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Italy-Czech Republic, trade exceeded 12bn in 2017

Italy, with 6bn and export up 8%, is the fifth largest supplier

13 February, 10:20
(ANSA) - PRAGUE - Trade between Italy and the Czech Republic in 2017 exceeded the record high value of 12bn euro, recording an increase by 40% in the last 5 years, according to data released by the Czech Statistical Office and prepared by the Italian Embassy in Prague and the Italian-Czech Chamber of Commerce and Industry.

In 2017 Italian exports grew by 8%, exceeding 6bn. Italy thus stands as the fifth supplier of the Czech Republic, behind Germany, China, Poland and Slovakia, and has become the sixth largest trading partner in the world. For the first time ever, the volume of trade between the two countries exceeded 12bn euro, with an increase by 5.7% compared to 2016. Italian direct investments in the country are growing, especially in the automotive sector, followed by machinery industry and the chemical industry. The increases recorded in the footwear, fashion and wine sectors are also particularly significant. Among the Czech investors in Italy, for example, in mid-December 2017, the EPH group acquired two biomass plants, thus achieving its second most important investment in the field of renewable sources, after the one carried out in the United Kingdom. ''The extraordinary growth in trade, the increase of Czech investments in Italy and the growing interest in the 'made in Italy' products and Italian lifestyle are all reasons for the Italian manufacturing sector in the Czech Republic to be proud of itself'', ambassador Aldo Amati underlined. ''The Czech market, driven by a strong growth in consumption by households, supported by anincrease in employment and wages, is booming and that is why Italian SMEs look to this country with ever-increasing interest''.

The economy of the Czech Republic maintains an upward trend: the latest studies of the Economist Intelligence Unit for 2017 estimate a 4,5% growth rate in GDP. Inflation is at 2.5%, the unemployment rate was 3.8% in December, the lowest in the European Union. Finally, industrial production grew by 8% in 2017 compared to the previous year; automotive, machinery and electronic equipment are among the most dynamic sectors.(ANSA).

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