International trade in goods (change of ownership) - October 2023

The balance was affected by higher exports of motor vehicles

07.12.2023
Code: 241018-23
 

According to preliminary data in current prices, the trade balance of goods in October 2023 ended in a surplus of CZK 12.8 bn, which was by CZK 38.5 bn better result, year−on−year (y−o−y).

The total balance of international trade1) in goods2) was favourably influenced mainly by a y−o−y higher surplus in 'motor vehicles, trailers and semitrailers' by CZK 16.9 bn (exports grew by CZK 25.5 bn). The trade deficit in 'crude petroleum and natural gas' and 'basic metals' declined by CZK 11.0 bn and CZK 2.7 bn, respectively. The trade surplus in 'machinery and equipment' increased by CZK 2.2 bn.

The total trade balance was affected negatively mainly by an increase of the trade deficit in 'computer, electronic and optical products' by CZK 2.9 bn and by a decrease in the trade surplus in 'products of forestry and logging' by CZK 1.0 bn.

In October 2023, the positive trade balance with EU Member States improved by CZK 3.1 bn. The trade deficit with non-EU countries decreased by CZK 35.2 bn.

Y-o-y exports rose by 3.8% to CZK 404.1 bn while y-o-y imports decreased by 5.7% to CZK 391.3 bn. October 2023 had two working days more than October 2022.

“In October, the balance of trade maintained its positive trend thanks to the year-on-year growth in exports of motor vehicles and their parts, which reached almost 28%. Again, the year-on-year lower value of imports of most commodities referred to as fossil fuels contributed to the positive result, although we recorded the highest value of oil imports this year,” says Miluše Kavěnová, Director of the International Trade Statistics.

Month-on-month, the seasonally adjusted exports rose by 0.6% while imports fell by 1.0%.

From January to October 2023, the trade surplus reached CZK 88.9 bn, compared with a deficit of CZK 176.0 bn in the same period of the previous year. Since the beginning of the year, y−o−y exports have grown by 1.4% while imports have fallen by 5.6%.


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Methodological note:

From 2020 onwards, data for International trade in goods (change of ownership) are subject to recalculation using an updated method, based on a higher level of detail. See Update of the compilation method – International trade in goods (change of ownership).
In accordance with the methodology of Eurostat, selected data for exports and imports of military equipment and weapons for the current period are for safety reasons included in other goods codes and another territorial structure so that the macroeconomic aggregate of international trade in goods is not influenced.

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Notes:

1) The international trade balance is the difference between exports from the Czech Republic and imports to the Czech Republic.
2) The international trade in goods (change of ownership) reflects export and import performance of the Czech economy, i.e. the international trade balance of the Czech Republic as well. It measures real trade in goods carried out between Czech entities and foreign ones, i.e. the change of ownership between residents and non-residents.

Data for companies, which are subject to the reporting duty and which failed to report data (non-response), has been imputed according to exports and imports these companies reported in the previous period. Data for companies exempted from the reporting duty were estimated on the basis of the data given in the VAT return forms. The data, which were not available from the VAT return forms, are estimated on the basis of the values for previous periods.
Data for respective months of 2023 is preliminary; data up to and including year 2022 is final. When data for the reference month is published, six previous months are updated. All months with preliminary data are updated when data for January, March and July is published. Final data is published always in September of the following year.

Responsible head at the CZSO: Miluše Kavěnová, Director of International Trade Statistics Department, phone number (+420) 274 054 176, e-mail: miluse.kavenova@czso.cz
Contact person: Stanislav Konvička, In Charge of the Trade Balance Unit, phone number (+420) 274 054 254, e-mail: stanislav.konvicka@czso.cz
Method of data collection: Intrastat forms and single administrative documents and value added tax return forms
End of data collection: 20th working day after the end of the reference month
Following data sets: https://www.czso.cz/csu/czso/vzonu_cr
Next News Release will be published on: January 8, 2024 

This press release was not edited for language.

  •      avzo120723.docx
  • Annexes:
  • Chart 1 Balance of international trade in goods (total trade balance, trade balances with the EU Member States and non−EU countries)
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Published: 07.12.2023
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