External Trade of the Czech Republic
Commentary | Contents |
External trade in August 2005
According to preliminary data, seasonally adjusted exports rose by 1.7% and imports by 13.2% month-on-month. The trend component rose by 2.0% in exports and imports alike (Table 6, Graphs 1 and 2).
In terms of year-on-year comparison, exports and imports were up by 12.2% and 10.8%, respectively. These results were partially affected by the low comparative basis in August 2004. Due to the development of exchange rate of the koruna, external trade rose faster in terms of euros (exports +19.9%, imports +18.4%) and dollars (exports +21.1%, imports +19.6%) than in korunas.
The trade balance ended in a deficit of CZK 1.9 billion. Although it was the first passive balance in 2005, this figure was by CZK 1.4 billion better than in August 2004 and the most favourable external trade balance in August since 1993. The figures were considerably influenced by the inclusion of imported fighters Jas-Gripen valued at CZK 5.9 billion and by high prices of imported crude petroleum and natural gas.
Trade balance with the EU member states was active by CZK 16.9 billion and with the non-EU states passive by CZK 18.8 billion. The balance improved especially in trade in ‘machinery and transport equipment’ (surplus up by CZK 3.3 billion), ’manufactured goods classified chiefly by material’ (surplus up by CZK 1.6 billion) and ‘crude materials, inedible, except fuels’ (a deficit of CZK 0.6 billion turned into a surplus of CZK 0.2 billion). Deficits of trade in ’mineral fuels, lubricants and related materials’ and ‘chemicals and related products’ worsened by CZK 4.2 billion and CZK 0.9 billion, respectively.
The development of the balance of trade in ‘machinery and transport equipment’ (exports +14.6% and imports +11.0%) was primarily affected by marked improvements of the balance of trade in road vehicles (by CZK 4.5 billion) and general industrial machinery and equipment (by CZK 1.7 billion).
The growth of imports of ‘mineral fuels, lubricants and related materials’ by 51.2% was mostly influenced by higher imports of crude petroleum (+76.4% in terms of value, +24.9% in terms of volume) and natural gas (+95.4% in terms of value, +37.9% in terms of volume). Imports of crude petroleum in terms of volume were the highest since January 2004.
By group of countries, surplus in trade with the EU member states fell by CZK 0.7 billion and deficit with the non-EU states decreased by CZK 2.1 billion. Balance improved particularly in trade with Germany (surplus up by CZK 2.4 billion), France (the CZK 0.5 billion deficit turned into a surplus of CZK 1.9 billion), Japan (deficit down by CZK 2.3 billion), the United Kingdom (surplus up by CZK 1.6 billion) and the United States (the CZK 0.9 billion deficit turned into a CZK 0.4 billion surplus). Balance deteriorated in trade with Sweden (surplus of CZK 0.3 billion turned into a deficit of CZK 5.0 billion due to import of the fighters), the Netherlands (the CZK 3.3 billion surplus turned into a CZK 0.3 billion deficit), Russia (deficit up by CZK 2.9 billion), Hungary (surplus down by CZK 0.9 billion) and China (deficit up by CZK 0.5 billion).
Over last twelve months, compared to the preceding twelve months, exports and imports were up by 14.4% and 8.9%, respectively. The total trade balance reached a surplus of CZK 32.6 billion, which was an improvement of CZK 83.6 billion.
A favourable effect on the development of the balance had trade in ‘machinery and transport equipment’ (surplus up by CZK 86.9 billion), ‘manufactured goods classified chiefly by material’ (surplus up by CZK 19.2 billion), ‘chemicals and related products’ (deficit down by CZK 11.7 billion) and ‘miscellaneous manufactured articles’ (surplus up by CZK 2.2 billion). Deficit rose in trade in ‘mineral fuels, lubricants and related materials’ (by CZK 29.7 billion), ‘food and live animals’ (by CZK 3.2 billion), ‘crude materials, inedible, except fuels’ (by CZK 1.5 billion) and ‘beverages and tobacco’ (by CZK 1.2 billion).
By group of countries, surplus of trade with the EU member states grew by CZK 70.0 billion, of which by CZK 24.4 billion in trade with Germany, CZK 16.3 billion in trade with Slovakia and CZK 6.1 billion in trade with Belgium. The CZK 6.3 billion deficit of trade with France turned into a CZK 12.0 surplus. On the other hand, surplus of trade with the Netherlands dropped by CZK 19.4 billion and the CZK 0.2 billion surplus of trade with Sweden turned into a CZK 4.4 billion deficit. Trade deficit with the non-EU states decreased by CZK 13.6 billion. Balance improved particularly in trade with the United States (by CZK 8.3 billion), Malaysia (by CZK 4.3 billion) and China (by CZK 2.3 billion). Balance deteriorated in trade with Russia (by CZK 11.7 billion), Japan (by CZK 2.8 billion) and Turkey (by CZK 2.5 billion).
In January-August 2005, exports and imports grew by 9.1% and 3.7%, respectively. The trade balance reached a surplus of CZK 41.3 billion, compared to the deficit of CZK 17.7 billion in the corresponding period of 2004.
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According to the note of the Directorate General of Customs, data were received from 95.7% of the companies obliged to report within the Intrastat system. As far as large companies are concerned (those whose annual value of exports to or imports from the EU member states exceeded CZK 100 million), the response rate was 98.1%.
Data for companies exempted from the reporting duty (those whose annual value of trade with the EU member states was below CZK 4 million for goods dispatched and below CZK 2 million for goods received) and data for companies that failed to report were imputed. The imputation methods are based on data that companies supplied in the previous period. As to the August data, the share of the imputed value was 2.6% in total exports and 1.6% in total imports.