Czech official trade surplus hits record in 2012

PRAGUE: The Czech Republic saw its foreign trade surplus surge by nearly two-thirds last year to hit a new record on stong machinery and car exports, official data showed on Wednesday.

The trade surplus soared by 63 precent to 310.8 billion koruna (12 billion euros, $16.35 billion) last year, the Czech Statistical Office said.

Exports grew by 6.4 percent in 2012 against 2011, while imports rose by a much slower 2.4 percent as the Czech economy slid into recession last year.

The Czech finance ministry has forecast a 1.1-percent contraction for 2012 in this EU nation 10.5 million people.

Heavily dependent on car exports to the neighbouring eurozone, the Czech economy is expected to see weak 0.1-percent growth this year.