Export and import price indices - February 2005
External trade prices decreased despite more expensive crude oil
Publication Date: 14. 04. 2005
Product Code: r-7201-05
Goods import and export price indices in the CR
February 2005
Month-on-month comparison:
- Both import and export prices decreased by -0.2% in February and thus didn’t increase already the fourth month. External trade prices decreased in February despite the continuing price growth of crude oil and petroleum products. One of the main reasons for this development was marked CZK appreciation to main foreign currencies in comparison with the previous month.
- Imports: import prices have been influenced the most by prices of 'miscellaneous manufactured articles', which dropped in total by -2.6%. Prices of 'machinery and transport equipment' decreased by -0.4% (office machines and automatic data-processing machines in particular). On the other hand, the biggest growth was for prices of 'crude materials, inedible, except fuels' (+2.4% metalliferous ores mainly) and 'mineral fuels, lubricants and related materials' (+1.8%, especially petroleum and petroleum products) in accord with the price development on world markets.
- Exports : the biggest influence on the decrease of the total m-o-m export price index was due to price decrease of 'manufactured goods classified chiefly by material' (-0.8%, non-ferrous metals in particular). Decreasing were also prices of 'food and live animals' (-0.5%) and 'miscellaneous manufactured articles' (-0.4%). Prices of 'machinery and transport equipment' did not change in comparison with the previous month. Price growth was recorded mainly for 'mineral fuels, lubricants and related materials' (+1.7%, petroleum products in particular), 'crude materials, inedible, except fuels' (+1.0%) and 'chemicals and related products' (+0.6%, especially organic chemicals).
- Terms of trade reached the value of 100.0%, i.e. by 0.5 percentage points more than in January. For significant sections in terms of weight, the positive value of terms of trade was mainly for 'miscellaneous manufactured articles' (102.3%), 'chemicals and related products' (100.5%) and 'machinery and transport equipment' (100.4%). Negative value of terms of trade was especially for 'crude materials, inedible, except fuels' (98.6%), ‘food and live animals' (98.9%) and 'manufactured goods classified chiefly by material' (99.4%).
Year-on-year comparison:
- Import prices decreased by -1.1% (by 0.7 percentage points more than in January), i.e. the most since May 2003 and thus they were decreasing already the second month. Export prices increased only by +0.2% (i.e. by 0.9 percentage points less than in January), which was the lowest growth since May 2003 again. The main cause of this drop or lower growth was more marked appreciation of CZK to main foreign currencies. This effect was slightly reduced by crude oil price growth on world markets.
- Import prices were influenced most by 'machinery and transport equipment' prices, which dropped by -5.7% in total (telecommunications and sound-recording and reproducing apparatus and equipment in particular), even though again especially due to stronger CZK. More significant decrease was observed also for import prices of 'miscellaneous manufactured articles' (-6.0%) and 'chemicals and related products' (-2.2%). In accord with the development on world markets, higher were especially prices of 'mineral fuels, lubricants and related materials' (+19.3%, petroleum and petroleum products in particular) and 'crude materials, inedible, except fuels' (+3.3%, mainly metalliferous ores and metal scrap).
- Export prices increased most for 'mineral fuels, lubricants and related materials' (+21.0%, coal and petroleum products in particular). However, the biggest influence on the increase of the total y-o-y export price index was due to price growth of 'manufactured goods classified chiefly by material' (+7.0%, iron and steel and manufactures of metals in particular). Prices of ‘chemicals and related products’ increased as well (+5.3%, mainly plastics and organic chemicals). As for more significant sections in terms of weight, decreasing were especially prices of 'machinery and transport equipment' (-5.4%, power-generating machinery and equipment in particular), 'food and live animals' (-4.5%, mainly feeding stuff for animals) and 'miscellaneous manufactured articles' (-3.5%, articles of apparel in particular).
- Terms of trade reached the value of 101.3%, i.e. by 0.2 percentage points less than in January and at the same time the least since September 2004. High terms of trade figures were recorded in significant sections in terms of weight especially for ‘chemicals and related products’ (107.7%) and ‘manufactured goods classified chiefly by material’ (106.5%); on the contrary, low figures were for 'crude materials, inedible, except fuels' (94.8%) and ‘food and live animals’ (96.0%). For ‘machinery and transport equipment’, they reached the value of 100.3, which is the same value as in January.
CZSO world price index of raw materials and food 1)
March 2005
March 2005
Month-on-month comparison:
- The world prices covered by the index increased in March by +8.5% in total, i.e. by 6.2 percentage points more than in February and at the same time the most since October 2004. The main cause of this significant growth was price increase of petroleum Brent +16.6% (the most since March 2002). Crude oil price increased mainly due to the growing demand in the USA and Asia, low mining in some countries (especially in Russia) and due to weak USD exchange rate, too. Markedly rose also prices of metals (+4.6%), food, textile raw materials and rubber. Prices of natural gas increased only by +0.5%.
Year-on-year comparison:
- In March, the world prices were +42.7% up in total (by 7.0 percentage points more than in February) and thus speeded up their growth again. This was caused mainly by faster y-o-y growth of petroleum Brent prices (+63.3%, i.e. by 12.1 percentage points more than in February) and natural gas (+43.0%, i.e. by 1.9 percentage points more). Y-o-y, prices of metals rose, too (+14.1%, i.e. by 3.0 percentage points more than in February) as well as food and wood. Prices of textile raw materials, leather and rubber were decreasing as usual.
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: 7201-04 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.