External Trade of the Czech Republic
Commentary | Contents |
External trade – June 2004
Marked year-on-year growth of trade and slight surplus
According to preliminary data, both exports and imports seasonally adjusted decreased by 3.7% and 3.5% month-on-month, respectively.
Current price exports and imports were 33.6% and 28.8% up year-on-year, respectively. Due to the appreciation of the Czech koruna against the US dollar and the depreciation against the euro, external trade grew faster in terms of US dollars (exports +38.2% and imports +33.2%) and was slightly slower in terms of euros (exports +32.7% and imports +28.0%) than external trade valued in Czech korunas.
Trade surplus stood at CZK 0.9 billion (as against the deficit of CZK 3.4 billion in June 2003) and resulted from the surplus of CZK 17.7 billion and the deficit of 16.8 billion in trade with EU member states and non-EU states, respectively. Favourable development occurred in trade in ’machinery and transport equipment’ (surplus increased by CZK 6.6 billion) and ‘miscellaneous consumer articles‘ (surplus increased by CZK 0.9 billion). The balance improved most in trade in parts and accessories of motor vehicles (surplus increased by CZK 2.7 billion), telecommunication equipment (CZK 0.3 billion deficit turned into CZK 2.1 billion surplus), computers (surplus increased by CZK 1.3 billion) and motor cars (surplus increased by CZK 1.2 billion). On the other hand, the balance of trade in ’machinery and transport equipment’ was negatively affected by trade in parts of computers (CZK 0.1 billion surplus turned into CZK 2.3 billion deficit) and electrical machinery and appliances (deficit increased by CZK 1.4 billion). Deficits went up in trade in ‘mineral fuels and related materials’ (by CZK 1.8 billion) and ‘chemicals and related products’ (by CZK 0.9 billion).
Territorially, the biggest improvements were reported for trade with EU member states (surplus by CZK 5.1 billion higher), of which especially for trade with Slovakia (surplus by CZK 2.7 billion higher), France (CZK 1.0 billion deficit turned into CZK 0.4 billion surplus), Italy (deficit by CZK 1.2 billion lower) and Austria (surplus by CZK 1.0 billion higher); at the same time the surplus in trade with Germany went down (by CZK 1.3 billion). Conversely, the deficit grew in trade with non - EU states (+CZK 0.8 billion), of which with Japan +CZK 2.1 billion, United States +CZK 1.6 billion and China +CZK 0.6 billion.
Over last twelve months exports were 16.8% up and imports 15.8% up and the trade gap totalling CZK 63.7 billion was by CZK 2.0 billion down on the preceding twelve months.
Improvements were recorded especially for the balance of trade in ‘machinery and transport equipment’ (CZK 15.7 billion increase in surplus), semi-finished products and materials (CZK 5.4 billion increase in surplus) and ‘mineral fuels and related materials’ (CZK 2.6 billion decrease in deficit). Contrary to this, the balance deteriorated in trade in ‘chemicals and related products’ (CZK 16.1 billion increase in deficit).
In the long run, increases were particularly recorded in trade in ‘machinery and transport equipment’ (exports +18.3%, imports +18.1%), ‘miscellaneous consumer articles‘ (exports +16.5%, imports +16.8%), ‘food and live animals’ (exports +20.7%, imports +13.5%), semi-finished products and materials (exports +16.0%, imports +15.1%) and ‘chemicals and related products’ (exports +12.8%, imports +16.9%).
Territorially, the surplus grew most in trade with EU member states (+CZK 26.2 billion, of which with the Netherlands +CZK 18.0 billion, Slovakia +CZK 11.4 billion and Austria +CZK 7.7 billion). The deficit rose in trade with non-EU states (+CZK 24.2 billion), of which especially with China (+CZK 11.4 billion), Japan (+CZK 10.2 billion) and the United States (+CZK 5.8 billion).
January-June 2004 exports and imports increased by 21.6% and 20.2% year-on-year, respectively. The trade deficit reached CZK 11.7 billion and was by CZK 5.7 billion down year-on-year.
According to the communication from the Directorate General of Customs the data were obtained from 94.3% of firms out of the total of 19 514 firms obliged to provide data within the Intrastat system. As far as large firms are concerned (firms whose value of annual exports or imports in trade with EU member states exceeded CZK 1 billion in 2003), the response was 97.9% (data from 45 firms were missing). This result was thus somewhat better compared to the collection of data for May.
Data for the firms that failed to report and data for the firms exempted from the reporting duty (firms whose value of annual trade with EU member states was below CZK 4 billion for dispatched goods and CZK 2 billion for received goods) were imputed. The imputation methods were based on the data the firms supplied in the previous period.