Exports booming

Private sector businesses exported considerably more in July 2007 relative to the same month of the previous year. The volume of goods exports was 11 percent up on July 2006. As a result, the growth rate of exports was higher than in the preceding months. The growth rate of imports remained virtually unchanged. The volume of imports rose by 7 percent.The volume figures have been adjusted for differences in working days.

On average, imported and exported goods were about 0.5 percent more expensive than in July 2006. In the preceding months, price increases of imported and exported goods were also fairly modest. More information on import and export prices can be found in the article Deflators for international trade, published on 31 August 2007.

In July, the value of goods exports was 28.1 billion euro. Both exports to EU and non-EU countries grew by 15 percent relative to July 2006. The value of goods imports increased by 10 percent to 25.1 billion euro. Imports from EU countries rose by 11 percent, imports from non-EU countries rose by 9 percent relative to July 2006. The trade surplus was 3.0 billion euro, as against 1.6 billion in July 2006.

Exports of machinery and transport equipment increased substantially. Exports of food and drinks and chemical products also rose considerably. The value of imports increased across the board, with the exception of mineral fuels. Oil prices on the global market – expressed in euro – were lower than in July 2006.

Goods exports (volume)

Goods exports (volume)