Czech foreign trade surplus widens 111% in Feb 2012, beats expectations.

By bne IntelliNews April 10, 2012
Czech foreign trade surplus widened by 111% y/y to CZK 28.7bn (EUR 1.2bn) in February 2012, data from the statistics office showed. The surplus pulled back from a record-high of CZK 29.6bn in January 2012 but was above market expectations of CZK 22bn according to a Reuters poll. Exports rose by 15.2% y/y to CZK 252bn and imports expanded almost twice slower by 8.8% y/y to CZK 223.3bn in the second month of 2012. The surplus increased the most in the trade of machinery and equipment, registering an annual growth of CZK 12.9bn to CZK 46.3bn. The European Union is the countrys main trading partner as it accounted for 82% of the exports and 65% of the imports in February 2012. The Czech Republics trade with EU countries showed a surplus of CZK 60.2bn, which was by CZK 6.9bn higher on the year. The trade gap with non-EU countries narrowed by CZK 8.2bn y/y to CZK 31.5bn. Foreign trade data adjusted for transactions by non-residents showed a surplus of CZK 14.3bn in February 2012, up from a revised CZK 13.9bn gap a month earlier. IntelliNews comment : The surprisingly good foreign trade data for January 2012 show that Czech exporters, also helped by the weak koruna, continue to expand abroad despite the economic slowdown in the countrys main export markets. However, if the eurozone does not start to show signs of recovery soon, Czech exports' growth will lose steam.
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