Export and import price indices - January 2005
Terms of trade decreased month-on-month
Publication Date: 14. 03. 2005
Product Code: r-7201-05
Goods import and export price indices in the CR
January 2005
Month-on-month comparison:
- Import prices after having decreased in the previous two months did not change in January 2005 in total; export prices decreased only by -0.5% and in comparison with December 2004 thus reduced their drop by 0.8 percentage points. Main reasons for this development were higher prices of crude oil on world markets, lower CZK appreciation to main foreign currencies in comparison with the previous month as well as higher share of new long-term price contracts at the beginning of new year as usual.
- Imports: import prices have been influenced the most by prices of 'machinery and transport equipment', which dropped in total by -0.8% (mainly general industrial machinery and equipment) although it was primarily due to stronger CZK. From more significant sections prices decreased for 'chemicals and related products' and 'miscellaneous manufactured articles' (both by -0.5%). Mainly prices of 'mineral fuels, lubricants and related materials' increased in accord with the development on world markets (+2.4%, especially petroleum and petroleum products). Higher were also prices of 'food and live animals' (+1.1%, fruit and vegetables in particular), 'crude materials, inedible, except fuels' (+0.6%) and 'manufactured goods classified chiefly by material' (+0.3%).
- Exports : The biggest decrease has been recorded for prices of 'chemicals and related products' (-1.7%) that reflected with some delay the price reduction of crude oil on world markets in the end of 2004; fall of prices was observed also for 'crude materials, inedible, except fuels' (-1.4%). Like in December, the biggest influence on the decrease of the total m-o-m export price index was due to price decrease of ‘machinery and transport equipment’ (-0.8%, almost all of the observed divisions decreased, especially office machines and automatic data-processing machines), but similarly to import prices, first of all due to stronger CZK. From more significant sections the highest increase was for prices of 'mineral fuels, lubricants and related materials' (+3.1% coal in particular).
- Terms of trade reached the value of 99.5%, i.e. by 0.9 percentage points less than in December and at the same time a negative value for the first time since August 2004. As for significant sections in terms of weight, the positive value of terms of trade was only for 'mineral fuels, lubricants and related materials' (100.7%). In 'machinery and transport equipment' terms of trade reached the value of 100.0% and for the first time since August 2004 they did not exceed 100.0%. The lowest value of terms of trade was for 'crude materials, inedible, except fuels' (98.0%) and 'chemicals and related products' (98.8%).
Year-on-year comparison:
- Import prices decreased by 0.4% y-o-y, i.e. for the first time since February 2004 and at the same time the most since May 2003. Export prices increased by 1.1%, which was the lowest growth since June 2003. Main cause of this drop, respectively 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 -5.3% in total (telecommunications and sound-recording and reproducing apparatus and equipment in particular), even though again especially due to stronger CZK. A significant decrease was observed also for import prices of 'miscellaneous manufactured articles' (-3.4%). In accord with the development on world markets, higher were especially prices of 'mineral fuels, lubricants and related materials' (+18.0%, petroleum, petroleum products, gas and coal in particular) and 'crude materials, inedible, except fuels' prices (+3.3%, mainly metalliferous ores and metal scrap).
- Export prices increased most for 'mineral fuels, lubricants and related materials' (+20.9%, coal and petroleum products in particular). 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' (+9.1%, iron and steel and manufactures of metals in particular). Prices of ‘chemicals and related products’ increased as well (+7.3%, mainly plastics and organic chemicals). For more significant sections in terms of weight decreased especially prices of 'machinery and transport equipment' (-5.0%, general industrial machinery and equipment in particular), further 'food and live animals' (-3.2%, mainly feeding stuff and cereals) and 'miscellaneous manufactured articles' (-3.0%, articles of apparel in particular).
- Terms of trade reached the value of 101.5%, i.e. by 0.9 percentage points less than in December. High terms of trade figures were recorded in significant sections in terms of weight especially for ‘chemicals and related products’ (108.4%) and ‘manufactured goods classified chiefly by material’ (107.6%); on the contrary, low figures were for 'crude materials, inedible, except fuels' (95.4%) and ‘food and live animals’ (96.9%). For ‘machinery and transport equipment’, they reached the value of 100.3%, i.e. by 0.2 percentage points less than in December.
CZSO world price index of raw materials and food 1)
February 2005
February 2005
Month-on-month comparison:
- The world prices covered by the index increased in February only by +2.3% in total, i.e. by 5.6 percentage points less than in January. The main cause of this slow growth was only a slight price increase of natural gas +0.9% and petroleum Brent +3.1%, i.e. markedly less than in January. Crude oil price increased mainly in the second half of February due to concern about reduction of supply by OPEC and cold weather in the northeastern USA. On the contrary, after previous declines, prices of metals increased again in February (+3.1% in total) as well as rubber and food. Prices of textile raw materials and leather have slightly decreased.
Year-on-year comparison:
- In February, the world prices were +35.7% up in total and after slackening in the end of 2004 they speeded up their growth again. This was caused by faster y-o-y growth of petroleum Brent prices (+51.2%, i.e. by 6.0 percentage points more than in January) and natural gas (+41.1%, i.e. by 0.5 percentage points more). Y-o-y, prices of metals rose, too (but only +11.1%, i.e. by 2.8 percentage points less than in January) as well as food and wood. Prices of textile raw materials, leather and rubber were lower 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.