The latest data shows that Czech exports have been gaining strength of late, growing faster than in previous years. The list of the Czech Republic’s top export destinations remains largely unchanged, but what is on the up are exports to developing countries. In terms of export branches, automobiles and engineered products dominate. Major growth has also been witnessed in exports of medical equipment and pharmaceutical products.

Between 2013 and 2014, our exports grew faster (up 13.6 percent) than the average year-on-year growth of previous years (during 2010-14, the average was 9.2 percent). And Czech exports to developing countries saw the greatest uptick.

The growing export potential of developing countries, primarily in Africa and Asia, underscores the need to pay continued heed to such potential markets despite certain negative factors currently afflicting these regions. For example, current export trends to Myanmar (four-fold growth compared to 2013) affirms the correctness of the decision to open a new representative office in this country, supported by the placement of an economic diplomat, and to assist Czech exporters in making maximum use of the opportunity. Conversely, the greatest declines in export concerned Ukraine (-36.5 percent) and Russia (-2.5 percent). But mitigating this somewhat is the fact that despite a net decrease greater than anticipated at the start of 2014, exports to Russia, from sectors such as industrial chemicals, foodstuffs and agriculture, were up 19 percent and 23 percent respectively.

Other interesting trends are that Belgium is presently a more notable export partner for the Czech Republic than China, India or Brazil; the net value of Czech exports to Hungary is essentially the same as our exports to Russia; and among the fastest-growing European importers of Czech goods are Denmark, Montenegro, Portugal, Spain and Finland. Also of note is the growth in exports to the US (up 17.5 percent). We are, meanwhile, intensifying our efforts to better break into the BRICS nations (Brazil, Russia, India, China and South Africa), but the fact that Europe remains our most fundamental export destination should not be overlooked. To this end, we must continue down the path of integration with the aim of removing remaining obstacles to trade within this bloc.

Next year, we can expect a slight increase in the rate of global economic growth. The EU’s dominant position in terms of Czech trade will be bolstered by a very slight improvement in the European economy as a whole. Meanwhile, the US is forecast to show far stronger growth. Increased domestic demand, a stabilised fiscal situation, and a strengthening of the dollar combined with a weakening of the crown and euro, could all serve as positive factors for the future export prospects of Czech businesses.