External Trade - September 2011

High surplus of trade balance and lower year-on-year growth

07.11.2011
Code: r-6001-11
 




In September 2011, according to preliminary data of ‘border statistics’, exports and imports at current prices rose by 7.8% and 3.5%, year-on-year (y-o-y), respectively. The trade balance surplus of CZK 21.0 bn was by CZK 10.4 bn higher, y-o-y.


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According to preliminary data of ‘border statistics’, seasonally adjusted exports and imports fell by 1.0% and 1.8%, respectively, compared to August 2011. The development trend shows decreasing exports (-0.6%) and imports (-0.4%).

Year-on-year, exports and imports at current prices rose by 7.8% (CZK 18.3 bn) and 3.5% (CZK 7.9 bn), which have been the lowest rates of growth of exports and imports this year. The results were influenced by a high comparative basis of September 2010 when the second largest external trade turnover of year 2010 was reached. In September 2011, external trade turnover reached CZK 484.6 bn which was a CZK 26.1 bn increase y-o-y. Due to appreciation of the CZK against the both main currencies, external trade grew faster in EUR (exports +8.2% and imports +3.9%) and in USD (exports +14.2% and imports +9.7%) than external trade expressed in CZK.

The trade balance ended in a surplus of CZK 21.0 bn, which has been the second largest surplus recorded in the Czech Republic history. Compared to the same month of 2010, the surplus rose by CZK 10.4 bn. An increase of CZK 15.7 bn in surplus in ‘machinery and transport equipment’ was the main contribution to the improvement of the trade balance. Surplus also rose in ‘manufactured goods classified chiefly by material’ (by CZK 1.7 bn) and deficit fell in ‘food and live animals’ (by CZK 0.2 bn). The trade balance deteriorated as surplus turned into a deficit in crude materials, inedible, except fuels’ and ‘beverages and tobacco’ by CZK 2.2 and CZK 0.3 bn respectively. Deficit deepened in trade in ‘chemicals and related products’ and ‘mineral fuels, lubricants and related materials’ by CZK 2.1 bn and CZK 0.9 bn respectively. In ‘miscellaneous manufactured articles’ a y-o-y lower surplus (by CZK 1.1 bn) was recorded.

Total 'machinery and transport equipment' exports rose by 9.4% (CZK +12.0 bn), y-o-y. The biggest increases in exports occurred mainly in exports of ‘road vehicles’ (CZK +6.7 bn) and ‘general industrial machinery and equipment’ (CZK +2.6 bn). On the other hand, total 'machinery and transport equipment' imports fell by 3.7% (CZK -3.7bn), y-o-y. The largest drops were recorded in imports of ‘electrical machinery, apparatus and appliances’ (CZK -6.2 bn) and ‘telecommunications and sound-recording equipment’ (CZK -2.0 bn). Increases in imports were observed in ‘road vehicles (CZK +2.2 bn) and ‘general industrial machinery and equipment’ (CZK +1.1 bn). Mineral fuels, lubricants and related materials’ imports grew by 8.7% (CZK 1.8 bn) y-o-y. Imports of crude petroleum rose by 11.1% in value, while it fell by 15.4% in volume. Imports of natural gas fell by 22.9% in value and by 36.6% in volume.

A surplus of trade balance with EU Member States was by CZK 3.9 bn higher y-o-y and amount to CZK 55.9 bn. Trade balance with non-EU countries ended in a deficit of CZK 34.9 bn which was by CZK 6.5 bn lower compared to September 2010. Surplus rose in trade with Germany (by CZK 3.1 bn), Spain and the United States (both by CZK 1.1 bn) and Slovakia (by CZK 0.5 bn). Balance improved in trade with Norway as a deficit turned into a surplus (by CZK 1.1 bn). The trade gap narrowed in trade with China (by CZK 2.9 bn), the Russian Federation (by CZK 0.6 bn). Deficit increased in trade with Korea (by CZK 1.6 bn) and Azerbaijan (by CZK 0.7 bn).

In January-September 2011, exports and imports rose by 14.4% and 13.1% respectively. The trade balance ended in a surplus of CZK 135.7 bn, which was an increase of CZK 38.1 bn, y-o-y. The trade balance improved mainly in ‘machinery and transport equipment’ (surplus up by 75.1 bn). On the contrary, deficit increased in ‘mineral fuels, lubricants and related materials’ (by CZK 27.5 bn) and ‘chemicals and related products’ (by CZK 13.0 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 September 2011 ended in a surplus of CZK 7.7 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 98.1% 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 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) 274 052 486, 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): /csu/czso/external-trade-of-the-czech-republic-january-december-2011-1cazdiibf0
External Trade Database: /csu/czso/ep-6-opendocument
Next News Release: 7 December 2011
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.



  • avzo110711.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: 07.11.2011
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