External Trade - March 2012

In March 2012, according to preliminary data of ‘border statistics’, exports and imports at current prices rose by 6.9% and 1.4%, year-on-year (y-o-y), respectively. The trade balance ended in a record-breaking surplus of CZK 37.5 bn, which was by CZK 14.5 bn higher compared to the same month of 2011.

According to preliminary data of ‘border statistics’, seasonally adjusted exports and imports fell by 0.6% and 2.1%, respectively, compared to February 2012. The development trend shows increasing exports (+0.1%) and decreasing imports (-0.1%).

Year-on-year, exports and imports at current prices rose by 6.9% (CZK 17.8 bn) and 1.4% (CZK 3.3 bn) respectively, which have been the lowest rates of growth of exports and imports since December 2009. The results were influenced by a high comparative basis of March 2011 (when the second largest external trade turnover of 2011 was recorded). In March 2012 external trade turnover reached the highest value in the Czech Republic history (CZK 517.9 bn).

Exports of entities seated in the Czech Republic increased by 7.9% (CZK 15.7 bn) and entities seated outside the Czech Republic grew by 3.5% (CZK 2.1 bn) respectively. Imports of entities seated in the Czech Republic went up by 2.2% (CZK 4.4 bn) while imports of entities seated outside the Czech Republic decreased by 3.0% (CZK 1.1 bn).

Due to depreciation of the CZK against the both main currencies, external trade grew slower in EUR (exports +5.6% and imports +0.2%) than external trade expressed in CZK; and exports and imports converted to USD went down by 0.4% and 5.5% respectively.

The trade balance ended in a record-breaking surplus of CZK 37.5 bn which was by CZK 14.5 bn higher in comparison to the March 2011 surplus. The balance of trade of entities seated in the Czech Republic showed a surplus of CZK 10.7 bn (against CZK -0,5 bn in March 2011), the trade balance of entities not seated in the Czech Republic recorded a surplus of CZK 26.8 bn (compared to CZK 23.5 bn in March 2011).

Y-o-y, surplus rose in ‘machinery and transport equipment’ (by CZK 10.7 bn), ‘miscellaneous manufactured articles’ (by CZK 3.6 bn) and ‘manufactured goods classified chiefly by material’ (by CZK 2.7 bn); and it fell in ‘crude materials, inedible, except fuels’ (by CZK 0.1 bn). Deficit deepened in ‘mineral fuels, lubricants and related materials’ (by CZK 2.0 bn), ‘chemicals and related products’ (by CZK 0.3 bn) and ‘food and live animals’ (by CZK 0.1 bn). Surplus in ‘beverages and tobacco’ (CZK 0.1 bn) remained on the same level as in March 2011.

Total 'machinery and transport equipment' exports and imports went up by 8.4% (CZK +11.9 bn) and 1.2% (CZK +1.2 bn) y-o-y, respectively Export and import increases were recorded mainly in ‘road vehicles’ (CZK +8.7 bn and CZK +1.9 bn respectively), and ‘power-generating machinery and equipment’ (CZK +1.8 bn and CZK +1.1 bn respectively). On the other hand, exports and imports dropped in ‘telecommunications and sound-recording equipment’ (CZK 1.9 bn and CZK 3.1 bn respectively). Mineral fuels, lubricants and related materials’ imports grew by 13.0% (CZK +3.0 bn), y-o-y. Imports of crude petroleum rose by 21.4% invalue, but fell by 2.9% in volume. Imports of natural gas were by 23.2% higher in value and dropped by 13.8% in volume.

The trade balance with EU Member States showed a surplus of CZK 66.7 bn, which was by CZK 1.9 bn higher, y-o-y. Trade balance with non-EU countries ended in a deficit of CZK 29.2 bn which was by CZK 12.6 bn lower, y-o-y. Deficit decreased in trade with China (by CZK 7.5 bn) and the Russian Federation (by CZK 2.1 bn). The balance improved in trade with the Ukraine (by CZK 2.4 bn) as a deficit turned into a surplus. Surplus rose in trade with the United Kingdom (by CZK 1.4 bn), Slovakia (by CZK 0.9 bn) and Germany (by CZK 0.8 bn). A drop in surplus was recorded in trade with the Netherlands (by CZK 2.5 bn) and Italy (by CZK 1.7 bn). Deficit deepened in trade with Korea (by CZK 1.9 bn).

In January-March 2012, exports and imports rose by 11.4% and 6.0% respectively. The trade balance surplus amounting to CZK 95.3 billion was up by CZK 40.9 billion y-o-y. The trade balance improved mainly in ‘machinery and transport equipment’ (surplus up by 35.7 bn). On the contrary, deficit increased in ‘mineral fuels, lubricants and related materials’ and ‘chemicals and related products’ by CZK 4.8 bn and by CZK 3.0 bn respectively.

The trade balance in national concept (methodology of balance of payments) reflecting performance of the Czech economy showed a surplus of CZK 21.6 bn in March 2012. 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).


Notes:
According to the CZSO sources data were obtained from 97.3% of companies (for goods dispatched) and 97.1% 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.
After the accession of the Czech Republic to the European Union, two systems of data collection are used as a source on external trade statistics in cross-border conception (border statistics). Extrastat records data on trade with the non-EU countries and uses some data from Single Administrative Documents. Intrastat collects data on movement of goods within the European Union for entities that are obliged to provide Intrastat data. According to legal regulations of the European Communities, entities registered for Value Added Tax have a duty to provide data for Intrastat regardless of the fact, whether an entity is or is not seated in the Czech Republic (resident or non-resident). Detailed information is available in external trade methodology: /whatisexternal_trade
The data for individual months of 2010 are final; the data for individual months of 2011and 2012 are preliminary. Preliminary 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.

Responsible manager of the CZSO: Ing. Marek Rojíček, Ph.D., Director of Macroeconomic Statistics Branch, 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): /produkty/external-trade-of-the-czech-republic-december-2012-edwombu9aa
External Trade Database: /ep-6-opendocument
Next News Release: June 6, 2012

This press release was not edited for language.