Previous studies of the effects of exchange rate changes on Czechia's trade balance have assumed exchange rate changes to have symmetric effects on the trade balance or assumed its linear adjustment. In this paper, we distinguish between the depreciation and appreciation to show that the effects at the industry level are in fact asymmetrical in most industries for Czechia's bilateral trade with its most important trading partners. Therefore, the aim of this paper is to evaluate the asymmetric effects of CZK/EUR exchange rate on the most important segment of Czechia´s foreign trade. The asymmetry cointegration approach, which introduces nonlinearity into the model specification, reveals a more significant impact of the exchange rate on commodity trade between Czechia and its most important trading partner than a more standard model that imposes symmetry.