International trade in goods (change of ownership) - June 2024
Exports and imports decreased year-on-year
Publication Date: 06. 08. 2024
Product Code: 241018-24
In June 2024, the total balance of international trade1) in goods2) was favourably influenced mainly by a smaller trade deficit in 'chemicals and chemical' products by CZK 2.9 bn and 'crude petroleum a natural gas' by CZK 2.5 bn. The trade surplus in 'electrical equipment' and 'motor vehicles' increased by CZK 2.3 bn and CZK 2.1 bn, respectively.
The total trade balance was affected negatively mainly due to a larger deficit on trade in 'refined petroleum products' by CZK 3.0 bn and smaller trade surplus in 'machinery and equipment' by CZK 0.9 bn.
In June 2024, the positive trade balance with EU Member States fell by CZK 3.4 bn, y−o−y. The trade deficit with non-EU countries decreased by CZK 13.9 bn.
Y-o-y exports decreased by 4.2% to CZK 386.2 bn, while y-o-y imports fell by 7.3% to CZK 356.9 bn. June 2024 had two fewer working days than June 2023.
“In June, there was a year-on-year decline in most commodity groups, both on the export and import side. Only imports of refined petroleum products or exports of chemicals and chemical products and other transport equipment recorded year-on-year growth of more than CZK 1 bn,” says Jana Mazánková, Head of the Trade Balance Unit.
Month-on-month, the seasonally adjusted exports and imports increased by 3.4% and 0.9%, respectively.
From January to June 2024, the trade balance reached a surplus of CZK 156.5 bn representing a y−o−y increase of CZK 80.0 bn. Since the beginning of the year, exports have risen by 2.2%, while imports fell by 1.4%.
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
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.
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 2023 and 2024 is preliminary; data up to and including year 2022 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
241014-24 External Trade of the Czech Republic by CZ-CPA (quarterly)
https://csu.gov.cz/current-product/41321
Next News Release will be published on: September 6, 2024
This press release was not edited for language.