Zahraniční obchod Československa 1918 - 1937[Czechoslovak foreign trade (1918-1937)]

The line of trade policy in the Czechoslovak Republic before Munich Agreement is confronted with the results of foreign trade in interwar Czechoslovakia. There were four periods of trade policy at that time: from Czechoslovakia's establishment to 1922 - 1923: this period can be described by a high level of protectionism; liberalization of import and export was typical of the period until 1929; the years 1930 - 1933 were influenced by increasing protectionism in international trade as a result of the world economic crisis; after 1933, gradual liberalization of trade-policy tools occurred, but the level of liberalization from the twenties was not renewed any more. Differences in the results reflected by foreign trade indicators were in agreement with the lines of trade policy in these different periods. Achievements in the second half of the twenties (import and export growth, active balance of trade, contribution of foreign trade to economy development) are evident. Commodity structure and destinations corresponded to indicators of industrialized economy. A drop of Czechoslovak import and export, a reversal of balance of trade and other negative macroeconomic trends were recorded at the beginning of the thirties. The performance level improved in the second half of the thirties, but it did not match the values of the late twenties.