Export and import price indices - November 2004
Month-on-month decrease of external trade prices
Publication Date: 14. 01. 2005
Product Code: r-7201-04
Goods import and export price indices in the CR
November 2004
Month-on-month comparison:
- Both import and export prices decreased in November by -1.4% and -0.6%, respectively and thus decreased first time since June. One of the main causes of this decrease was marked appreciation of CZK to EUR and USD against the previous month.
- Imports: import prices have been influenced the most by prices of ‘mineral fuels, lubricants and related materials’, which dropped in total by -7.0%, i.e. the most from the observed sections (especially petroleum and petroleum products prices decreased in accord with the development on world markets). Further, ‘crude materials, inedible, except fuels’ prices decreased markedly by -2.5%. Prices of ‘machinery and transport equipment’ were decreasing already the third month, this time by -0.7%; similarly as in October, prices of almost all of the observed divisions of ‘machinery and transport equipment’ decreased.
- Exports : The biggest price decrease has been recorded for ‘food and live animals’ (-1.6%) and also ‘mineral fuels, lubricants and related materials’ (-1.5%, petroleum products in particular). 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’ (-0.6%, especially power-generating machinery and equipment). Prices of this division have been decreasing already since August. Only prices of ‘beverages and tobacco’ increased by +0.8%.
- Terms of trade reached the value of 100.8%, i.e. by +0.6 percentage points more than in October; at the same time, it was the highest value since October 2001. The highest value of terms of trade was in sections ‘mineral fuels, lubricants and related materials’ (105.9%) and ‘crude materials, inedible, except fuels’ (102.6%); on the contrary, the lowest in ‘food and live animals’ (98.7%). Terms of trade of ‘machinery and transport equipment’ reached the value of 100.1% and thus decreased by 0.1 percentage point against October.
Year-on-year comparison:
- Import prices increased y-o-y +2.1% in November, i.e. by 1.2 percentage points less than in October. Continual price decrease of ‘machinery and transport equipment’ had a marked influence on the total index (-2.6%, telecommunications and sound-recording and reproducing apparatus and equipment in particular). The growth of almost all sections was slowed down, the most in ‘mineral fuels, lubricants and related materials’. Despite this slowdown, prices of ‘mineral fuels, lubricants and related materials’ increased the most y-o-y (+17.3%, petroleum, petroleum products and gas in particular) and had the biggest influence on the total index. Prices of ‘crude materials, inedible, except fuels’ have been slowing down their growth already since July (y-o-y growth by +6.3%, metalliferous ores in particular).
- Export prices slowed down their y-o-y growth rate, too, to 4.3% (4.8% in October). This trend was observed at all sections except for ‘crude materials, inedible, except fuels‘ and ‘beverages and tobacco’. Prices of ‘machinery and transport equipment’ continued to decrease since August (by -2.3% in November, general industrial machinery and equipment in particular), i.e. by +0.8 percentage points more than in October. The most significant price growth has been taking place already since November 2003 in ‘mineral fuels, lubricants and related materials‘ (this time by +29.3%, especially in prices of coal and petroleum products); however, it was by 2.8 percentage points less than in October. Prices of ‘chemicals and related products’ increased (+14.7%) in relation to the price growth of ‘mineral fuels, lubricants and related materials’. However, the rise in prices of ‘manufactured goods classified chiefly by material’ (+11.8%, iron and steel and manufactures of metals prices in particular) had a dominant impact on the increase of the total index of export prices.
- Terms of trade reached the value of 102.2%, i.e. the highest value since March. Highly positive figures were recorded in significant sections in terms of weight especially for ‘chemicals and related products’ (111.8%), ‘mineral fuels, lubricants and related materials‘ (110.2%) and ‘manufactured goods classified chiefly by material’ (107.1%); on the contrary, terms of trade were lower in ‘crude materials, inedible, except fuels’ (96.4%) and ‘food and live animals’ (98.7%). For ‘machinery and transport equipment’, they reached the value of 100.3%, i.e. by 0.3 percentage points less than in October.
CZSO world price index of raw materials and food 1)
December 2004
December 2004
Month-on-month comparison:
- The world prices covered by the index decreased in total already the second month, in December by -4.0%. It was the highest m-o-m price drop since November 2001. The main cause of this development was petroleum Brent price decrease by -9.9%, which was the biggest reduction since April 2003. Crude oil price decreased primarily in the middle of December due to an increase of gas oil supply and warmer weather in the USA. Further, prices of textile raw materials, leather and rubber decreased and after several months of growth prices of metals dropped in total, too (-0.1%). Especially prices of food and wood increased.
Year-on-year comparison:
- In December, the world prices were 24.8% up in total; against November (32.7%) their growth further slowed down. The same trend was for petroleum Brent prices; its y-o-y growth was slowing down for two months already. In December, growth of oil prices slowed down to 35.8%, natural gas prices to 26.2%, metal prices were higher by 21.5% and their growth thus slowed down, too. Prices of textile raw materials, rubber and leather were lower.
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: 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: 7201-04 Import and Export Price Indices in the Czech Republic
7202-04 CZSO World Price Indices of Industrial Raw Materials and Food
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The released data are definitive.