External Trade of the Czech Republic
Commentary | Contents |
External trade in January 2005
According to preliminary data, exports and imports seasonally adjusted grew by 4.1% and 4.3% month-on-month, respectively. The trend cycle component rose by 1.4% in exports and 2.1% in imports. The growth rate of the trend cycle component in exports grew, after a two-month slowdown, while in imports it showed its increase already in December.
In terms of year-on-year comparison, current price exports and imports were up 30.0% and 26.9%. The results were influenced by a low turnover level in January 2004 when both exports and imports fell (-0.2% and -0.8%, respectively) y-o-y. In January 2005, external trade grew faster both in terms of US dollars (exports +46.0% and imports +42.6%) and in terms of euros (exports +40.3% and imports +37.0%) than external trade valued in Czech korunas.
The trade balance ended in a surplus of CZK 3.4 billion, which amounts to a y-o-y improvement of CZK 3.3 billion. Trade balance with the EU member states reached a surplus of CZK 31.9 billion, trade balance with non-EU states ended in a deficit of CZK 28.5 billion. Trade balance improved especially in ’machinery and transport equipment’ (surplus rose by CZK 6.9 billion) and in ‘food and live animals‘ (deficit decreased by CZK 1.0 billion). On the other hand, surplus fell in trade in ‘miscellaneous manufactured articles‘ by CZK 1.5 billion and in ‘manufactured goods classified chiefly by material’ by CZK 1.4 billion.
The favourable development in trade in ’machinery and transport equipment’ continued despite a deficit in aircraft trade (CZK 6.0 billion). Balance improved mainly in trade in cars including parts and accessories (by CZK 4.2 billion), in general industrial machinery and equipment (by CZK 2.9 billion) and in computers (by CZK 2.1 billion).
By group of countries, improvement was recorded in trade with the EU member states (surplus by CZK 10.7 billion higher), particularly with Germany (by CZK 7.2 billion), Slovakia (by CZK 1.4 billion) and France (by CZK 1.5 billion). On the other hand, surplus in trade with the Netherlands dropped by CZK 2.4 billion. Deficit of trade with non-EU states grew by CZK 7.4 billion y-o-y, most in trade with the United States (by CZK 9.5 billion). Conversely, deficit lowered in trade with China by CZK 1.2 billion and Russia by CZK 0.9 billion.
Over last twelve months, compared to preceding twelve months, exports and imports were up 27.4% and 22.6%, respectively. Trade gap totalling CZK 19.0 billion was CZK 50.1 billion down.
Entirely trade in ‘machinery and transport equipment‘ (a CZK 71.3 billion increase in surplus) had a positive effect on the trade balance. On the other hand, surpluses lowered in trade in ‘miscellaneous manufactured articles‘ (by CZK 4.9 billion) and ‘manufactured goods classified chiefly by material (by CZK 4.0 billion) and deficit rose in trade in ‘chemicals and related products’ (by CZK 4.4 billion).
By group of countries, surplus of trade with EU member states grew by CZK 80.2 billion, most in trade with Germany (by CZK 37.4 billion), Slovakia (by CZK 18.5 billion), Hungary (by CZK 10.9 billion) and Austria (by CZK 11.3 billion). On the other hand, surplus fell in trade with the United Kingdom (by CZK 4.3 billion) and the Netherlands (by CZK 3.6 billion). Deficit of trade with non-EU states rose by CZK 30.1 billion, particularly in trade with Japan (by CZK 24.5 billion), China (by CZK 12.7 billion) and the United States (by CZK 12.1 billion). On the other hand, trade deficit decreased with Malaysia (by CZK 4.1 billion) and Russia (by CZK 2.7 billion).
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According to the communication from the Directorate General of Customs, data were received from 97.9% of the total of 18 177 companies obliged to report to 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 in 2003), the response rate was 98.5% from among the total number of 1 991 companies.
Data for companies exempted from reporting duty (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 January data, the share of imputed value in total exports was 2.4% and in total imports 2.6%.