External Trade of the Czech Republic
Commentary |
Contents |
According to preliminary data, both seasonally adjusted exports and imports decreased by 9.5% and 6.9% m-o-m, respectively.
Current price exports and imports were 18.2% and 20.4% up remained roughly at the 2003 level year-on-year, respectively. External trade turnover reached CZK 287.3 billion, which was the highest monthly figure ever recorded. Due to the appreciation of the Czech koruna against the US dollar and the depreciation against the euro, external trade grew faster in US dollars (exports +29.2% and imports +31.5%) and slower in terms of euros (exports +13.8% and imports +15.9%) than external trade valued in Czech korunas.
The trade balance ended in a deficit of CZK 4.6 billion, which was CZK 2.9 billion up y-o-y; yet this was the second best result achieved in March since 1995. Unfavourable development occurred in trade in manufactured products (surplus decreased by CZK 4.7 billion), primarily owing to trade in ’machinery and transport equipment’ (surplus decreased by CZK 2.4 billion) and ‘chemicals and related products’ (deficit increased by CZK 2.0 billion). The balance of trade in primary products improved (deficit decreased by CZK 1.7 billion, of which trade in petroleum by CZK 1.1 billion).
On the increase was particularly trade in non-ferrous metals (exports +50.0%, imports +56.4%), electrical machinery, apparatus and appliances (exports +37.3%, imports +37.7%), general industrial machinery and equipment (exports +35.1%, imports +40.0%), iron and steal (exports +28.6%, imports +43.9%), professional, scientific and controlling instruments (exports +43.3%, imports +29.4%) and plastics in non-primary forms (exports +26.1%, imports +35.0%).
Below-the-average growth of exports of machines was mainly affected by lower exports of computers (-23.5%) and parts for computers (-43.3%). This was connected with slower growth of exports after inward processing (+3.5%), while imports for inward processing increased by 18.9%. Inward processing surplus amounted to CZK 8.9 billion, which was CZK 2.9 billion down on March 2003 but corresponded to the long-term average.
In terms of territory (groups of countries), the largest surplus increases were observed in trade with Germany (+CZK 2.7 billion), Slovakia (+CZK 1.7 billion), Austria (+CZK 0.8 billion) and Belgium (+CZK 0.8 billion). On the other hand, surplus in trade with the Netherlands went down (by CZK 2.2 billion) and deficit rose in trade with China (by CZK 2.0 billion), Italy (by CZK 1.0 billion), France (by CZK 0.9 billion) and Japan (by CZK 0.9 billion).
Over last twelve months, compared with the preceding twelve months, exports were 10.7% up and imports 10.2% up, and the trade gap totalling CZK 66.4 billion was by CZK 0.7 billion higher.
Improvements were recorded especially for the balance of trade in semi-finished products and materials (a CZK 10.0 billion increase in surplus), ‘mineral fuels and related materials’ (a CZK 3.0 billion decrease in deficit) and ‘miscellaneous consumer articles‘ (a CZK 2.9 billion increase in surplus). Contrary to this, the balance deteriorated in trade in ‘chemicals and related products’ (a CZK 12.6 billion increase in deficit) and ‘machinery and transport equipment’ (a CZK 2.5 billion decrease in surplus).
In the long term, increases were recorded particularly in trade in ‘food and live animals’ (exports +22.4%, imports +10.4%), ‘chemicals and related products’ (exports +8.8%, imports +12.8%), semi-finished products and materials (exports +12.2%, imports +9.3%), ‘miscellaneous consumer articles‘ (exports +11.5%, imports +10.1%) and ‘machinery and transport equipment’ (exports +9.9%, imports +11.7%).
By group of countries, surplus grew most in trade with the EU member states (+CZK 35.1 billion, of which with Germany +CZK 16.9 billion and Austria +CZK 11.7 billion). The deficit rose particularly in trade with China (by CZK 11.7 billion), developing economies (by CZK 9.3 billion) and Japan (by CZK 6.8 billion).
January-March 2004 exports and imports increased by 12.1% and 11.1% y-o-y, respectively. The trade deficit reached CZK 1.2 billion, which was by CZK 3.0 billion less y-o-y.
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1/ Starting with 1 July 2000, the Czech Statistical Office made a methodological adjustment to external trade statistics, which excludes mainly the following items from external trade:
the value of ships and aircraft imported for the purpose of inward processing and exported after inward processing
the value of ships and aircraft exported for the purpose of outward processing and imported after outward processing
the value of returned goods, i.e. goods that have come back in the same state into the free circulation regime within three years after their export from the Czech Republic
the value of exported goods, the purpose of which is other than leaving the goods permanently abroad, and re-import is supposed
monetary gold
