External Trade - October 2011

Record-breaking surplus of trade balance

07.12.2011
Code: r-6001-11
 




In October 2011, according to preliminary data of ‘border statistics’, exports and imports at current prices rose by 9.6% and 4.9%, year-on-year (y-o-y), respectively. The trade balance reached a record-breaking surplus of CZK 25.5 bn, which was by CZK 11.8 bn higher compared to the same month of 2010.


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According to preliminary data of ‘border statistics’, seasonally adjusted exports and imports rose by 2.5% and 0.1%, respectively, compared to September 2011. The development trend shows increasing exports (+1.3%) and decreasing imports (-0.3%).

Year-on-year, exports and imports at current prices rose by 9.6% (CZK 22.5 bn) and 4.9% (CZK 10.7 bn). External trade turnover increased compared to October 2010 by CZK 33.2 bn to CZK 488.4 bn, which is the second largest value of monthly turnover in 2011 (following CZK 495.5 bn in March). Due to depreciation of the CZK against the both main currencies, external trade grew slower in EUR (exports +8.2% and imports +3.5%) and in USD (exports +6.5% and imports +1.8%) than external trade expressed in CZK.

The trade balance ended in a surplus of CZK 25.5 bn, which was the largest in the Czech Republic history. The surplus rose by CZK 11.8 bn, y-o-y. The growth in surplus in ‘machinery and transport equipment’ (by CZK 14.5 bn) and ‘miscellaneous manufactured articles’ (by CZK 0.9 bn) and an improvement of the balance in ‘manufactured goods classified chiefly by material’ (by CZK 1.1 bn) due to a deficit turning into a surplus contributed to the y-o-y increase of the total surplus. Deepening in deficit in ‘chemicals and related products’, ‘mineral fuels, lubricants and related materials’ and ‘food and live animals’ by CZK 3.4 bn, CZK 1.0 bn and CZK 0.1 bn respectively influenced the trade balance negatively. Surplus fell in trade in crude materials, inedible, except fuels’ by CZK 0.1 bn. The balance of trade in ‘beverages and tobacco’ was nearly stable, the same as in October 2010.

Total 'machinery and transport equipment' exports went up by 9.8% (CZK +12.7 bn), y-o-y. The biggest increases in exports occurred mainly in exports of ‘road vehicles’ (CZK +6.0 bn), ‘office machines, automatic data-processing machines’ (CZK +3.1 bn) and ‘general industrial machinery and equipment’ (CZK +2.3 bn). Total 'machinery and transport equipment' imports fell by 1.9% (CZK -1.8 bn), y-o-y. The largest drops were recorded in imports of ‘electrical machinery, apparatus and appliances’ (CZK -8.1 bn). On the other hand, imports of and ‘general industrial machinery and equipment’ and ‘road vehicles’ grew by CZK 2.6 bn and CZK 2.4 bn respectively. Mineral fuels, lubricants and related materials’ imports grew by 4.4% (CZK 0.8 bn) y-o-y, mainly due to the higher imports of natural gas (+25.3% in value, +10.4% in volume). Imports of crude petroleum fell y-o-y (38.4% in value, 57.8%).

A surplus of trade balance with EU Member States fell by CZK 1.6 bn lower y-o-y to CZK 56.9 bn. Trade balance with non-EU countries ended in a deficit of CZK 31.4 bn which was by CZK 13.4 bn lower compared to October 2010. Surplus rose in trade with France (by CZK 2.3 bn) and Slovakia (by CZK 0.4 bn). The trade balance improved with the Russian Federation (by CZK 8.8 bn), the Ukraine (by CZK 1.4 bn) and the United States (by CZK 1.0 bn) as a deficit turned into a surplus; deficit fell in trade with China (by CZK 2.8 bn) and Japan (by CZK 1.1 bn). The trade balance worsened in trade with Norway (by CZK 1.7 bn) and Poland (by CZK 1.0 bn) as a surplus turned into a deficit. Deficit deepened in trade with Azerbaijan (by CZK 1.3 bn) and Korea (by CZK 1.1 bn); and a decrease in surplus was recorded in trade with the Netherlands (by CZK 1.4 bn), Romania (by CZK 1.0 bn) and Germany (by CZK 0.7 bn).

In January-October 2011, exports and imports rose by 14.0% and 12.3% respectively. The trade balance ended in a surplus of CZK 159.8 bn, which was an increase of CZK 48.5 bn, y-o-y. The trade balance improved mainly in ‘machinery and transport equipment’ (surplus up by 88.6 bn). On the contrary, deficit increased in ‘mineral fuels, lubricants and related materials’ (by CZK 28.9 bn) and ‘chemicals and related products’ (by CZK 17.1 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 October 2011 ended in a surplus of CZK 12.1 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 98.3% of companies (for goods dispatched) and 98.3% 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 recording of 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 4 86, 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): /csu/czso/external-trade-of-the-czech-republic-january-december-2011-1cazdiibf0
External Trade Database: /csu/czso/ep-6-opendocument
Next News Release: 6 January 2012
The data for individual months of 2010 are final; the data for individual months of 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.



  • avzo120711.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: 07.12.2011
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