International trade in goods (change of ownership) - May 2024
Year-on-year, exports increased slightly, imports stagnated
Publication Date: 08. 07. 2024
Product Code: 241018-24
In May 2024, the total balance of international trade1) in goods2) was favourably influenced mainly by trade in 'electrical equipment', which improved by CZK 6.4 bn as a deficit turned into a surplus. The trade deficit in 'crude petroleum a natural gas' narrowed by CZK 4.0 bn and the trade surplus in 'motor vehicles' increased by CZK 2.7 bn.
The total trade balance was affected negatively mainly due to a larger deficit on trade in 'computer, electronic and optical products', 'refined petroleum products' and 'basic metals' by CZK 5.2 bn, CZK 4.1 bn and CZK 1.8 bn, respectively.
In May 2024, the positive trade balance with EU Member States grew by CZK 2.2 bn, y−o−y. The trade deficit with non-EU countries decreased by CZK 1.8 bn.
Y-o-y exports increased by 1.2% to CZK 388.4 bn, while y-o-y imports remained roughly at the same level as in the previous year (CZK 374.8 bn). May 2024 had the same number of working days as May 2023.
“The trade balance for the month of May remained positive. Moreover, the trade balance for all of the first five months of this year ended with a surplus. These five months, taken together, have already surpassed the previous year’s balance. Exports and imports of motor vehicles, computer, electronic and optical devices increased the most in May, while the largest decreases on both sides of trade were recorded in electrical equipment and machinery and 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 3.2% and 2.1%, respectively.
From January to May 2024, the trade balance reached a surplus of CZK 130.0 bn representing a y−o−y increase of CZK 71.7 bn. Since the beginning of the year, exports and imports have risen by 4.5% and 0.7%, respectively.
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).
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.
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
Next News Release will be published on: August 6, 2024
This press release was not edited for language.