Export and import price indices - April 2006

In April, import prices increased by 0.2% month-on-month, while export prices remained unchanged. Year-on-year, import prices were up by 1.7% and export prices down by 2.3%. The terms of trade figures reached 99.8% m-o-m and 96.1% y-o-y. The CZSO world price index of industrial raw materials and food increased in May by 3.0% m-o-m and 41.0% y-o-y.
Month-on-month comparison:

- Imports: import prices increased by 0.2% and thus rose already the second month. The biggest influence on the growth of the total m-o-m import price index was due to an increase in prices of 'manufactured goods classified chiefly by material' (+0.9%, mainly non-ferrous metals, iron and steel). Among other sections that are important in terms of weights, the highest price increases were registered for 'mineral fuels, lubricants and related materials' (+0.7%, petroleum and petroleum products in particular) and 'food and live animals' (+0.6%, especially dairy products). The prices of 'machinery and transport equipment' decreased by 0.1% (mainly telecommunications and sound-recording and reproducing apparatus and equipment). Marked price decrease was observed also for 'miscellaneous manufactured articles' (-0.7%, especially articles of apparel) as well.

- Exports : export price index remained unchanged in total as well as prices of the most important section - 'machinery and transport equipment'. The highest increases were recorded for prices of 'chemicals and related products' (+0.5%, organic chemicals in particular) and 'crude materials, inedible, except fuels' (+0.3%, especially crude fertilizers and metalliferous ores). On the decrease were particularly prices of 'miscellaneous manufactured articles' (-0.4%, especially professional, scientific and controlling instruments and apparatus).

- Terms of trade reached a negative figure of 99.8% (by 0.3 percentage points less than in March). Among observed sections important in terms of weights, higher terms of trade figures were reached mainly for 'chemicals and related products' and 'crude materials, inedible, except fuels' (both 100.5%). The terms of trade figure in the section 'machinery and transport equipment' decreased from 100.4% in March to 100.1% in April. Negative terms of trade figure was mainly in 'manufactured goods classified chiefly by material' 99.3%.

Year-on-year comparison:

- Imports: import prices increased by 1.7% (+3.2% in March) and were influenced most by a price growth in 'mineral fuels, lubricants and related materials' (+23.9%, mainly gas, petroleum and petroleum products). Also prices of 'manufactured goods classified chiefly by material' grew (+1.6%, especially non-ferrous metals) and 'food and live animals' (+0.8%, mainly coffee and tea). Prices in other sections decreased – the most prices of 'crude materials, inedible, except fuels' (-5.9%, mainly metalliferous ores) and 'miscellaneous manufactured articles' (-5.8%, especially articles of apparel). Prices of 'machinery and transport equipment' dropped by 1.1% (mainly power-generating machinery and equipment).

- Exports: the biggest influence on the decrease of the total y-o-y export price index by 2.3% (-1.6% in March) was a fall in prices of 'manufactured goods classified chiefly by material' (-4.9%, mainly leather, iron and steel). Prices of 'machinery and transport equipment' decreased by 1.9% (office machines and automatic data-processing machines in particular). On the other hand, prices of 'crude materials, inedible, except fuels' rose (+6.3%, especially metalliferous ores).

- The terms of trade even despite the negative figure of 96.1% were by 0.8 percentage points higher than in March and rose thus already the second month. The figure was high especially in the sections 'crude materials, inedible, except fuels' 113.0% and 'miscellaneous manufactured articles' 104.8%; the lowest figure (continually since June 2005) was recorded for 'mineral fuels, lubricants and related materials' (81.8%). The terms of trade figure in ‘machinery and transport equipment’ amounted to 99.2% (99.1% in March).
Month-on-month comparison:

- The world prices of industrial raw materials and food covered by the index increased in total by 3.0% in May. Prices of petroleum and natural gas rose this time only slightly by +2.5% (of these Petroleum Brent prices +1.0% and natural gas prices +4.3%). The main reason for the total growth of prices was again a price increase of non-ferrous metals +13.5% (the most marked growth since January 2001). Also the prices of leather, rubber and food were up. On the contrary, a decrease was registered for prices of textile raw materials and wood.

Year-on-year comparison:

- In May, the world prices were up by 41.0% in total and speeded up their growth again. The prices of petroleum and natural gas rose by 42.0% in total (+33.6% in April). However, the highest growth was observed for the prices of non-ferrous metals (+76.6%, the highest y-o-y rise since January 2001). Also the prices of leather, rubber and food increased. Only the prices of textile raw materials and wood dropped y-o-y.

1) The world prices follow current prices in original currencies in commodity markets and indicate in advance the character of the future development of the Czech import and export prices of industrial raw materials and food.

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Note
Contact: Jiří Choun, phone (+420) 274 052 196, e-mail: jiri.choun@csu.gov.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: 7201-06 Import and Export Price Indices in the Czech Republic
Detailed on (Internet: http://www.czso.cz/eng/edicniplan.nsf/p/7201-06 )
7202-06 CZSO World Price Indices of Industrial Raw Materials and Food
Detailed on (Internet: /katalog-produktu )
The data released are final.