Look for:

Our offer for

Research Detail

2019/05/23 / Erste Group Research

Delay in US import tariffs on cars from EU

Hungarian and Slovak economy would be more exposed to external demand shock related to introduction of tariffs by US than Czech Republic. 20% decline of car imports from EU to US would reduce Hungarian and Slovak GDP by 0.2pp and Czech GDP by 0.1pp.

When it comes to bilateral trade, the US does not even rank in the TOP10 trading partners of CEE. Out of EUR 700bn of CEE gross exports in 2018, only EUR 17bn (or 2.4%) went to the US. However, the share of cars in these exports is rather high, especially in the case of Slovakia and Hungary.

CEE car exports have a large import content in their production, which means that domestic value added, which would be exposed to external demand shock, is much lower than bilateral gross exports indicate (only 40-46%).

PDF Download Download PDF (322kB)

General information

AuthorErste Group Research
Product nameCEE Economies Special Report
Topic in focusFX, Macro/ Fixed income
Economy in focusCroatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia
Currency in focusCroatian Kuna, Czech Koruna, Euro, Hungarian Forint, Polish Zloty, Romanian Leu, Serbian dinar
Sector in focus-


We use cookies and web analysis software to give you the best possible experience on our website. By continuing to browse this website, you consent for these tools to be used. For more details and how to opt out of these, please read our Data protection policy.


Any information, material and services regarding financial instruments and securities provided by Česká spořitelna/Erste Group/ or any of its affiliates (collectively “Erste Group“) on this and any linked website hereafter (jointly the “Websites“) shall be exclusively to investors who are not subject to any legal sale or purchase restrictions.

By agreeing to this hereto, the visitor entering this Websites confirms that has read, understood and accepted this Information and the Disclaimer