Czech Republic: Exports to Russia Reach new High

Czech Republic: Exports to Russia Reach new High / Picture: © Flickr

The Czech Minister of Industry and Trade Martin Kuba, Russia is among the most important trade partners and has a priority status. In 2011, the Czech Republic´s exports to Russia came at € 4.0bn. Nevertheless, the Czech trade balance still shows a deficit. Last year, exports totaled 75.4% of GDP.

Last year, the current account deficit came at 2.9% of GDP after 3.9% in 2010. This year, the deficit is expected to decline to 1.3% of GDP. In 2011, Czech exports to Russia grew by 50%. Imports from Russia were up by 20% to € 6.23bn. The bilateral trade volume increased by 28.5% to € 10.2bn.