External Trade - July 2011

Exports grew faster than imports

06.09.2011
Code: r-6001-11
 




In July 2011, according to preliminary data of ‘border statistics’, exports and imports at current prices rose by 9.3% and 4.0%, year-on-year (y-o-y), respectively. The trade balance surplus of CZK 14.0 bn was by CZK 10.8 bn higher, y-o-y.


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According to preliminary data of ‘border statistics’, seasonally adjusted exports and imports grew by 3.3% and 2.0%, respectively, compared to June 2011. The development trend shows increasing exports (+1.9%) and imports (+0.4%).

Year-on-year, exports and imports at current prices rose by 9.3% (CZK 18.6 bn) and 4.0% (CZK 7.8 bn), respectively, which have been the lowest rates of growth of exports and imports this year. A higher rate of growth of exports than that of imports has been obvious for two successive months. Due to appreciation of the CZK against the both main currencies, external trade grew faster in EUR (exports +13.6% and imports +8.1%) and in USD (exports +26.7% and imports +20.5%) than external trade expressed in CZK.

The trade balance ended in a surplus of CZK 14.0 bn, which was by CZK 10.8 bn higher y-o-y. July trade balance has been positive since 2008; and the biggest value of surplus has been posted this year. Surplus went up in ‘machinery and transport equipment’ (by CZK 8.6 bn), ‘miscellaneous manufactured articles’ (by CZK 1.8 bn) and ‘manufactured goods classified chiefly by material’ (by CZK 1.3 bn). Deficits deepened in ‘mineral fuels, lubricants and related materials’ and ‘crude materials, inedible, except fuels’ by CZK 1.1 bn and CZK 0.3 bn respectively. Surplus in trade in ‘beverages and tobacco’ (CZK +0.2 bn) remained on the same level as in July 2010.

Total 'machinery and transport equipment' exports were up by 8.9% (CZK +9.6 bn), y-o-y. Increases in exports were recorded mainly in ‘road vehicles’ (by CZK 5.5 bn), ‘telecommunications and sound-recording equipment’ (by CZK 2.2 bn) and ‘electrical machinery, apparatus and appliances’ (by CZK 1.9 bn). Total 'machinery and transport equipment' imports rose by 1.3% (CZK +1.0 bn), y-o-y. The only noticeable increases were posted in imports ‘road vehicles’ (by CZK 2.3 bn) and ‘machinery specialized for particular industries’ (by CZK 1.8 bn). Imports fell in ‘electrical machinery, apparatus and appliances’ (by CZK 3.7 bn) and ‘office machines, automatic data-processing machines’ (by CZK 1.1 bn). The growth of ‘machinery and transport equipment’ total surplus was mainly influenced by increases in surpluses in ‘electrical machinery, apparatus and appliances’ (by CZK 5.6 bn), ‘road vehicles’ (by CZK 3.2 bn) and telecommunications and sound-recording equipment’ (by CZK 2.1 bn). ‘Mineral fuels, lubricants and related materials’ imports grew by 18.8% (CZK 3.7 bn) y-o-y, mainly due to larger imports of crude petroleum (+38.1% in value and +11.7% in volume). Imports of natural gas decreased (-22.9 % in value and -26.0% in volume).

A balance of trade surplus with EU Member States rose by CZK 7.1 bn y-o-y to amount to CZK 51.5 bn. Trade balance with non-EU countries ended in a deficit of CZK 37.5 bn which was by CZK 3.7 bn lower compared to July 2010. Surplus rose in trade with Germany (by CZK 1.8 bn) and Slovakia (by CZK 0.7 bn). Balance improved in trade with Norway (by CZK 1.3 bn) as a deficit turned into a surplus. The trade gap shrank in trade with China (by CZK 1.1 bn) and the Russian Federation (by CZK 0.3 bn). Deficit deepened in trade with Azerbaijan (by CZK 0.5 bn).

In January-July 2011, exports and imports rose by 15.7% and 14.7% respectively. The trade balance ended in a surplus of CZK 113.5 bn, which was an increase of CZK 27.2 bn, y-o-y. The trade balance improved mainly in ‘machinery and transport equipment’ (surplus up by 53.8 bn). On the contrary, deficit increased in ‘mineral fuels, lubricants and related materials’ (by CZK 23.8 bn) and ‘chemicals and related products’ (by CZK 9.4 bn).

The CZSO has carried out the regular annual update. The final 2010 data says, that y-o-y exports and imports grew by 18.4% to 2 532.8 bn and 21.2% to 2 411.6 bn respectively. The trade balance for the year 2010 reached a surplus of CZK 121.2 bn against 149.6 bn in 2009.

According to the methodology of balance of payments in national concept based on the concept of change of ownership between residents and non-residents, trade balance in July 2011 ended in a deficit of CZK 0.2 bn. The data on exports and imports of goods, calculated by using the VAT data according to this concept, are available in Table 8 and in the time series External trade in goods according to change of ownership (national concept).

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According to the CZSO sources data were obtained from 98.0% of companies (for goods dispatched) and 98.2% 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: /csu/czso/ep-6-opendocument
Next News Release: 7 October 2011
The data for individual months of 2010 are final referring to 26 August 2011 closing date. The data for individual months of 2011 are preliminary. All data are processed from basic reporting units and subsequently rounded.

Text not edited for language.



  • avzo090611.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: 06.09.2011
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