Czech exports to Russia have continued to fall in 2016. According to figures released by the Czech Statistics Office earlier this week, exports to Russia fell by 12 percent in the first six months of this year compared to the same period last year. This follows an annual fall in the volume of Czech exports to Russia of nearly a third in 2015.
Meanwhile, exports from the Russian Federation to the Czech Republic fell in value terms by 40 percent in the first six months of this year. Russia’s share in Czech exports currently stands at 1.7 percent, compared with nearly 4 percent in 2012.
The main reason is thought to be Russia’s retaliation against the sanctions imposed by the EU.
However, the Czech Chamber of Commerce thinks there are other factors behind the falling volume of exports to Russia, including Germany’s growing share of Czech exports fuelled by the Czech crown’s weakness in relation to the euro.