International trade in goods (change of ownership) - March 2024

Exports and imports decreased year-on-year

07.05.2024
Code: 241018-24
 

According to preliminary data in current prices, the trade balance of goods in March 2024 ended in a surplus of CZK 39.3 bn, which was by CZK 22.3 bn higher, year−on−year (y−o−y).

In March 2024, the total balance of international trade1) in goods2) was favourably influenced mainly by trade in 'electrical equipment', which improved by CZK 9.0 bn y−o−y (as a deficit turned into a surplus). The trade surplus increased in 'machinery and equipment' and 'motor vehicles' by CZK 2.8 bn and CZK 2.3 bn, respectively. The trade deficit in 'basic metals' narrowed by CZK 2.3 bn; and trade in 'other transport equipment' ended with a surplus of CZK 1.4 bn compared to a deficit of CZK 1.3 bn in the previous year.

The total trade balance was affected negatively mainly due to a larger deficit on trade in 'refined petroleum products' by CZK 1.7 bn and lower surplus on trade in 'electricity' by CZK 1.2 bn.

In March 2024, the positive trade balance with EU Member States fell by CZK 1.7 bn, y−o−y. The trade deficit with non-EU countries decreased by CZK 23.6 bn.

Y-o-y exports decreased by 3.3% to CZK 408.7 bn and y-o-y imports fell by 9.0% to CZK 369.4 bn. March 2024 had three fewer working days than March 2023.

“The trade balance continued to grow, although exports and imports fell year-on-year. This was due to a faster rate of decline in imports, which fell by more than CZK 36 bn compared to last year. Of this, almost CZK 32 bn was accounted for by lower imports of manufacturing products,” says Jana Mazánková, Head of the Trade Balance Unit.

Month-on-month, the seasonally adjusted exports and imports decreased by 1.1% and 2.2%, respectively.

From January to March 2024, the trade balance reached a surplus of CZK 82.2 bn representing a y−o−y increase of CZK 42.0 bn. Exports have risen by 0.3% since the beginning of the year, while imports have fallen by 3.4%.


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Methodological note:

From 2020 onwards, data for International trade in goods (change of ownership) are subject to recalculation using an updated method, based on a higher level of detail. See Update of the compilation method – International trade in goods (change of ownership).

In accordance with the methodology of Eurostat, selected data for exports and imports of military equipment and weapons for the current period are for safety reasons included in other goods codes and another territorial structure so that the macroeconomic aggregate of international trade in goods is not influenced.

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Notes:

1) The international trade balance is the difference between exports from the Czech Republic and imports to the Czech Republic.
2) The international trade in goods (change of ownership) reflects export and import performance of the Czech economy, i.e. the international trade balance of the Czech Republic as well. It measures real trade in goods carried out between Czech entities and foreign ones, i.e. the change of ownership between residents and non-residents.

Data for companies, which are subject to the reporting duty and which failed to report data (non-response), has been imputed according to exports and imports these companies reported in the previous period. Data for companies exempted from the reporting duty were estimated on the basis of the data given in the VAT return forms. The data, which were not available from the VAT return forms, are estimated on the basis of the values for previous periods.

Data for respective months of 2023 and 2024 is preliminary; data up to and including year 2022 is final. When data for the reference month is published, six previous months are updated. All months with preliminary data are updated when data for January, March and July is published. Final data is published always in September of the following year.

Responsible head at the CZSO: Miluše Kavěnová, Director of International Trade Statistics Department, phone number (+420) 274 054 176, e-mail: miluse.kavenova@czso.cz
Contact person: Jana Mazánková, Head of Trade Balance Unit, phone number (+420) 274 054 144, e-mail: jana.mazankova@czso.cz
Method of data collection: Intrastat forms and single administrative documents and value added tax return forms
End of data collection: 20th working day after the end of the reference month
Following data sets: https://www.czso.cz/csu/czso/vzonu_ts
241014-23 External Trade of the Czech Republic by CZ-CPA (quarterly)
https://www.czso.cz/current-product/41321
Next News Release will be published on: June 6, 2024 

This press release was not edited for language.

  •      avzo050724.docx
  • Annexes:
  • Chart 1 Balance of international trade in goods (total trade balance, trade balances with the EU Member States and non−EU countries)
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Published: 07.05.2024
The data are valid as of the release date of the publication.


Contact: Information Services Unit - Headquarters, tel.: +420 274 056 789, email: infoservis@czso.cz