External Trade - February 2011

Imports grew faster than exports for the twelfth month

06.04.2011
Code: r-6001-11
 




In February 2011, according to preliminary data of ‘border statistics’, exports and imports at current prices rose by 18.4% and 20.5%, year-on-year (y-o-y), respectively. The trade balance surplus of CZK 13.7 bn was by CZK 0.9 bn lower, y-o-y.


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According to preliminary data of ‘border statistics’, seasonally adjusted exports and imports fell by 2.1% and 2.3%, respectively, compared with January 2011. The development trend shows increasing exports (+0.4%) and imports (+1.0%).

Year-on-year, exports and imports at current prices went up by 18.4% (CZK 33.8 bn) and 20.5% (CZK 34.8 bn), respectively. The results were influence by a low comparative base of February 2010 when the second lowest monthly value of external trade turnover in 2010 was posted. The imports growth rate has been surpassing the exports growth rate for the twelfth successive month. Due to appreciation of the CZK against the both main currencies, external trade grew faster in EUR (exports +26.6% and imports by +28.9%) and in USD (exports +26.3% and imports +28.6%) than external trade expressed in CZK.

The trade balance surplus ended up in a surplus of CZK 13.7 bn, which was by CZK 0.9 bn lower, y-o-y. Surplus grew in ‘machinery and transport equipment’ (by CZK 3.9 bn) and ‘miscellaneous manufactured articles’ (by CZK 0.8 bn); deficit of trade in food and live animals’ decreased by (CZK 0.3 bn). On the other hand, the trade gaps increased in ‘mineral fuels, lubricants and related materials’ and ‘chemicals and related products’ by CZK 3.2 bn and CZK 1.6 bn, respectively. Surplus shrank in ‘crude materials, inedible, except fuels’ (by CZK 0.5 bn), ‘manufactured goods classified chiefly by material’ (by CZK 0.3 bn) and ‘beverages and tobacco’ (by CZK 0.3 bn).

Total 'machinery and transport equipment' exports rose by 17.5% (CZK +17.5 bn), y-o-y. Exports grew first of all in ‘road vehicles’ (CZK +5.2 bn), ‘electrical machinery, apparatus and appliances’ (CZK +4.1 bn) and ‘general industrial machinery and equipment’ (CZK +2.1 bn). Total 'machinery and transport equipment' imports rose by 19.5% (CZK +13.7 bn), y-o-y. Highest increases were recorded in imports of ‘electrical machinery, apparatus and appliances’ and ‘office machines and automatic data-processing machines’ (both by CZK +3.6 bn) and ‘road vehicles’ (CZK +2.4 bn). ‘Mineral fuels, lubricants and related materials’ imports grew by 27.4% (CZK +4.7 bn), y-o-y. Imports of crude petroleum increase by 17.1% in value, while they dropped by 3.5% in volume. Imports of natural gas were up by 29.8% in value and by 5.0% in volume, y-o-y.

The trade balance with EU Member States gave a surplus of CZK 53.2 bn, which was by CZK 7.1 bn higher, y-o-y. The trade gap with non-EU countries widened by CZK 8.0 bn to amount to CZK 39.5 bn. The trade surplus rose with Germany (by CZK 6.1 bn), France (by CZK 1.6 bn), and Slovakia (by CZK 0.8 bn). On the other hand, deficit widened in trade with China (by CZK 7.5 bn) and Russia (by CZK 1.4 bn).

In January-February 2011, exports and imports rose by 23.3% and 25.1% respectively. The trade surplus amounting to CZK 31.2 billion was up by CZK 1.2 billion y-o-y. The trade balance improved mainly in ‘machinery and transport equipment’ (surplus up by 14.2 bn). On the contrary, deficit increased in ‘mineral fuels, lubricants and related materials’ (by CZK 7.9 bn).
According to the methodology of balance o payments in national concept based on the concept of change of ownership between residents and non-residents, February trade balance yielded a surplus of CZK 2.0 bn. The data on exports and imports of goods calculated by using the VAT data according to this concept are available in Table 8.

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According to the CZSO sources data were obtained from 96.8% of companies (for goods dispatched) and 96.5% of companies (for goods arrived) obliged to report to the Intrastat system. Data for companies, exempted from the reporting duty, in accordance with the amended Decree No. 201/2005 Sb., and for companies that failed to report, have been imputed. The imputation methods are based on data of trade implemented that the companies reported in the previous period and data given in the VAT return forms.

The data according to the methodology of Balance of Payments and National Accounts are monthly calculated on the basis of External Trade Statistics data in combination with the Value Added Tax data. The data are extrapolated from the data of previous periods for the months where the data from Value Added Tax declarations are not available. This methodology consists in value substitution of goods operation done by non-residents by its value added, i.e. the difference between the value of inland purchased good in case of exports or sale to inland in case of imports and the value declared crossing the border. While the aim of External Trade Statistics, which has been published in national concept until now according to the regulations of the Parliament and the Council of the European Union, has been the movement of goods across the border, the methodology of Balance of Payments stress the change of ownership between the residents and non-residents.



Notes:
Responsible manager of the CZSO: Ing. Marek Rojíček, Ph.D., Director of Macroeconomic Statistics Branch, phone (+420) 274 052 486, e -mail: marek.rojicek@czso.cz
Contact: Karel Král, Director of External Trade Statistics Department, phone (+420) 274 052 161, e-mail: karel.kral@czso.cz
Method of data collection: Intrastat forms and Single administrative documents.
End of data collection: 20 th working day after the end of the reference month
Documents available on the CZSO website: w-6001-11 External Trade of the Czech Republic – detailed breakdown (Periodicity: monthly): http://www.czso.cz/csu/2010edicniplan.nsf/engs/2010-6
External Trade Database: http://apl.czso.cz/pll/stazo/STAZO.STAZO?jazyk=EN
Next News Release: 10 May 2011
The data for individual months of 2009 are final; the data for individual months of 2010 and 2011 are preliminary.
Preliminary data of the reference month are released together with updated data of the previous three months. The data in Table 8 were updated only for January 2011. All data are processed from basic reporting units and subsequently rounded.

Text not edited for language.



  • avzo040611.doc

  • Annexes:
  • Table 1 External trade in goods in CZK million, year-on-year indices (‘border statistics’)
  • Table 2 External trade in goods by sections of SITC, in CZK million, share percentage, year-on-year indices (‘border statistics’)
  • Table 3 External trade in goods by group of countries in CZK million, share percentage, year-on-year indices (‘border statistics’)
  • Table 4 External trade in goods in EUR million, year-on-year indices (‘border statistics’)
  • Table 5 External trade in goods in USD million, year-on-year indices (‘border statistics’)
  • Table 6 Time series decomposition – exports, seasonal adjustment (‘border statistics’)
  • Table 7 Time series decomposition – imports, seasonal adjustment (‘border statistics’)
  • Table 8 Main external trade statistics indicators based on the national concept (the principle of change in ownership)
  • Graph 1 Exports in CZK billion (‘border statistics’)
  • Graph 2 Imports in CZK billion (‘border statistics’)
  • Graph 3 Balance in CZK million, year-on-year-changes (‘border statistics’)
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Published: 06.04.2011
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