Exports booming in July

Private sector businesses exported considerably more goods in July 2007 relative to the same month of the previous year. The volume of goods exports was almost 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 27.8 billion euro, 14 percent up on July 2006. Exports to EU countries rose by 15 percent, exports to non-EU countries rose by 14 percent. The value of goods imports was 25.1 billion euro. Both imports from EU and non-EU countries grew by 10 percent relative to July 2006. The trade surplus was 2.8 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 was considerably higher, with the exception of mineral fuels. Oil prices on the global market – expressed in euro – were lower than in July 2006.