Export and import price indices - June 2004
External trade prices decreased again month-on-month
Publication Date: 13. 08. 2004
Product Code: r-7201-04
Month-on-month comparison:
- Both import and export prices decreased in June by 0.8% and 0.4%, respectively. This decline continued already the second month; it was even by 0.7 and 0.3 percentage point more than in May, respectively. The amount of prices was influenced again by the development of the Czech koruna exchange rate in relation to the main foreign currencies, EUR and USD, in particular. However, this influence was lower than in May.
Imports : The highest price decrease was recorded for ‘mineral fuels, lubricant and related materials’ (-3.7%, for petroleum, petroleum products in particular). Prices of this section went down after four-month growth. Import prices reflected the temporary price decrease of petroleum on the world commodity exchange in June. Prices of ‘machinery and transport equipment’ decreased by 0.7% (mainly telecommunications and sound-recording and reproducing apparatus and equipment); they decreased already the third month. Together with ‘mineral fuels, lubricant and related materials’ they had the most significant influence on the decrease of the total import price index. Prices of ‘crude materials, inedible, except fuels’ were increasing already for the sixth month (+0.6%, especially metalliferous ores).
Exports : The highest price decrease was recorded for items in small sections in terms of weight ‘beverages and tobacco’ and ‘animal and vegetable oils, fats and waxes’ (-5.0% tobacco manufactures in particular, and -2.5%, respectively). The decrease of ‘machinery and transport equipment’ (by 0.7%, general industrial and equipment in particular) affected the decrease of the total export price index most significantly. The same as in import, the prices of this section were decreasing already for the third month. Export prices increased m-o-m only for ‘chemicals and related products’ and ‘manufactured goods classified chiefly by material’ both by 0.5% in June. The prices of ‘manufactured goods classified chiefly by material’ increase already since December 2003 (iron and steel in particular).
- Terms of trade reached the value of 100.4% in June; thus, after the May stagnation, they reached a positive value again. Terms of trade in the most significant items in terms of weight in ‘machinery and transport equipment’ reached the value of 100.0% only; however, it still was by 0.2 percentage point more than in May. The highest terms of trade were reached for ‘mineral fuels, lubricant and related materials’ (102.5%). From significant items in terms of weight, the lowest terms of trade were for ‘crude materials, inedible, except fuels’ (97.8%).
Year-on-year comparison:
- Import prices increased by 2.4% in June. They rose already for the fourth month but in comparison with the previous month their growth decreased by 0.3 percentage point. The highest growth of import prices was recorded (since December 2003 already) for ‘crude materials, inedible, except fuels’ - in June by 14.5%, since the beginning of the year 2004 for metalliferous ores in particular. Price increase of ‘mineral fuels, lubricant and related materials’ (+10.5%, petroleum and petroleum products in particular) and ‘manufactured goods classified chiefly by material’ (+4.5% non-ferrous metals and iron and steel in particular) had the biggest impact on the growth of the total index of import prices. The increase of prices of these metals is also in accord with their long-term price increase on the world commodity exchange. The decrease was only for prices of ‘machinery and transport equipment’ (-0.7% mainly telecommunications and sound-recording and reproducing apparatus and equipment) and ‘miscellaneous manufactured articles’ by -0.4%. Y-o-y import prices of ‘machinery and transport equipment’ were continuously decreasing since November 2000.
- Export prices increased by 4.5% and continued to grow since April 2003 already. In June they increased by 0.1 percentage point less than in May and their growth thus slowed down after five months. The most significant price growth continues already since November 2003 for ‘mineral fuels, lubricant and related materials’ (this time by +23.1%, especially in coal and petroleum products). The rise in prices of ‘manufactured goods classified chiefly by material’ (+9.2%, iron and steel in particular) had a dominant impact on the increase of the total index of export prices. Prices of ‘machinery and transport equipment’ rose by 1.7% (machinery specialized for particular industries). Only beverages and tobacco prices decreased (-12.9%).
- Terms of trade reached the value of 102.1%, which was by 0.2 percentage point more than in May. Terms of trade are favourable since April 2001 already. The highest value is in ‘mineral fuels, lubricants and related materials’ since October 2003 already. In June 2004, this value reached 111.4%. Favourable figures were recorded also for ‘machinery and transport equipment’ (102.4%; i.e. the same value as in May). Positive values were reached also for ‘manufactured goods classified chiefly by material’ and ‘chemicals and related products’ (104.5% and 103.3%, respectively). Unfavourable terms of trade were especially in ‘crude materials, inedible, except fuels’ (-89.0%).
CZSO world price index of raw materials and food 1)
July 2004
Month-on-month comparison:
- The world prices covered by the index increased in total by 5.0% in July after the June decrease. The main cause was m-o-m increase of the most significant commodity measured - petroleum Brent and natural gas by 6.2% and 6.8%, respectively. The price of petroleum increased during July and at the end of the month it reached its historical maximum again. In addition to the impacts remaining from the previous months, petroleum prices were influenced also by concerns about disruption of supply from Russia in context with the problems of Yukos Company. The growth of natural gas prices was significant, too; it was the highest m-o-m price growth since April 2003. The reason of that was a significant fuel oils price increase from which natural gas price are derived. The growth of these prices was influenced by concerns that fuel oils supply is not sufficient before the winter season. Metal prices increased by 3.6%, too, while prices of other commodities measured (i.e. excluding petroleum, natural gas and metals), on the other hand, decreased in total by –2.7%.
Year-on-year comparison:
The world prices in July were 17.4% up in total, which was by 3.5 percentage points more than in June. It was caused again by the price development of the two most significant commodities measured - petroleum Brent and natural gas. In July their prices increased y-o-y by +19.3% in total, i.e. by 5.1 percentage points more than in June. Prices of metals increased y-o-y by 32.6% in total and thus maintain their high growth together with prices of wood and partly rubber, too. Only prices of textile raw materials decreased.
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.
Analysis - Development of external trade price indices in the second quarter of 2004
Note
Contact: Jiří Choun, tel. (+420) 27405 2196, e-mail: infoservis@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: 7201-04 Import and Export Price Indices in the Czech Republic
Detailed on /archives_of_publications
7202-04 CZSO World Price Indices of Industrial Raw Materials and Food
The released data are definitive.