Exporting to Czech Republic

The Czech Republic is the UK's 27th largest trading partner (ONS, 2019). In the year to June 2019, the total trade in goods and services between the UK and the Czech Republic was £9.9 billion, an increase of 0.8% on the same period the previous year (ONS, 2019).

Demand for UK exports

In the year up to June 2019, the total UK exports to the Czech Republic amounted to £3.1 billion (ONS, 2019). During this period, the top exports from the UK were electrical goods, telecoms and sound equipment, and medicinal and pharmaceutical products (ONS, 2019). In terms of services, opportunities for UK exporters are also available in the financial and professional services, energy and automotive sectors (ONS, 2019). If your business specialises in any of these areas, the Czech Republic could be a good market for you.

A sound economy

The Czech economy has expanded consistently in recent years, with GDP growth of 3% recorded in 2018 and 2.5% expected for 2019. Similar levels of growth are predicted for the next 5 years (IMF, 2019). With low inflation and unemployment figures of 2.2% recorded for 2018 (IMF, 2019), the Czech population should enjoy increased spending power, which could benefit UK exporters.

A central location

The Czech Republic’s central European location provides easy access to Germany, Central and Eastern Europe and Russia to UK businesses exporting their goods.

Ease of doing business

41st

out of 190 countries (World Bank, 2019)

Currency

Czech koruna

Business languages

Czech, English

You may need a translator

GDP per capita

$23,113

UK is $41,030 (IMF, 2019)

Economic growth

3.0%

(IMF, 2019)

Time zone

GMT + 1

Next steps

DIT can advise you on doing business abroad, and help put you in touch with other people who can help such as lawyers and distributors.