Economic growth in the third quarter was unexpectedly good, but manufacturing and export earnings were weak. September export prices fell 1% from September last year.
As trade partners' economic growth begins to slow, exports are becoming increasingly difficult to grow. Even if there is a demand for a specific product group, rapid labor shortage restricts production and limits exports. In the end, rising costs can be a challenge to competitiveness.
The negative impact of September mainly consists of oil, dairy products, machinery and equipment. Over the next few months we will see hot, dry summers of agricultural products, especially wheat and rape exports.
This year's machinery and equipment sector had a significant impact on export volatility of turbojet and other gas turbine engines. It seems to be related to aircraft replacement rather than actual economic activity. These fluctuations were negative in September.
Despite all the difficulties, we have packed a quality wood processing company that is more motivated by September and overall higher sales prices this year. Exports of euro and timber and wood products grew by more than 17% over the last six months. Given that installed tapes are already experiencing very high and slow price hikes, export performance will improve faster and faster.