Czech external trade in May: Exports grew faster than imports

In May 2011, according to preliminary data of ‘border statistics’, exports and imports at current prices rose by 18.2% and 17.5%, year-on-year (y-o-y), respectively. The trade balance surplus of CZK 14.4 bn was by CZK 3.2 bn higher, y-o-y.

According to preliminary data of ‘border statistics’, seasonally adjusted exports and imports fell by 0.7% and 1.0%, respectively, compared with April 2011. The development trend shows increasing exports (+0.2%) and imports (+0.5%).

Year-on-year, exports and imports at current prices were up by 18.2% (CZK 37.3 bn) and 17.5% (CZK 34.0 bn), respectively. Y-o-y, the external trade turnover increased by 17.8% (CZK 71.3 bn) to CZK 470.6 bn, which was by CZK 61.2 bn more than in May 2008 (before economic and financial recession). Due to appreciation of the CZK against the both main currencies, external trade grew faster in EUR (exports +24.4% and imports by +23.7%) and in USD (exports +42.0% and imports +41.3%) than external trade expressed in CZK.

The trade balance surplus of CZK 14.4 bn was by CZK 3.2 bn higher compared to May 2010. Trade surplus rose mainly in ‘machinery and transport equipment’ (by CZK 8.7 bn); further in ‘miscellaneous manufactured articles’ and ‘manufactured goods classified chiefly by material’ (both by CZK 1.0 bn). On the other hand, surplus shrank in ‘crude materials, inedible, except fuels’ (by CZK 1.9 bn) and ‘beverages and tobacco’ (by CZK 0.2 bn). Higher deficits were recorded in ‘mineral fuels, lubricants and related materials’ (CZK 4.0 bn), ‘chemicals and related products’ (by CZK 1.3 bn) and ‘food and live animals’ (by CZK 0.2 bn).

Total 'machinery and transport equipment' exports rose by 19.6% (CZK 21.6 bn), y-o-y. Exports grew first of all in ‘road vehicles’ (by CZK 5.3 bn), ‘electrical machinery, apparatus and appliances’ (by CZK 4.9 bn) and office machines and automatic data-processing machines’ (by CZK +4.2 bn). Total 'machinery and transport equipment' imports rose by 15.7% (CZK +12.9 bn), y-o-y, of which the highest increases were reported in imports of ‘other transport equipment’ (by CZK +2.7 bn), ‘electrical machinery, apparatus and appliances’ (by CZK 2.5 bn) and ‘road vehicles’ (by CZK +2.4 bn). ‘Mineral fuels, lubricants and related materials’ imports grew by 29.6% (CZK +5.7 bn). Imports of ‘crude petroleum rose by 6.4% in value, while it dropped by 15.7% in volume. Imports of ‘natural gas’ increased by 26.1% in value and by 12.1% in volume.

The trade balance with EU Member States showed a surplus of CZK 56.1 bn, which was by CZK 5.5 bn higher, y-o-y. The trade gap with non-EU countries widened by CZK 2.3 bn to amount to CZK 41.7 bn. The trade surplus rose with Germany (by CZK 4.8 bn), Slovakia (by CZK 1.6 bn) and France (by CZK 0.6 bn). The trade gap grew in trade with China (by CZK 3.9 bn); on the other hand, a drop in deficit was observed in trade with the Russian Federation (by CZK 1.6 bn) due to increasing exports.

In January-May 2011, exports and imports rose by 19.4% and 20.1% respectively. The trade surplus attained CZK 80.5 bn, which was an increase of CZK 7.9 bn, y-o-y. The trade balance improved mainly in ‘machinery and transport equipment’ (surplus up by 39.5 bn). On the contrary, deficit increased in ‘mineral fuels, lubricants and related materials’ (by CZK 20.3 bn) and ‘chemicals and related products’ (by CZK 10.1 bn).

(Source: CSU)