International trade in goods (change of ownership) - June 2023
The highest monthly balance since the beginning of the year
Publication Date: 07. 08. 2023
Product Code: 241018-23
According to preliminary data in current prices, the trade balance of goods in June 2023 ended in a surplus of CZK 18.2 bn, which was by CZK 33.4 bn better result, year−on−year (y−o−y).
The total balance of international trade1) in goods2) was favourably influenced mainly by a y−o−y smaller deficit in 'crude petroleum and natural gas' by CZK 16.6 bn due to the fall in world market prices and lower imported quantities. The trade surplus in 'motor vehicles, trailers and semitrailers' grew by CZK 7.8 bn and the trade deficit in 'basic metals' decreased by CZK 3.8 bn.
The total trade balance was negatively affected mainly by a decline of the trade surplus in 'electricity', 'fabricated metal products' and 'waste products' by CZK 3.8 bn, CZK 1.8 bn and CZK 1.1 bn, respectively.
In June 2023, the positive trade balance with EU Member States improved by CZK 15.1 bn. The trade deficit with non-EU countries decreased by CZK 18.5 bn.
Y-o-y exports increased by 1.0% to CZK 398.3 bn while y-o-y imports fell by 7.2% to CZK 380.1 bn. June 2023 had the same number of working days as June 2022.
“The trade balance for June was positive for the first time in two years in this reference month. It has been in the black for six months in a row, resulting in a surplus of CZK 80 bn for the first half of the year. By comparison, in the first half of the previous year it was at a very similar level but with a negative sign,” says Stanislav Konvička, Head of the Trade Balance Unit of the CZSO.
Month-on-month, the seasonally adjusted exports and imports rose by 0.7% and 0.4%, respectively.
From January to June 2023, the trade surplus reached CZK 79.8 bn, compared with a deficit of CZK 83.2 bn in the same period of the previous year. Since the beginning of the year, y−o−y exports have grown by 5.0% while imports have fallen by 2.4%.
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).
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.
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 and 2023 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
241014-23 External Trade of the Czech Republic –by CZ-CPA (quarterly)
https://www.czso.cz/current-product/41321
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This press release was not edited for language.