Export and import price indices - February 2007

In February 2007, export prices increased by 1.4% and import prices by 0.6% month-on-month. Year-on-year, export prices rose by 2.8%, while import prices fell by 1.3%. The terms of trade figure reached 100.8% m-o-m and 104.2% y-o-y.
Month-on-month comparison:

- Exports : growth of export prices continued, prices rose by 1.4% in February (+0.7% in January). The increase of the total m-o-m export price index was mainly affected by a 1.1% increase of prices for 'machinery and transport equipment' (especially office machines and road vehicles). Prices in all observed sections rose, however, among observed sections important in terms of weight, the most significant growth (+4.1%) showed prices of 'mineral fuels, lubricants and related materials' (especially electricity a coal).

- Imports: a 0.6% advance of import prices in February followed declines of six previous months. The increase of the total m-o-m import price index was mainly affected by the growth of prices of 'chemicals and related products' (+1.4%, mainly plastics). Prices in all observed sections rose and among sections important in terms of weight, the most significant growth showed prices of 'crude materials, inedible, except fuels' (+1.8%; mainly metalliferous ores).

- Terms of trade reached 100.8%; they have been above 100% since July 2006. The terms of trade among observed sections important in terms of weight reached the highest figure (103.8%) in 'mineral fuels, lubricants and related materials', in section 'machinery and transport equipment' reached 101.0%. In contrast, the lowest value was recorded for 'chemicals and related products' (99.1%).

Year-on-year comparison:

- Exports: the increase of export prices by 2.8% (+1.0% in January) was driven mainly by growth of prices of 'manufactured goods classified chiefly by material' (+5.5%, especially iron and steel and manufactures of metals). Prices in all observed sections rose, however, the most significant growth showed the prices of 'crude materials, inedible, except fuels' (+21.0%, metalliferous ores in particular). Prices of 'machinery and transport equipment' increased by 0.8%.

- Imports: import prices decreased by 1.3% (-1.9% in January). Their decrease was most affected by drop of prices of 'machinery and transport equipment' by 3.7% (mainly office machines and automatic data-processing machines). The most significant decrease, however, was recorded for prices of 'mineral fuels, lubricants and related materials' (-10.7%, mainly gas, petroleum and petroleum products). The biggest increase among sections important in terms of weight was registered for 'manufactured goods classified chiefly by material' (+6.1%, especially non-ferrous metals).

- Terms of trade reached 104.2% (103.0% in January); they have been rising since March 2006. It is the highest value reached since November 2001.The terms of trade figures were high especially in 'crude materials, inedible, except fuels' (116.8%) and 'mineral fuels, lubricants and related materials' (114.9%). Terms of trade in 'machinery and transport equipment' reached 104.7%. The only low figure among sections important in terms of weight was registered for 'manufactured goods classified chiefly by material' (99.4%).
Month-on-month comparison:

- The growth of world prices of industrial raw materials and food covered by the index slowed down in March and advanced 1.8% (3.2% in February). The main reason was a decelerated growth of Brent petroleum from 7.9% in February to 5.8% in March. Higher prices were also recorded for metal and textile raw materials prices. Prices of rubber, food and wood decreased.

Year-on-year comparison:

- In March, the world prices continue to grow up to 4.5% (+4.3% in February). This trend was mainly attributed to higher natural gas prices (+ 4.9%). Traditionally, the highest rise was observed in prices of metals (+39.8%) but also prices of other commodities. Only prices of wood decreased.

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: 7201-07 Import and Export Price Indices in the Czech Republic
Detailed (Internet: /produkty/export-and-import-price-indices-in-the-cr-december-60nxkfuf2e )
7202-07 CZSO World Price Indices of Industrial Raw Materials and Food
Detailed (Internet: /produkty/indexy-csu-svetovych-cen-prumyslovych-surovin-a-potravin-prosinec-y97r7pcy2m )
The data released are final.