International Trade in Goods Price Indices - March 2024

In March 2024 export prices increased month-on-month by 0.1%, in year-on-year comparison increased by 1.8%. Import prices increased month-on-month by 0.4%, year-on-year increased by 0.1%. The terms of trade reached month-on-month the value of 99.7%, year-on-year 101.7%.

Export prices
In month-on-month comparison, export prices increased by 0.1% (after exchange rate adjustment the increase stayed the same). The biggest increase was recorded in ‘chemicals and chemical products’, ‘other transport equipment’, ‘furniture’ and in ‘products of forestry, logging and related services’, by 2.8%, 2.1%, 1.5% and 1.5%, respectively. The biggest decrease was recorded in ‘leather and related products’, ‘coke and refined petroleum products’ and in ‘beverages’, by 3.5%, 1.4% and 1.3%, respectively.

In year-on-year comparison, export prices increased by 1.8% (after exchange rate adjustment by 3.3%). The prices increased significantly in ‘other transport equipment’, ‘furniture’ and in ‘motor vehicles, trailers and semi-trailers’, by 16.9%, 16.6% and 9.5%, respectively. The prices decreased especially in ‘electricity, gas, steam and air conditioning’, ‘products of forestry, logging and related services’ and in ‘products of agriculture, hunting and related services’, by 31.1%, 15.5% and 13.1%, respectively.

Import prices
In month-on-month comparison, import prices increased by 0.4% (after exchange rate adjustment by 0.3%). The biggest increase was recorded in ‘crude petroleum and natural gas’, ‘chemicals and chemical products’, ‘paper and paper products’ and in ‘rubber and plastic products’, by 1.9%, 1.5%, 1.3% and 1.3%, respectively. The prices decreased especially in ‘leather and related products’, wearing apparel’, ‘other non-metallic mineral products’ and in ‘electricity, gas, steam and air conditioning’, by 2.0%, 1.8%, 1.2% and 1.2%, respectively.

In year-on-year comparison, import prices increased by 0.1% (after exchange rate adjustment by 4.3%). The prices increased significantly in ‘other transport equipment’, ‘beverages’ and in ‘motor vehicles, trailers and semi-trailers’, by 13.8%, 8.0% and 6.7%, respectively. Significantly prices decreased in ‘electricity, gas, steam and air conditioning’, ‘crude petroleum and natural gas’ and in ‘wood and of products of wood and cork, except furniture’, by 36.3%, 16.4% and 5.2%, respectively.

“In March year-on-year exchange rate of Czech Koruna to Euro and US Dollar significantly weakened. Year-on-year export prices increased by 1.8% and import prices increased by 0.1%. In year-on-year comparison continued significant decrease of prices in electricity, in export and import prices by more than 30.0%”, Vladimír Klimeš, Head of the Industrial and International Trade Prices Statistics Unit of the Czech Statistical Office, noted.

The terms of trade
In month-on-month comparison, the terms of trade reached the value of 99.7% (100.8% in February). Significant positive value reached ‘chemicals and chemical products’ (101.3%) and significant negative value reached ‘rubber and plastic products’ (98.5%).

In year-on-year comparison, the terms of trade reached the value of 101.7% (102.8% in February). Significant positive value reached ‘chemicals and chemical products’ (105.2%) and significant negative value reached ‘fabricated metal products, except machinery and equipment’ (95.2%).

Revision of export and import price index
A periodical revision of export and import price indexes was completed. From the price indexes of reference period of January 2024, the export and import price indexes are calculated on the new weighting schemes, based on the structure of international trade of the year 2021. Thus newly calculated indexes are chained to the current time series with the base 2015 average = 100. This ensures the continuation of the existing time series, from which price indexes to other indexes (month-on-month, year-on-year, rolling average ratio) are further calculated. Indexes published so far remain valid.

By revision there was a change in conception, where instead of initial classification was set classification CZ-CPA, which enables in this classification publish data for the sections and units (in-depth CPA2). News Releases are newly published only in classification CZ-CPA. This change also ensures better coherency with News Releases of producer prices. Classification SITC continues to be published in the same details as it has been until now. Publishing of the classification HS ended by December 2023.

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