International trade in goods (change of ownership) - July 2024
Trade balance deficit decreased year-on-year
Publication Date: 06. 09. 2024
Product Code: 241018-24
In July 2024, the total balance of international trade1) in goods2) was favourably influenced in particular by trade in 'electrical equipment', which improved y−o−y by CZK 5.3 bn (as a deficit turned into a surplus). The trade surplus increased in 'machinery and equipment' by CZK 2.4 bn and 'motor vehicles' by CZK 1.7 billion.
The total trade balance was affected negatively mainly due to a larger deficit in trade in 'basic metals' by CZK 3.7 bn, 'computers, electronic and optical equipment' by CZK 2.1 bn and 'refined petroleum products' by CZK 1.9 bn.
In July 2024, the positive trade balance with EU Member States grew by CZK 5.8 bn, y−o−y. The trade deficit with non-EU countries increased by CZK 3.4 bn.
Y-o-y exports increased by 12.2% to CZK 355.8 bn y-o-y imports rose by 11.3% to CZK 359.9 bn. July 2024 had three more working days than July 2023.
“After ten months, the trade balance ended in a deficit, making the July balance the first negative balance this year. The value of imports exceeded the export side, also because exports of motor vehicles and their parts stagnated mainly due to the factory holidays, while the import side was boosted most by computers, electronic and optical equipment,” says Miluše Kavěnová, Director of the International Trade Statistics Department of the Czech Statistical Office.
Month-on-month, the seasonally adjusted exports and imports decreased by 4.0% and 1.2%, respectively.
From January to July 2024, the trade balance reached a surplus of CZK 155.2 bn representing a y−o−y increase of CZK 84.3 bn. Since the beginning of the year, exports have risen by 3.5%, and imports by 0.3%.
The CZSO has carried out the regular annual update. Final 2023 data on international trade in goods says, that y−o−y exports grew by 0.8% to CZK 4 442.4 bn, while imports fell by 6.3% to CZK 4 319.9 bn. Balance of international trade in goods for the year 2023 ended in a surplus of CZK 122.5 bn in comparison to a deficit of CZK 204.8 bn in 2022.
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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.
Notes
Methodological note:
From 2020 onwards, data for International trade in goods (change of ownership) are subject to recalculation using an updated method, based on a higher level of detail. See Update of the compilation method – International trade in goods (change of ownership).
Since March 2022, in accordance with the methodology of Eurostat, selected data for exports and imports of military equipment and weapons 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.
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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 2024 is preliminary; data up to and including year 2023 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: Jana Mazánková, Head of Trade Balance Unit, phone number (+420) 274 054 144, e-mail: jana.mazankova@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_ts
Next News Release will be published on: October 7, 2024
This press release was not edited for language.