External Trade - May 2011

Exports grew faster than imports

07.07.2011
Code: r-6001-11
 




In May 2011, according to preliminary data of ‘border statistics’, exports and imports at current prices rose by 18.2% and 17.5%, year-on-year (y-o-y), respectively. The trade balance surplus of CZK 14.4 bn was by CZK 3.2 bn higher, y-o-y.


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According to preliminary data of ‘border statistics’, seasonally adjusted exports and imports fell by 0.7% and 1.0%, respectively, compared with April 2011. The development trend shows increasing exports (+0.2%) and imports (+0.5%).

Year-on-year, exports and imports at current prices were up by 18.2% (CZK 37.3 bn) and 17.5% (CZK 34.0 bn), respectively. Y-o-y, the external trade turnover increased by 17.8% (CZK 71.3 bn) to CZK 470.6 bn, which was by CZK 61.2 bn more than in May 2008 (before economic and financial recession). Due to appreciation of the CZK against the both main currencies, external trade grew faster in EUR (exports +24.4% and imports by +23.7%) and in USD (exports +42.0% and imports +41.3%) than external trade expressed in CZK.

The trade balance surplus of CZK 14.4 bn was by CZK 3.2 bn higher compared to May 2010. Trade surplus rose mainly in ‘machinery and transport equipment’ (by CZK 8.7 bn); further in ‘miscellaneous manufactured articles’ and ‘manufactured goods classified chiefly by material’ (both by CZK 1.0 bn). On the other hand, surplus shrank in ‘crude materials, inedible, except fuels’ (by CZK 1.9 bn) and ‘beverages and tobacco’ (by CZK 0.2 bn). Higher deficits were recorded in ‘mineral fuels, lubricants and related materials’ (CZK 4.0 bn), ‘chemicals and related products’ (by CZK 1.3 bn) and ‘food and live animals’ (by CZK 0.2 bn).

Total 'machinery and transport equipment' exports rose by 19.6% (CZK 21.6 bn), y-o-y. Exports grew first of all in ‘road vehicles’ (by CZK 5.3 bn), ‘electrical machinery, apparatus and appliances’ (by CZK 4.9 bn) and office machines and automatic data-processing machines’ (by CZK +4.2 bn). Total 'machinery and transport equipment' imports rose by 15.7% (CZK +12.9 bn), y-o-y, of which the highest increases were reported in imports of ‘other transport equipment’ (by CZK +2.7 bn), ‘electrical machinery, apparatus and appliances’ (by CZK 2.5 bn) and ‘road vehicles’ (by CZK +2.4 bn). ‘Mineral fuels, lubricants and related materials’ imports grew by 29.6% (CZK +5.7 bn). Imports of ‘crude petroleum rose by 6.4% in value, while it dropped by 15.7% in volume. Imports of ‘natural gas’ increased by 26.1% in value and by 12.1% in volume.

The trade balance with EU Member States showed a surplus of CZK 56.1 bn, which was by CZK 5.5 bn higher, y-o-y. The trade gap with non-EU countries widened by CZK 2.3 bn to amount to CZK 41.7 bn. The trade surplus rose with Germany (by CZK 4.8 bn), Slovakia (by CZK 1.6 bn) and France (by CZK 0.6 bn). The trade gap grew in trade with China (by CZK 3.9 bn); on the other hand, a drop in deficit was observed in trade with the Russian Federation (by CZK 1.6 bn) due to increasing exports.

In January-May 2011, exports and imports rose by 19.4% and 20.1% respectively. The trade surplus attained CZK 80.5 bn, which was an increase of CZK 7.9 bn, y-o-y. The trade balance improved mainly in ‘machinery and transport equipment’ (surplus up by 39.5 bn). On the contrary, deficit increased in ‘mineral fuels, lubricants and related materials’ (by CZK 20.3 bn) and ‘chemicals and related products’ (by CZK 10.1 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, April trade balance ended in a surplus of CZK 1.5 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 98.4% of companies (for goods dispatched) and 98.5% 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: /csu/czso/ep-6-opendocument
Next News Release: 8 August 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.



  • avzo070711.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: 07.07.2011
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