Export and import price indices - November 2008

In November 2008, export prices increased by 0.2%, import prices fell by 1.9%, month-on-month. Year-on-year, export prices fell by 1.4% and import prices by 1.7%. The terms of trade figures reached 102.1%, m-o-m, and 100.3%, y-o-y.
Month-on-month comparison:

- Exports : In November export prices increased by 0.2%, especially due to weakening of the Czech koruna. The growth of the total m-o-m export price index came mainly from a 1.4% price increase in ‘machinery and transport equipment’ (especially ‘machinery specialized for particular industries’). The higher prices were recorded for ‘miscellaneous manufactured articles' by 1.1% and for ‘manufactured goods classified chiefly by material’ by 0.3%. On the contrary, the biggest decrease was recorded for prices of ‘crude materials, inedible, except fuels’ (6.5%, especially metal scrap) and chemicals (4.3%).

- Imports: prices decreased by 1.9% (after three months of growth), despite of weakening of the Czech koruna. The decrease of the total m-o-m import price index was driven mainly by a 16.1% decrease in prices of mineral fuels (especially petroleum, petroleum products and related materials). Prices of chemicals decreased by 1.6% and prices of ‘manufactured goods classified chiefly by material’ decreased by 1.1%. An increase was registered, among important sections, only for ‘miscellaneous manufactured articles’ by 2.0% and ‘machinery and transport equipment’ by 0.9%.

- The terms of trade figures stood at 102.1% in November (100.3% in October). Positive values of were registered for ‘mineral fuels’ (114.8%) and ‘manufactured goods classified chiefly by materials’ (101.4%). The terms of trade figures stood at 100.5% for ‘machinery and transport equipment’. The lowest values were registered for ‘crude materials, inedible, except fuels’ (91%) and for chemicals (97.3%).

Year-on-year comparison:

Exports: export prices decreased by 1.4% in November (by 3.5% in October) and dropped already for the thirteenth month in a row. The biggest price decreases were registered in ‘crude materials, inedible, except fuels’ by 15.9% (mainly metal scrap), prices of ‘food and live animals’ by 12.2% and ‘machinery and transport equipment’ by 3.4%, and prices of ‘miscellaneous manufactured articles’ by 2.6%. Among important sections an increase was reported only for prices of 'mineral fuels, lubricants and related materials’ by 13.7% (especially coal) and ‘manufactured goods classified chiefly by material’ by 4.6%.

- Imports: import prices decreased already for the sixteenth successive month, this time by 1.7% (by 1.0% in October). The drop of the total y-o-y import price index was mainly affected by a 4.0% price decrease in 'machinery and transport equipment' (especially road vehicles). Among important sections considerable price drops were observed in chemicals by 2.0%, ‘manufactured goods classified chiefly by material’ and ‘mineral fuels’, both by 1.5%. Significant growth was recorded for prices of ‘crude materials, inedible, except fuels’ by 24.6% (18.4% in October).
- The terms of trade figures increased and stood at 100.3% (97.5% in October), reaching positive value after eleven months. Higher values of terms of trade figures were recorded for ‘mineral fuels’ (115.4%) and ‘manufactured goods classified chiefly by material’ (106.2%). Terms of trade figures stood at 100.6% for ‘machinery and transport equipment’ (99.9% in October). On the contrary, negative values of the terms of trade figures were reported for ‘crude materials, inedible, except fuels’ (67.5%), ‘chemicals and ‘food and live animals’ (88.9%).
Month-on-month comparison:

- In December the world prices of industrial raw materials and food covered by the index decreased in total for the fifth month in a row, this time by 15.9% (by 8.1% in November). The main reason of this trend was a 29.0% fall of Brent oil prices (by 19.1% in November) and 9.9% fall of natural gas prices . A significant drop was registered also for other observed groups except textile materials.

Year-on-year comparison:

- In December, the world prices decreased for the second month, this time by 14.7% (0.1% in November). The price of Brent oil decreased by 54.2% (36.7% in November), while the price of natural gas increased by 50.4%. A significant decrease was registered again for prices of all other observed groups.


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: Vladimír Klimeš, phone (+420) 274 054 102, e-mail: vladimir.klimes@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: 7201-08 Import and Export Price Indices in the Czech Republic
Detailed (Internet: /produkty/export-and-import-price-indices-in-the-czech-republic-december-zn0n03jaf2 )
7202-08 CZSO World Price Indices of Industrial Raw Materials and Food
Detailed (Internet: /produkty/indexy-csu-svetovych-cen-prumyslovych-surovin-a-potravin-prosinec-z8ictqx7yq )
The data released are final.