International trade in goods (change of ownership) - July 2022

The total balance of international trade¹⁾ in goods²⁾ was negatively affected mainly by a y-o-y increase in the trade deficit in 'crude petroleum and natural gas', which rose by CZK 24.6 bn due to the impact of rising prices in world markets and higher imported quantity. Further, the trade deficit in 'electrical equipment ' and 'basic metals' widened by CZK 2.1 bn and CZK 1.6 bn, respectively. The total trade balance was favorably influenced mainly by a y-o-y larger trade surplus in 'motor vehicles, trailers, and semitrailers', and 'electricity' which rose by CZK 8.5 bn and CZK 7.2 bn, respectively. The trade balance of 'computer, electronic and optical products' improved by CZK 4.4 bn as a deficit turned into a surplus.

In July 2022, the trade balance with EU Member States improved by CZK 21.4 bn. The trade deficit with non-EU countries increased by CZK 33.6 bn.

Y-o-y exports increased by 10.2% to CZK 333.4 bn and y-o-y imports grew by 13.8% to CZK 356.3 bn. July 2022 had one less working day than July 2021.

Month-on-month, the seasonally adjusted exports and imports rose by 1.9% and 0.4%, respectively.

“From January to July 2022, the trade balance ended in a deficit of CZK 100.1 bn, whereas it ended in a surplus of CZK 64.5 bn in the same period in 2021. Since the beginning of the year, y−o−y exports and imports have grown by 9.7% and 17.3%, respectively, The unfavorable result is still influenced by ongoing negative trends in the fossil fuel markets,“ says Stanislav Konvička, Head of the Trade Balance Unit CZSO.

The CZSO has carried out the regular annual update. Final 2021 data on international trade in goods says, that y−o−y exports and imports grew by 13.4% to CZK 3 949.1 bn and by 19.8% to CZK 3 958.1 bn, respectively. Balance of international trade in goods for the year 2021 ended in a deficit of CZK 9.0 bn against a surplus of CZK 179.9 bn in 2020.


Methodological note:

In accordance with the methodology of Eurostat, selected data for exports and imports of military equipment and weapons for the current period are for safety reasons included in other goods codes and another territorial structure so that the macroeconomic aggregate of international trade in goods is not influenced.

Since 2020, the Czech Statistical Office (CZSO) has changed 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 as '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 imports 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.

Data for companies, which are subject to the reporting duty and which failed to report data (non-response), has been imputed according to exports and imports 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 respective months of 2022 is preliminary; data up to and including year 2021 is final. 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 sets: https://csu.gov.cz/produkty/vzonu_cr
Next News Release will be published on: October 7, 2022