Export and import price indices - February 2006

In February, import prices remained unchanged month-on-month, export prices decreased by -0.4%. Year-on-year, import prices increased by +2.9%, while export prices decreased by -2.2%. Terms of trade reached values 99.6% m-o-m and 95.0% y-o-y. The CZSO world price index of raw materials and food increased in March by +1.5% m-o-m and by +27.2% y-o-y.
Month-on-month comparison:

- Imports: import prices in total as well as prices of 'machinery and transport equipment' remained unchanged. Among observed sections that are important in terms of weight, prices of 'food and live animals' increased the most +1.2% (mainly vegetables and fruit) and 'mineral fuels, lubricants and related materials' increased by +0.6% (especially electricity). On the contrary, prices of 'crude materials, inedible, except fuels' decreased by -0.8% (especially textile fibres and metalliferous ores and metal scrap) and prices of 'miscellaneous manufactured articles' by -0.7% (clothing accessories in particular).

- Exports: the biggest influence on the decline of the total m-o-m export price index by -0.4% was due to a decrease in prices of 'machinery and transport equipment' by -0.8% (especially metalworking machinery). Prices of 'food and live animals' decreased by -0.7% and 'manufactured goods classified chiefly by material' by -0.6% (rubber manufactures and manufactures of metals in particular). On the contrary, prices of 'crude materials, inedible, except fuels' increased the most +1.0% and 'chemicals and related products' increased by +0.7% (mainly organic chemicals).

- Terms of trade reached the negative value of 99.6% (after a one-time increase in January they decreased again in February). Among observed sections important in terms of weight, the terms of trade were negative mainly for 'food and live animals' (98.1%) and 'machinery and transport equipment' (99.2%). On the other hand, the positive value was in 'crude materials, inedible, except fuels' (101.8%).

Year-on-year comparison:

- Import prices increased by +2.9% (+2.7% in January) and were influenced most by price growth in 'mineral fuels, lubricants and related materials' by +39.6% (mainly gas, petroleum and petroleum products). Prices of 'food and live animals' increased by +0.6% as well. Prices of other sections decreased, the most 'miscellaneous manufactured articles' prices by -6.6% (clothing accessories in particular). Prices of 'machinery and transport equipment' dropped by -0.9% (mainly power-generating machinery and equipment).

- The biggest influence on the decrease of the total y-o-y export price index by -2.2% (-2.0% in January) was due to a fall in the prices of 'manufactured goods classified chiefly by material' by -5.9% (mainly iron, steel and manufactures of metals). Prices of 'machinery and transport equipment' decreased by -2.1% (road vehicles in particular). Like in imports, among important sections in terms of weight especially the prices of 'mineral fuels, lubricants and related materials' increased more markedly by +8.8% (mainly gas and petroleum products).

- Terms of trade reached 95.0%, i.e. by 0.4 percentage points less than in January and thus they continued in their long-term decline. The terms of trade figure was high especially in 'crude materials, inedible, except fuels' (107.2%) and 'miscellaneous manufactured articles' (105.7%); the lowest figure was (already since June 2005) for 'mineral fuels, lubricants and related materials' (77.9%). Terms of trade in ‘machinery and transport equipment’ amounted to 98.8% (100.0% in January).
Month-on-month comparison:

- The world prices of raw materials and food covered by the index increased in total by +1.5% in March. The main reason was growth of petroleum Brent prices by +3.1%. Slight growth was for natural gas prices +0.3% and metals +0.7% as well. Prices of food and wood decreased.

Year-on-year comparison:

- In March, the world prices were up by +27.2% in total and thus slowed down their growth again. Prices of Brent petroleum and natural gas rose by +29.3% in total (+38.7% in February). Exceptional growth was observed for prices of metals (+29.3%) and rubber. Only prices of 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, tel. (+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.