Trading in Czech Republic
Trading in Czech RepublicUpdated on Sunday 19th August 2018
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The import and export sector in the Czech Republic relies on the fruitful collaboration with countries worldwide in terms of business. Having an export-oriented economy, the Czech Republic trades with powerful countries like Germany, China, Italy, Slovakia, the Netherlands, France, Austria and many more. If you are a foreign investor interested in establishing the activities in the import and export field in the Czech Republic, we invite you to talk to our Czech lawyers for legal assistance in matters on business.
Which are the import partners of the Czech Republic?
The Czech Republic trades with Italy from which it imports electronic equipment, iron and steel, machinery, plastics, paper, rubber and many other products. In numbers, approximately $ 7 billion represent the exported products from Italy to the Czech Republic. The following countries are also important trading partners for the Czech Republic in 2017:
- • $48 billion for imported pharmaceuticals, plastics, electronic equipment, technical equipment, vehicles, rubber and mineral fuels from Germany;
- • $15 billion for imported furniture, plastics, aluminum, oil, copper from Poland;
- • $12 billion for imported products like toys, furniture, iron and steel products, machinery and clothing from China;
- • $10 billion for imported products like mineral fuels, rubber, vehicles, machinery, paper from Slovakia.
Approximately $9 billion represent the imported products from the Netherlands to the Czech Republic, one of the country’s solid trading partner. Foreign investors looking to expand the activities in the import and export field in Czech Republic need to know the applicable legislation which can be explained by our Czech attorneys.
The export sector in the Czech Republic
Around $181 billion represent the total amount of the exported products by Czech Republic to countries worldwide for 2017. 79.1% is the Czech GDP that sustains the economy of this country. Most of the exported products take the European road (88.6%), but the Czech Republic trades with states from Asia, Africa and North America too.
The legislation regarding the import and export activities of the Czech Republic
The import of goods from the Czech Republic is subject to several licenses issued by the Czech Ministry of Industry and Trade, in respect to the EU legislation like the General Agreements on Tariffs and Trade. The Customs Administration in the Czech Republic oversees the trading activities, plus the customs procedures and the collection of the excise duties for exported and imported products.
If you are an entrepreneur from abroad who wants to start a business in the trading sector in the Czech Republic, you should contact our Czech law firm for legal assistance.