International Trade in Goods Price Indices - October 2023

In October 2023 export prices increased month-on-month by 0.3%, in year-on-year comparison decreased by 2.2%. Import prices increased month-on-month by 0.8%, year-on-year decreased by 6.5%. The terms of trade reached month-on-month the value of 99.5%, year-on-year 104.6%.

Export prices
In month-on-month comparison, export prices increased by 0.3% (after exchange rate adjustment by 0.4%). The greatest overall effect had mainly the increase in ‘machinery and transport equipment’, by 0.8%. The biggest increase in prices was recorded in ‘crude materials, inedible, except fuels’, especially wood and metal scrap, and in ‘chemicals and related products’, especially organic chemicals and plastics, by 2.5% and 2.1%, respectively. The only decrease was recorded in ‘mineral fuels, lubricants and related materials’, especially electric current and petroleum products, by 3.9%.

In year-on-year comparison, export prices decreased by 2.2% (after exchange rate adjustment by 1.9%). The greatest overall effect had mainly the decrease in ‘manufactured goods classified by material’, especially iron and steel and manufactures of metals, by 7.6%. The biggest decrease in prices was recorded in ‘crude materials, inedible, except fuels’, especially wood, oil-seeds and crude rubber, in ‘chemicals and related products’, especially inorganic chemicals, and in ‘mineral fuels, lubricants and related materials’, especially petroleum products, coal and gas, by 17.3%, 8.9% and 7.4%, respectively. The biggest increase was recorded in ‘beverages and tobacco’, and in ‘miscellaneous manufactured articles’, by 12.3% and 3.9%, respectively.

Import prices
In month-on-month comparison, import prices increased by 0.8% (after exchange rate adjustment the increase stayed the same). The greatest overall effect had mainly the increase in ‘machinery and transport equipment’, by 1.0%. The biggest increase was recorded in ‘beverages and tobacco’, in ‘crude materials, inedible, except fuels’, especially metalliferous ores and metal scrap and wood, and in ‘miscellaneous manufactured articles’, by 3.7%, 2.1% and 1.2%, respectively. The only decrease was recorded in ‘manufactured goods classified chiefly by material’, especially iron and steel, by 0.2%.  

In year-on-year comparison, import prices decreased by 6.5% (after exchange rate adjustment by 5.7%). The greatest influence had significant decrease in prices of ‘mineral fuels, lubricants and related materials’, especially gas, electric current, petroleum, petroleum products and coal, by 28.4%. The prices decreased significantly in ‘crude materials, inedible, except fuels’, especially metalliferous ores and metal scrap, pulp and waste paper, in ‘chemicals and related products’, especially plastics, and in ‘manufactured goods classified chiefly by material’, especially iron and steel and non-ferrous metals, by 12.6%, 9.0% and 6.2%, respectively. The biggest increase was recorded in ‘beverages and tobacco’, and in ‘miscellaneous manufactured articles’, by 23.7% and 3.1%, respectively.

“In October the export and import prices were influenced by exchange rate of Czech Koruna to Euro and US Dollar. Month-on-month export prices increased by 0.3% and import prices by 0.8%. Year-on-year export prices decreased by 2.2% and import prices by 6.5%”, 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 99.5% (99.2% in September). The lowest value of the terms of trade was reached in ‘mineral fuels, lubricants and related materials’ (95.1%). The highest value of the terms of trade was reached in ‘chemicals and related products’ (101.5%).

In year-on-year comparison, the terms of trade reached the value of 104.6% (106.4% in September). The highest value of the terms of trade was reached in ‘mineral fuels, lubricants and related materials’ (129.4%). The lowest value of the terms of trade was reached in ‘beverages and tobacco’ (90.8%).

Revision of export and import price index
A periodical revision of export and import price indexes is currently under way. From the price indexes of reference period of January 2024, the export and import price indexes will be calculated on the new weighting schemes, based on the structure of international trade of the year 2021. Thus newly calculated indexes will be chained to the current time series with the base 2015 average = 100. This will ensure 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 is a change in conception, where instead of initial classification will be set classification CZ-CPA, which will enable in this classification publish data for the sections and units (in-depth CPA2). News Releases will be newly publish only in classification CZ-CPA. This change will also ensure better coherency with News Releases of producer prices. Classification SITC will continue to be published in the same details as it has been until now. Publishing of the classification HS will be ended by December 2023.

Publication of price indexes for January 2024 will be postponed in accordance with ‘Catalogue of Products 2023’ to March 25, 2024.

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