Export and import price indices - April 2005
Year-on-year terms of trade negative after four years
Publication Date: 14. 06. 2005
Product Code: r-7201-05
Goods import and export price indices in the CR
April 2005
Month-on-month comparison:
- Import prices increased by +1.7% in April and export prices by +0.7%. Import prices thus have risen the fastest since September 2000, export prices since March 2004. The main reason for this development of external trade prices was marked April depreciation of Czech crown to main foreigner currencies (CZK to EUR -1.2% and CZK to USD even -3.0%).
- Imports: import prices have been influenced the most by prices of 'mineral fuels, lubricants and related materials', which increased in total by +9.7% (petroleum and petroleum products in particular). In this context, prices of 'chemicals and related products' rose as well (+1.0%, fertilizers and organic chemicals in particular). Prices of 'machinery and transport equipment' were higher, too (+0.6%, especially machinery specialized for particular industries). Prices of 'food and live animals' decreased the most markedly (-1.0%, vegetables and fruit in particular).
- Exports : the biggest influence on the amount of the total m-o-m export price index was due to price increase of 'machinery and transport equipment' (+0.6%, especially office machines and automatic data-processing machines). However, the biggest increase was for 'mineral fuels, lubricants and related materials' (+3.1%, gas and petroleum products in particular) and in this context prices of 'chemicals and related products' increased as well (+1.9%, organic chemicals in particular). From more significant sections only prices of 'crude materials, inedible, except fuels' decreased (-0.5%, metalliferous ores in particular).
- Terms of trade reached the negative value of 99.0% and thus were the lowest since September 2000. In comparison with March, the terms of trade value was lower in almost all sections. It was low especially in 'mineral fuels, lubricants and related materials' section (94.0%, i.e. by -4.7 percentage points less than in March), 'crude materials, inedible, except fuels' (98.1%) and 'manufactured goods classified chiefly by material' (99.7%). Terms of trade for 'machinery and transport equipment' amounted to 100.0% (by -0.2 percentage points less than in March). Positive value of terms of trade was only for section 'miscellaneous manufactured articles' and 'chemicals and related products' (both 100.9%) and 'food and live animals' (101.5%).
Year-on-year comparison:
- Import prices decreased by -0.5%, export prices by -0.7% (i.e. by -1.4 and -0.3 percentage points, respectively, less than in March). The main cause of this slighter decrease was mainly the lower y-o-y appreciation of CZK to main foreign currencies in comparison with March and faster price growth of 'mineral fuels, lubricants and related materials'.
- Import prices were influenced the most by 'mineral fuels, lubricants and related materials' prices, which increased by +25.7% (especially petroleum, petroleum products and gas). From more significant sections prices of 'crude materials, inedible, except fuels' increased (+3.2%, metalliferous ores and metal scrap in particular). On the contrary, especially prices of 'miscellaneous manufactured articles' (-7.2%) and 'machinery and transport equipment' (-5.5%, mainly telecommunications apparatus) decreased.
- Export prices increased most for 'mineral fuels, lubricants and related materials' as well (+24.6%, coal and petroleum products in particular). This growth was also a reason for a price increase of 'chemicals and related products' (+8.2%, especially organic chemicals and plastics). Prices of 'manufactured goods classified chiefly by material' increased, too (+2.3%, iron and steel in particular). However, the biggest influence on the decrease of the total y-o-y export price index was due to price drop of 'machinery and transport equipment' (-5.5%, power-generating machinery and equipment in particular). Export prices of 'food and live animals' (-4.3%), 'crude materials, inedible, except fuels' and 'miscellaneous manufactured articles' (both -3.6%) decreased as well.
- Terms of trade reached the value of 99.8%, i.e. by -1.1 percentage points less than in March. Their value was negative the first time since April 2001. Low terms of trade figures were recorded especially in sections of 'crude materials, inedible, except fuels' (93.4%), 'food and live animals' (97.3%) and 'mineral fuels, lubricants and related materials' (99.1%, decrease by -2.8 percentage points). On the contrary, positive values were in sections of 'chemicals and related products' (110.2%), 'miscellaneous manufactured articles' (103.9%) and 'manufactured goods classified chiefly by material' (102.6%, which was, however, a drop by -2.7 percentage points). For ‘machinery and transport equipment’, they reached the value of 100.0% already the second month.
CZSO world price index of raw materials and food 1)
May 2005
May 2005
Month-on-month comparison:
- The world prices covered by the index decreased in May by -3.3% in total and thus decreased the first time since December 2004. The main cause of this drop was price decrease of petroleum Brent (-6.9%; its average monthly price thus became lower than 50 USD per barrel again after two months). Crude oil price decreased mainly due to high oil supplies in the USA (the highest during the last six years) and increased oil mining by the OPEC (the highest mining for the last 25 years), slowing down of the economic growth of the USA and China and USD appreciation. On the other hand, decline of oil price was softened by strikes in oil refineries and investment funds buying. Already the second month were decreasing in total prices of metals (this time -3.6%), wood and slightly textile raw materials and food. On the contrary, prices of natural gas increased (+0.5%) as well as price of rubber.
Year-on-year comparison:
- In May, the world prices were +32.6% up in total (by -11.5 percentage points less than in April) and thus slowed down their growth. This was caused mainly by a slowdown of the y-o-y price growth of petroleum Brent prices (from +62.2% in April to +34.0% in May) and partly also natural gas (from +49.5% to +49.2%). On the contrary, prices of metals (+14.3%, i.e. an increase by +3.6 percentage points), leathers and food rose faster. Only prices of textile raw materials, rubber and wood decreased.
1) The world prices follow actual prices in terms of original currencies read at commodity exchanges and indicate in advance the nature of the future development of Czech import and export prices of industrial raw materials and food.
Note
Contact: Jiří Choun, tel. (+420) 27405 2196, e-mail: choun@gw.czso.cz
Data source: CZSO survey
End of data collection: Last calendar day of the month
End of data processing: Import and export price indices: 40th calendar day following the end of reference month
CZSO world price indices: 10th calendar day following the end of reference month
Related publications: 7201-05 Import and Export Price Indices in the Czech Republic
Detailed on (Internet: http://www.czso.cz/eng/edicniplan.nsf/p/7201-05 )
7202-05 CZSO World Price Indices of Industrial Raw Materials and Food
Detailed on (Internet: /katalog-produktu )
The released data are definitive.