Exporting to Czech Republic
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.