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Czech Republic's Top Imports And Exports
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Hello viewers, welcome to Big Man Business Youtube channel, Today, we're going to be talking about the top import and export commodities of Czech Republic.
The Czech Republic, usually known as Czechia, is a landlocked country in Central
Europe with imports totaling 170.1 billion dollars in 2020.
This figure represents a 19.5 percent growth from 2016 to 2019, but a minus 5.1 percent decrease from 2019 to 2020.
The Czech koruna has appreciated by 6.8 percent against the US dollar since 2016, but has dropped by minus 5.5 percent from 2019 to 2020, according to the average exchange rate for 2020.
When converted into Czech korunas, goods paid in stronger US dollars in 2020 are substantially less expensive than imports paid in weaker US dollars in 2019.
Using a continental perspective, fellow European nations accounted for 77.3 percent of the Czech Republic's total imports by value in 2020.
19.1 percent of Czech import purchases were fulfilled by Asian trading partners.
North America with 2.5 percent, Africa with 0.4 percent, Latin America with 0.12 percent excluding Mexico but including the Caribbean, and Oceania with 0.06 percent, led by Australia and New Zealand, received smaller percentages.
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Given the Czech Republic's population of 10.7 million people, the country's total 170.1 billion dollars in 2020 imported products equates to nearly 15,900 dollars in annual product demand from each citizen.
Czech Republic's Top Imports
The following product groupings account for the majority of the Czech Republic's import purchases in 2020, in terms of dollar value.
The percentage share of each product category in total imports into the Czech Republic is also indicated.
37.3 billion dollars in electrical machinery and equipment accounts for 21.9 percent of total imports
31.8 billion dollars in machinery, including computers, accounts for 18.7 percent
15.5 billion dollars in vehicles accounts for 9.1 percent
8.6 billion dollars in plastics and plastic goods accounts for 5.1 percent
Mineral fuels, which include oil, are worth 6.2 billion dollars which accounts for 3.7 percent
5.9 billion dollars in pharmaceuticals account for 3.5 percent
5 billion dollars in iron and steel account for 3 percent
4.4 billion dollars in iron and steel articles accounts for 2.6 percent
4 billion dollars in optical, technical, and medical equipment account for 2.4 percent
3.3 billion dollars on furniture, bedding, lighting, signage, and prefabricated buildings accounts for 2 percent
The top ten imports from foreign nations accounted for nearly three-quarters or 71.8 percent of the total value of the Czech Republic's goods acquisitions.
Pharmaceuticals were up by 9 percent, electrical machinery and equipment went up by 2.7 percent, and machinery including computers went up by 2.7 percent too were the only top 10 import categories to see value increases from 2019 to 2020.
Mineral fuels, including oil, were the most rapidly falling categories year over year, with a minus 34.7 percent reduction.
Czech Republic's Top Exports
In 2020, the Czech Republic, a landlocked central European country that shares its western border with industrial powerhouse Germany, exported 191.7 billion dollars worth of goods around the world.
This figure represents an increase of 18.3 percent from 2016 and a decrease of minus 3.9 percent from 2019 to 2020.
Since May 2, 2016, the Czech Republic has also been referred to as Czechia, an officially permitted short name.
The Czech koruna has increased by 5 percent against the US dollar since 2016, but has fallen by minus 1.2 percent from 2019 to 2020, according to the average exchange rate.
Because of the Czech Republic's weakening local currency since 2019, exports paid in stronger US dollars will be cheaper for overseas customers in 2020.
According to the most recent available country specific data, importers in Germany accounts for 32.6 percent of the global total, Slovakia with 7.6 percent, Poland with 6.2 percent, France with 4.7 percent, Austria with 4.2 percent, Netherlands with 4.1 percent, United Kingdom with 4 percent, Italy with 3.9 percent, Hungary with 3.3 percent, Spain with 2.6 percent, United States with 2.3 percent, and Russia purchased 77.6 percent of Czech Republic exports with 2.2 percent.
Given Czechia's advantageous location in central Europe, it's no wonder that fellow European countries accounted for 89.2 percent of Czech exports by value.
Customers in Asia account for 6.1 percent, North America accounts for 2.9 percent, Africa with 0.9 percent, Latin America excluding Mexico but including the Caribbean accounts for 0.33 percent, and Oceania headed by Australia and New Zealand purchased smaller percentages of 0.3 percent.
As of July 2020, the Czech Republic had a population of 10.7 million people.
As a result, its total exports of 191.7 billion dollars in 2020 equate to nearly 17,900 dollars per citizen in the central European country.
Czech Republic's Top Trading Partners
In 2020, the Czech Republic, also known by its official short name Czechia, exported 191.7 billion dollars worth of goods around the world.
This figure represents an increase of 18.3 percent from 2016 and a decrease of minus 3.9 percent from 2019 to 2020.
Using a continental perspective, 89.2 percent of Czech exports were supplied to other European countries in terms of value.
Customers in Asia got 6.1 percent, North America got 2.9 percent, Africa got 0.9 percent, Latin America excluding Mexico but including the Caribbean got 0.33 percent, and Oceania headed by Australia and New Zealand purchased smaller percentages of 0.3 percent.
Here is a list of 15 of the Czech Republic's most important trading partners in terms of Czech export sales.
That is, in terms of dollar value, the nations that imported the most Czech shipments in 2020.
The percentage of total Czech exports for each import nation is also indicated.
62.5 billion dollars in Germany accounts for 32.6 percent of total Czech exports
14.6 billion dollars in Slovakia accounts for 7.6 percent
11.9 billion dollars for Poland accounts for 6.2 percent
France is worth 9 billion dollars accounting for 4.7 percent
Austria is worth 8 billion dollars accounting for 4.2 percent
7.9 billion dollars in the Netherlands accounts for 4.1 percent
The United Kingdom has a 7.7 billion budget which accounts for 4 percent
Italy's budget is 7.4 billion dollars which accounts for 3.9 percent
6.3 billion dollars in Hungary accounts for 3.3 percent
Spain will receive 5 billion dollars accounting for 2.6 percent
4.4 billion in the United States accounts for 2.3 percent
4.2 billion for Russia accounts for 2.2 percent
Belgium has a 4 billion dollars budget accounting for 2.1 percent
3.1 billion dollars in Sweden accounts for 1.6 percent
Romania is worth 3 billion dollars accounting for 1.6 percent
In 2020, these 15 trading partners accounted for more than four-fifths of Czech exports which is 82.9 percent.
The Netherlands was the only major importer to increase its purchases from the Czech Republic from 2019 to 2020, with a 4.9 percent increase in value.
The losses in the other 14 countries varied from -0.9 percent in Poland to minus 21.8 percent in Spain.
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SOURCES:
https://www.worldstopexports.com/czech-republics-top-10-imports/
https://www.worldstopexports.com/czech-republic-top-10-exports/
https://www.worldstopexports.com/czech-republics-top-import-partners/
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