External Trade of the Czech Republic
Commentary | Contents |
External trade in February 2006
According to preliminary data, seasonally adjusted exports decreased by 1.4% and imports increased by 0.1% month-on-month. The trend component rose by 0.7% in exports and by 0.8% in imports.
In terms of year-on-year comparison, exports and imports at current prices were up by 11.7% and 12.2%, respectively. The growth rate of imports has already been higher than the growth rate of exports for the second successive month. Due to appreciation of the Czech koruna against the euro and depreciation against the US dollar, external trade in euros grew faster (exports +17.8%, imports +18.4%) than in Czech korunas, while exports and imports in US dollars rose slower than in Czech korunas (+8.1% and +8.6%, respectively).
The trade balance ended in a surplus of CZK 7.1 billion, which has been only a slightly better result compared to the same month of the previous year. Trade balance with the EU member states was active by CZK 26.5 billion and with the non-EU states passive by CZK 19.4 billion. The improvement of the balance was decisively contributed to by a CZK 7.0 billion increase in surplus of trade in ‘machinery and transport equipment’. Trade in ’mineral fuels, lubricants and related materials’ (deficit up by CZK 5.2 billion) affected the balance unfavourably.
The total exports of ‘machinery and transport equipment’ were higher by 20.2% (CZK 14.3 billion). The highest share in this growth had increases in exports of ‘road vehicles’ (CZK +6.4 billion), ‘office machines and automatic data-processing machines’ (CZK +3.8 billion), ‘general industrial machinery and equipment’ (CZK +1.3 billion) and ‘electrical machinery, apparatus and appliances’ (CZK +1.1 billion). Imports of ‘machinery and transport equipment’ were up by 14.1% (CZK +7.3 billion) in total, of which most imports of ‘road vehicles’ (CZK +1.8 billion), ‘electrical machinery, apparatus and appliances’ (CZK +1.2 billion), ‘power-generating machinery and equipment’ (CZK +1.2 billion) and telecommunications and sound-recording equipment (CZK +1.0 billion).
The growth of imports of ‘mineral fuels, lubricants and related materials’ by 45.4% (CZK 7.6 billion) was mainly influenced by higher imports of crude petroleum which rose in terms of value by 43.7% but in terms of volume fell by 1.7%. Imports of natural gas at current prices were at a record-breaking level (+36.7 %) while in terms of volume decreased by 14.9%. The decrease in surplus in trade in ‘manufactured goods classified chiefly by material’ was influenced mainly by a deterioration of the balance of trade in ‘non-ferrous metals’ (by CZK 1.0 billon) and ‘iron and steel’ (by CZK 0,5 billion).
By group of countries, trade surplus with the EU member states grew by CZK 1.7 billion and trade deficit with the non-EU states increased by CZK 1.6 billion. Balance improved particularly in trade with the Netherlands by CZK 1.6 billion, France by CZK 1.1 billion, Italy by CZK 1.1 billion, Belgium by CZK 0.9 billion, the United Kingdom by CZK 0.7 billion and Ukraine by CZK 0.6 billion. On the other hand, balance deteriorated in trade with Germany (surplus down by CZK 2.9 billion with exports up only by 0.1% and imports by 6.9%), China (deficit up by CZK 1.8 billion), Poland (surplus down by CZK 1.6 billion), Russia (deficit up by CZK 1.2 billion), Taiwan (deficit up by CZK 0.6 billion) and Norway (deficit up by CZK 0.5 billion).
Over last twelve months, compared to the preceding twelve months, exports and imports grew by 7.7% and 4.7%, respectively. The trade balance reached a surplus of CZK 39.7 billion, which was an improvement of CZK 52.1 billion.
Trade in ‘machinery and transport equipment’ (surplus up by CZK 73.0 billion), ‘miscellaneous manufactured articles‘ (surplus up by CZK 10.7 billion), ‘chemicals and related products’ (deficit down by CZK 5.8 billion) and ‘crude materials, inedible, except fuels’ (deficit down by CZK 3.0 billion) had a favourable effect on the development of the trade balance. Deficit of trade in ‘mineral fuels, lubricants and related materials’ rose (by CZK 46.5 billion).
By group of countries, trade surplus with the EU member states was higher by CZK 46.1 billion, trade deficit with the non-EU states decreased by CZK 6.0 billion. Balance improved with France by CZK 19.1 billion, the United States by CZK 16.1 billion, the United Kingdom by CZK 12.5 billion, Italy by CZK 12.4 billion, Spain by CZK 10.2 billion, Slovakia by CZK 8.4 billion, the Ukraine by CZK 4.8 billion, Japan by CZK 4.6 billion and Belgium by CZK 4.1 billion. Balance deteriorated in trade with Russia by CZK 27.5 billion, the Netherlands by CZK 21.5 billion, China by CZK 8.5 billion, Austria by CZK 4.7 billion, Norway by CZK 3.0 billion, Sweden by CZK 2.9 billion and Germany by CZK 2.5 billion (exports down by 1.8% and imports down 1.5%).
January-February 2006 exports and imports grew by 11.5% and 12.5%, respectively. Trade surplus of CZK 18.3 billion was by CZK 0.6 billion lower year-on-year.
According to the note of the Directorate General of Customs, data were received from 95.0% of the companies obliged to report to the Intrastat system.
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.