Export and import prices - Methodology
The export and import price indices have been calculated for the Czech Republic monthly since 1998. Since 2019, data are measured monthly by means of two statistical questionnaires called Ceny ZOV 1 - 12 for export prices, and Ceny ZOD 1 - 12 for import ones.
The price representatives were selected by domestic businesses important for international trade of the Czech Republic. Both production enterprises, as well as enterprises engaged in foreign trade activities only, of them about 600 businesses engaged in exports and around 600 ones in imports. At present, the weighting schemes for export and import include in total more than 5000 products, raw materials and supplies – the price representatives, which form a significant share in the actual value of trade in rather significant groups of international trade, both exports and imports.
The basis of actual prices is invoiced prices achieved in the implemented rather significant import and export trade transactions converted into CZK by appropriate average monthly exchange rates declared by the Czech National Bank. The conversion is carried out either directly by the reporting unit, or by the Czech Statistical Office in cases prices are reported in a foreign currency. Thus besides price trends, the price indices reflect changes in foreign exchange rates as well. The prices given are free of customs duties, value added tax, and excise duties.
Since January 2011, broken down export and import price indices, exchange rate adjusted, have been published monthly. These breakdowns represent the values of exchange rate adjusted increments in percentage points. Detailed information can be found in export and import price analyses.
The Export and import indices are constructed according to the national version of Classification of Products by Activity (CZ-CPA) and are further recalculated according to the main categories of the Standard International Trade Classification (SITC) Revision 4. The terms of trade are expressed as a ratio of export price indices and import price indices.
In 2023, a regular revision of export and import price indices was carried out. Starting from the price
indices for the reference period of January 2024, the export and import price indices are calculated on a new weighting scheme based on the structure of international trade of the year 2021. The newly calculated indices are chained to the current time series with the base of 2015 average = 100. This ensures the continuation of the existing time series, from which all other indices (month-on-month, year-on-year, rolling average ratio) are further calculated. Indices published so far remain valid.
Moreover, by means of the revision, there was also a change in the concept, where the CZ-CPA classification has been newly set as an initial one, which enables to publish data for sections and divisions according to this classification (to the level according to the CPA2 classification). News releases are newly published solely according to the CZ-CPA classification. This change also ensures better coherence with news releases on producer prices.
The SITC classification continues to be published in the same details as it has been until now. Publishing of the HS classification ended as at December 2023.
Increase (decrease) in export and import prices indicates by how many percent the average price level of exports or imports increased (decreased) compared to the average price level of the comparison period. The comparison period for the year-on-year increase (decrease), expressed as percentage, is the same period of the previous year.
The first estimates are, at the same time, the finalised data. This means, ordinary revisions, i.e. revisions to make previous estimates more precise without changes to methodology or modifications of the calculation concept, are not carried out.