In the third quarter, economic growth was unexpectedly good, but output performance and export weakened. In September, the export value of goods decreased by 1% over the previous month.
Increased exports are becoming more and more difficult as the economic growth of trading partners begins to slow down. Even if there is demand for a particular product group, the acute shortage of labor limits production and, therefore, the volume of exports. In turn, rising costs can become a challenge for competitiveness.
September minuses consist mainly of rape, dairy products, as well as machinery and equipment. It is also possible in the coming months to see hot and dry summers in the exports 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 turbocharged engines and other gas turbine engines that are probably related to the replacement of compressed air aircraft rather than actual economic activity. In September, these fluctuations were negative.
Despite all the challenges, in September and this year, as a whole, high-quality wood processing companies have been paved, who are still motivated by high selling prices. Exports of wood and wood products in euros have increased by more than 17% over a half year. Since the installed band is already very high and prices are expected to grow more slowly, the export performance will improve so rapidly, more and more.