International trade in goods (change of ownership) - July 2020
A Decrease of Imports Once More Contributed to the Higher Year−on−Year Surplus of the Trade Balance
Publication Date: 07. 09. 2020
Product Code: 241018-20
According to preliminary data in current prices, the trade balance of goods in July 2020 ended in a surplus of CZK 13.4 bn, which was by CZK 15.2 bn higher, year−on−year (y−o−y).
Total balance of international trade1) in goods2) was favourably influenced mainly by an increase of surplus in 'motor vehicles, trailers and semitrailers' by CZK 6.1 bn and a smaller trade deficit in 'crude petroleum and natural gas' by CZK 4.7 bn (the impact of falling prices on world markets and lower imported quantities). The trade surpluses in 'machinery and equipment' and other transport equipment increased by CZK 2.7 bn and CZK 1.9 bn, respectively.
A y−o−y larger deficit in balance of 'computer, electronic and optical products' by CZK 3.1 bn had the main negative effect on the total balance.
In July 2020, the trade balance with the EU273) Member States ended in a surplus of CZK 50.9 bn, and thus it was by CZK 7.5 bn higher, y−o−y. The trade deficit with non−EU27 countries shrank by CZK 7.6 bn to reach the amount of CZK 35.8 bn.
Compared to June 2020, the seasonally adjusted exports and imports rose by 4.9% and 5.8%, respectively. The trend shows increasing exports (+5.3%) and imports (+3.9%).
Compared to the same month in 2019, July exports decreased by 1.1% to CZK 288.4 bn and imports fell by 6.2% to CZK 275.0 bn. July 2020 had the same number of working days as July 2019.
In the period from January to July 2020, the trade balance surplus reached CZK 65.2 bn, which represented a decrease by CZK 38.3 bn, y−o−y. From the beginning of the year, exports and imports went down by 11.8% and 10.6%, respectively, y−o−y.
The CZSO has carried out the regular annual update. Final 2019 data on international trade in goods says, that y−o−y exports and imports grew by 2.1% to CZK 3 691.8 bn and by 0.8% to CZK 3 546.1 bn, respectively. Balance of international trade in goods for the year 2019 reached a surplus of CZK 145.7 bn against CZK 98.5 bn in 2018.
Detailed information on international trade in goods (change of ownership) can be found at:
https://csu.gov.cz/external_trade_in_goods_according_to_the_change_of_ownership_-national_concept-_.
Beware of the terminology change:
Since 2020, the Czech Statistical Office (CZSO) has changed the terminology and the manner in which data is presented. The external trade is now referred to as international trade. The data based on the change of ownership between residents and non-residents (former so-called the 'national concept of external trade'), from now on, is referred to as 'international trade in goods (change of ownership)'. The 'cross-border concept of external trade' is referred to Cross-border movements of goods.
Further information: https://csu.gov.cz/produkty/changes-in-international-trade-statistics.
Notes:
1) The international trade balance is the difference between exports from the Czech Republic and import to the Czech Republic
2) The international trade in goods (change of ownership) reflects export and import performance of the Czech economy, i.e. the international trade balance of the Czech Republic as well. It measures real trade in goods carried out between Czech entities and foreign ones, i.e. the change of ownership between residents and non-residents.
3) The EU27 - from 1 February 2020 the United Kingdom is not a member of the European Union.
Data for companies, which are subject to the reporting duty and which failed to report data (non-response), has been imputed according to dispatches and receptions these companies reported in the previous period. Data for companies exempted from the reporting duty were estimated on the basis of the data given in the VAT return forms. The data, which were not available from the VAT return forms, are estimated on the basis of the values for previous periods.
Data for 2018 and 2019 are final; data for respective months of 2020 are preliminary.
When data for the reference month is published, six previous months are updated. All months with preliminary data are updated when data for January, March and July is published. Final data is published always in September of the following year.
Responsible head at the CZSO: Miluše Kavěnová, Director of International Trade Statistics Department, phone number, (+420) 274 054 176, e-mail: miluse.kavenova@csu.gov.cz
Contact person: Stanislav Konvička, Head of Trade Balance Unit, phone number (+420) 274 054 254, e-mail: stanislav.konvicka@csu.gov.cz
Method of data collection: Intrastat forms and single administrative documents and value added tax return forms
End of data collection: 20th working day after the end of the reference month
Following data set: https://csu.gov.cz/produkty/vzonu_ts
Next News Release will be published on: 7 October 2020