula, Africa or Southeast Asia. By contrast, they have withdrawn from Russia.

The UK is still the fifth largest market for Czech exporters, who exported £6bn worth of goods to Britain last year.

Source: Department for Business and Trade; CT24

Prepared by the CzechTrade London team.