External Trade - August 2011

In August 2011, according to preliminary data of ‘border statistics’, exports and imports at current prices rose by 10.8% and 10.3%, year-on-year (y-o-y), respectively. The trade balance surplus of CZK 1.7 bn was by CZK 1.0 bn higher, y-o-y.
According to preliminary data of ‘border statistics’, seasonally adjusted exports and imports fell by 1.3% and 0.2%, respectively, compared to July 2011. The development trend shows increasing exports (+0.4%) and imports (+0.7%).

Year-on-year, exports and imports at current prices rose by 10.8% (CZK 21.2 bn) and 10.3% (CZK 20.2 bn). The rate of growth of exports has been higher than the rate of growth of imports for three successive months. Due to appreciation of the CZK against the both main currencies, external trade grew faster in EUR (exports +13.2% and imports +12.7%) and in USD (exports +25.9% and imports +25.4%) than external trade expressed in CZK.

The trade balance ended in a surplus of CZK 1.7 bn, which has been the lowest surplus recorded this year. Compared to the same month of 2010, the surplus rose by CZK 1.0 bn. August trade balance has been positive continuously since 2008 (the largest surplus of CZK 9.1 bn was posted in 2009). Surplus went up in ‘machinery and transport equipment’ (by CZK 4.5 bn), ‘manufactured goods classified chiefly by material’ (by CZK 1.2 bn) and ‘miscellaneous manufactured articles’ (by CZK 0.8 bn). On the other hand it decreased in ‘crude materials, inedible, except fuels’ (by CZK 1.1 bn) and beverages and tobacco’ (by CZK 0.2 bn). Deficit deepened in ‘mineral fuels, lubricants and related materials’ and ‘chemicals and related products’ by CZK 3.2 bn and CZK 0.6 bn respectively; it shrank in ‘food and live animals’ (by CZK 0.3 bn).

Total 'machinery and transport equipment' exports went up by 8.0% (CZK +8.4 bn), y-o-y. Increases in exports were recorded mainly in ‘office machines, automatic data-processing machines’ (by CZK 2.6 bn), ‘general industrial machinery and equipment’ (by CZK 2.5 bn) and ‘electrical machinery, apparatus and appliances’ (by CZK 2.1 bn). Total 'machinery and transport equipment' imports rose by 4.7% (CZK +3.9 bn), y-o-y. The largest increases were observed in imports of ‘office machines, automatic data-processing machines’ (by CZK 2.9 bn) and ‘road vehicles’ (by CZK 1.3 bn). Imports of ‘electrical machinery, apparatus and appliances’ decreased notably (by CZK 4.0 bn). Mineral fuels, lubricants and related materials’ imports grew by 27.2% (CZK 5.3 bn) y-o-y. Imports of crude petroleum rose by 25.7% in value, while it fell by 6.1% in volume. Imports of natural gas increased by 20.9% in value and by 6.4% in volume.

A surplus of trade balance with EU Member States was by CZK 7.2 bn up y-o-y to amount to CZK 47.1 bn. Trade balance with non-EU countries ended in a deficit of CZK 45.4 bn which was by CZK 6.2 bn larger compared to August 2010. Surplus rose in trade with Germany (by CZK 4.4 bn), Slovakia (by CZK 2.6 bn) and France (by CZK 0.9 bn). The trade gap deepened in trade with China (by CZK 4.6 bn), the Russian Federation (by CZK 2.0 bn) and with Azerbaijan (by CZK 1.1 bn).

In January-August 2011, exports and imports rose by 15.4% and 14.5% respectively. The trade balance ended in a surplus of CZK 114.1 bn, which was an increase of CZK 27.0 bn, y-o-y. The trade balance improved mainly in ‘machinery and transport equipment’ (surplus up by 57.9 bn). On the contrary, deficit increased in ‘mineral fuels, lubricants and related materials’ (by CZK 26.7 bn) and ‘chemicals and related products’ (by CZK 10.6 bn).

According to the methodology of balance of payments in national concept based on the concept of change of ownership between residents and non-residents, trade balance in August 2011 ended in a deficit of CZK 10.7 bn. The data on exports and imports of goods, calculated by using the VAT data according to this concept, are available in Table 8 and in the time series External trade in goods according to change of ownership (national concept).
According to the CZSO sources data were obtained from 98.1% of companies (for goods dispatched) and 98.3% of companies (for goods arrived) obliged to report to the Intrastat system. Data for companies, exempted from the reporting duty, in accordance with the amended Decree No. 201/2005 Sb., and for companies that failed to report, have been imputed. The imputation methods are based on data of trade implemented that the companies reported in the previous period and data given in the VAT return forms.

The data according to the methodology of Balance of Payments and National Accounts are monthly calculated on the basis of External Trade Statistics data in combination with the Value Added Tax data. The data are extrapolated from the data of previous periods for the months where the data from Value Added Tax declarations are not available. This methodology consists in value substitution of goods operation done by non-residents by its value added, i.e. the difference between the value of inland purchased good in case of exports or sale to inland in case of imports and the value declared crossing the border. While the aim of External Trade Statistics, which has been published in national concept until now according to the regulations of the Parliament and the Council of the European Union, has been the movement of goods across the border, the methodology of Balance of Payments stress the change of ownership between the residents and non-residents.

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Notes:
Responsible manager of the CZSO: Ing. Marek Rojíček, Ph.D., Director of Macroeconomic Statistics Bra nch, phone (+420) 274 052 486, e-mail: marek.rojicek@csu.gov.cz
Contact: Karel Král, Director of External Trade Statistics Department, phone (+420) 274 052 161, e-mail: karel.kral@csu.gov.cz
Method of data collection: Intrastat forms and Single administrative documents.
End of data collection: 20 ^th working day after the end of the reference month
Documents available on the CZSO website: w-6001-11 External Trade of the Czech Republic – detailed breakdown (Periodicity: monthly): http://www.czso.cz/csu/2010edicniplan.nsf/engs/2010-6
External Trade Database: /ep-6-opendocument
Next News Release: 7 November 2011
The data for individual months of 2010 are final; the data for individual months of 2011 are preliminary. P reliminary data of the reference month are released together with updated data of the previous three months. All data are processed from basic reporting units and subsequently rounded.

Text not edited for language.