External Trade of the Czech Republic
Commentary | Contents |
External trade in February 2005
According to preliminary data, exports and imports seasonally adjusted fell by 1.4% and 5.2% month-on-month, respectively. The trend cycle component rose by 0.3% in exports and imports alike (table 6, graphs 1 and 2). The growth rate of the trend cycle component in both exports and imports grew in the second successive month, after a previous decrease.
In terms of year-on-year comparison, current price exports and imports were up 9.6% and 9.3% (graphs 3 and 4). This is the lowest growth since January 2004, with the exception of imports in December 2004. External trade grew faster both in terms of US dollars (exports +23.7% and imports +23.4%) and in terms of euros (exports +20.2% and imports +19.9%) than external trade valued in Czech korunas.
The trade balance ended in a surplus of CZK 5.2 billion, which was by CZK 0.7 billion more than in February 2004. This is the best monthly balance since January 1994. Trade balance with the EU member states reached a surplus of CZK 22.9 billion, trade balance with non-EU states ended in a deficit of CZK 17.7 billion. Balance improved in trade in ’machinery and transport equipment’ (surplus rose by CZK 6.6 billion) and ‘food and live animals‘ (deficit decreased by CZK 0.3 billion). Balance worsened in trade in ’mineral fuels, lubricants and related materials’ (deficit grew by CZK 4.0 billion) and ‘miscellaneous manufactured articles‘ (surplus lowered by CZK 1.3 billion).
Exports of ’machinery and transport equipment’ were higher by only 7.6%, especially due to decreases in exports of telecommunications and sound-recording equipment by 46.3% and metalworking machinery by 13.1%. Imports of ’machinery and transport equipment’ were even down by 3.2%. In particular imports of investment goods fell (metalworking machinery by 50.8% and machinery specialized for particular industries by 13.1%).
The growth of imports of ’mineral fuels, lubricants and related materials’ by 59.4% was caused mainly by higher imports of petroleum (by 60.6% in terms of value, by 22.9% in terms of volume) and natural gas (by 75.7% in terms of value, by 18.2% in terms of volume).
By group of countries, improvements were recorded both in trade with the EU member states (surplus grew by CZK 0.5 billion) and in trade with non-EU states (deficit fell by CZK 0.2 billion). Balance improved particularly in trade with France (the CZK 0.5 billion deficit turned into a CZK 1.5 billion surplus), the United States (the CZK 1.2 billion deficit turned into a CZK 0.5 billion surplus) and Slovakia (surplus increased by CZK 0.9 billion). Balance deteriorated in trade with the Netherlands (a CZK 0.3 billion deficit compared with the CZK 2.9 billion surplus) and Russia (deficit grew by CZK 2.2 billion).
Over last twelve months, compared to preceding twelve months, exports and imports were up 26.4% and 22.2%, respectively. Deficit totalling CZK 18.3 billion was CZK 44.3 billion down.
Only trade in ‘machinery and transport equipment‘ had a positive effect on the trade balance (a CZK 72.8 billion increase in surplus). Deficit rose in trade in ’mineral fuels, lubricants and related materials’ by CZK 6.8 billion and ‘chemicals and related products’ (by CZK 4.0 billion) and surplus grew in trade in ‘miscellaneous manufactured articles‘ (by CZK 6.7 billion) and ‘manufactured goods classified chiefly by material’ (by CZK 4.7 billion).
By group of countries, surplus of trade with the EU member states grew by CZK 73.0 billion, most in trade with Germany (by CZK 35.0 billion), Slovakia (by CZK 18.3 billion), Hungary (by CZK 10.8 billion) and Austria (by CZK 9.8 billion). Surplus fell in trade with the Netherlands (by CZK 8.1 billion) and the United Kingdom (by CZK 6.6 billion). Deficit of trade with non-EU states rose by CZK 28.7 billion, particularly with Japan (by CZK 24.5 billion), China (by CZK 10.8 billion) and the United States (by CZK 9.3 billion). On the other hand, deficit decreased in trade with Malaysia (by CZK 4.0 billion).
January-February 2005 exports and imports grew by 19.0% and 17.6%, respectively. Trade surplus of CZK 8.7 billion was by CZK 4.1 billion higher year-on-year
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According to the communication from the Directorate General of Customs, data were received from 96.8% of the total of 18 063 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 98.3% from among the total number of 1 988 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 February data, the share of imputed value in total exports was 2.2% and in total imports 2.3%.