In the third quarter, economic growth was unexpectedly good, but production and exports were weak. In September, the export value of goods fell by 1% as compared to September last year.
Growth in exports is becoming increasingly difficult in the circumstances in which the economic growth of trade partners begins to slow down. Even if there is a demand for a particular product group, acute labor shortage limits production and therefore export volumes. On the other hand, rising costs can be a challenge for competitiveness.
Minus in September mainly consists of rapeseed, dairy products, as well as machinery and equipment. It is also likely to see hot and dry summer in the coming months in the export of agricultural products, especially wheat and rape.
The division of machinery and equipment this year has a significant impact on the volatility of exports of turbojets and other gas turbines, which are probably linked to the replacement of Airbalt aircraft, and not real economic activity. In September these fluctuations were negative.
In spite of all the challenges, in September and this year, as a whole, pavements of excellent wood processing companies are paved, which are additionally motivated by high sales prices. Exports of wood and wood products in Euros grew by more than 17% for half a year. Given the fact that the tape installation is already very high and slower price growth is expected, export performance will improve so fast, more and more.