External Trade - June 2011

Lower year-on-year growth rate of both exports and imports

08.08.2011
Code: r-6001-11
 




In June 2011, according to preliminary data of ‘border statistics’, exports and imports at current prices rose by 9.6% and 5.5%, year-on-year (y-o-y), respectively. The trade balance surplus of CZK 17.6 bn was by CZK 9.5 bn higher, y-o-y.


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According to preliminary data of ‘border statistics’, seasonally adjusted exports and imports fell by 0.3% and 1.7%, respectively, compared to May 2011. The development trend shows decreasing exports (-0.1%) and imports (-0.4%).

Year-on-year, exports and imports at current prices were up by 9.6% (CZK 21.4 bn) and 5.5% (CZK 11.9 bn), respectively, which have been the lowest rates of growth of exports and imports this year. The results were influenced by a high comparative basis of June 2010 when the fourth largest external trade turnover of year 2010 was reached. Due to appreciation of the CZK against the both main currencies, external trade grew faster in EUR (exports +16.3% and imports +12.0%) and in USD (exports +37.1% and imports +32.0%) than external trade expressed in CZK.

The trade balance surplus of CZK 17.6 bn was by CZK 9.5 bn higher compared to June 2010. ‘Machinery and transport equipment’ recorded the largest growth of surplus (by CZK 11.6 bn). They were followed by ‘miscellaneous manufactured articles’ (surplus up by CZK 1.8 bn) and ‘manufactured goods classified chiefly by material’ (surplus up by CZK 1.0 bn). On the other hand, surplus fell in ‘beverages and tobacco’ (by CZK 0.2 bn). Trade deficits grew in ‘mineral fuels, lubricants and related materials’ and ‘chemicals and related products’ by CZK 2.3 bn and by CZK 0.6 bn respectively. A decrease in deficit was observed in ‘food and live animals’ (by CZK 0.5 bn). Balance deteriorated in ‘crude materials, inedible, except fuels’ (by CZK 2.3 bn) as a surplus turned into a deficit.

Total 'machinery and transport equipment' exports went up by 11.2% (CZK +13.6 bn), y-o-y. An increase in exports was obvious mainly in ‘road vehicles’ (by CZK 3.1 bn), ‘electrical machinery, apparatus and appliances’ (by CZK 2.3 bn) and ‘telecommunications and sound-recording equipment’ and ‘general industrial machinery and equipment’ (both by CZK 2.2 bn). Total 'machinery and transport equipment' imports rose by 2.1% (CZK +2.0 bn), y-o-y. The only noticeable increases were posted in imports of ‘power-generating machinery and equipment’ (by CZK 1.7 bn) and ‘general industrial machinery and equipment’ (by CZK 1.1 bn). The growth of ‘machinery and transport equipment’ total surplus was mainly influenced by increases in surpluses in ‘road vehicles’ (by CZK 3.5 bn), ‘telecommunications and sound-recording equipment’ (by CZK 2.8 bn) and ‘electrical machinery apparatus and appliance’ (by CZK 2.6 bn). ‘Mineral fuels, lubricants and related materials’ imports grew by 16.8% (CZK 3.5 bn). Imports of ‘crude petroleum’ rose by 10.5% in value, while it dropped by 10.5% in volume. Imports of ‘natural gas’ increased by 9.2% in value and by 1.3% in volume.

A balance of trade surplus with EU Member States rose by CZK 6.7 bn y-o-y to amount to CZK 57.5 bn. Trade balance with non-EU countries ended in a deficit of CZK 39.9 bn which was by CZK 2.8 bn lower compared to June 2010. Surplus rose in trade with Germany (by CZK 5.4 bn) and Slovakia (by CZK 1.0 bn). Balance improved in trade with the United States (by CZK 1.9 bn) as deficit turned into a surplus. The trade gap widened in trade with China (by CZK 1.9 bn) and it shrank in trade with the Russian Federation (by CZK 0.3 bn). The trade balance deteriorated in trade with the Netherlands (by CZK 2.3 bn) as a surplus turned into a deficit.

In January-June 2011, exports and imports rose by 17.6% and 17.4% respectively. The trade surplus stood at CZK 97.7 bn, which was an increase of CZK 16.9 bn, y-o-y. The trade balance improved mainly in ‘machinery and transport equipment’ (surplus up by 52.0 bn). On the contrary, deficit increased in ‘mineral fuels, lubricants and related materials’ (by CZK 22.7 bn) and ‘chemicals and related products’ (by CZK 11.1 bn).

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 June 2011 ended in a surplus of CZK 4.5 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 98.3% of companies (for goods dispatched) and 98.6% 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, phon e (+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: 6 September 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. All data are processed from basic reporting units and subsequently rounded.

Text not edited for language.



  • avzo080811.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: 08.08.2011
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