Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  July 09, 2012 09:20:58

CR - the trade balance in May with a high surplus, which exceeded all expectations

According to preliminary data of border statistics in May year in current prices, exports rose by 2.8% while imports decreased by 1.1%. The trade balance showed a surplus of CZK 23.1 billion, which was by CZK 9.6 billion higher. Analysts polled by Reuters estimated that the trade balance surplus reached 21.5 billion crowns, which would be a monthly decline of 0.5 billion. Estimates ranged roughly in the range from 20.7 to 22 mld.Kč.

According to preliminary data of border statistics, seasonally adjusted exports fell by 0.9% and imports by 1.2%. The development trend shows a decline in exports by 0.5% and imports stagnated.

In comparisonat current prices, exports increased by 2.8% (CZK 7.0 billion) while imports fell by 1.1% (CZK 2.6 billion). The decrease in imports was recorded for the first time since December 2009. Export companies based in the Czech Republic grew by 1.9% (CZK 3.7 billion) and exports of traders outside the Czech Republic by 6.7% (CZK 3.3 billion). Import company based in the Czech Republic decreased by 1.2% (CZK 2.4 billion) and imports companies with headquarters outside the Czech Republic by 0.6% (CZK 0.2 billion).

As a result of weakening of the CZK against the two major currencies, foreign trade dropped in euros (exports by 1.0% and imports by 4.8%) and dollars (exports +11.8% and imports by 15.2%).

The foreign trade balance showed a surplus of CZK 23.1 billion, which was compared to the same month of 2011 increased by 9.6 billion CZK. Balance of entities based in the Czech Republic reached CZK 4.9 billion surplus (compared to 1.2 billion deficitCZK in May 2011), balance sheet entities that reside in the Czech Republic showed a surplus of CZK 18.2 billion (to CZK 14.8 billion asset in May 2011).

The surplus rose for machinery and transport equipment 'by CZK 3.5 billion, miscellaneous manufactured articles' by CZK 2.1 billion, and semi-finished materials by 2.0 billion CZK, beverages and tobacco and raw materials (by 0.2 billion . CZK). To reduce the deficit occurred in food and live animals by CZK 1.0 billion and mineral fuels by 0.3 billion CZK. Deficit was recorded only in chemical products by 0.3 billion CZK.

Total exports of machinery and transport equipment grew by 3.0% (4.0 billion CZK). Increment was mainly road vehicles' (CZK 1.8 billion) and computers (by CZK 1.3 billion). Decreased exports of telecommunications equipment (by CZK 1.3 billion). Total imports of machinery and transport equipment grew by 0.5% (CZK 0.5 billion).Mainly increased imports of machinery and equipment for energy (by CZK 1.6 billion) and road vehicles' (CZK 1.0 billion). Decreases were recorded in imports of telecommunications equipment (by CZK 1.7 billion) and electrical equipment and appliances' (CZK 1.4 billion). Imports of mineral fuels increased annually by only 0.2%. Imports of crude oil declined in value by 0.3% in terms of volume by 13.5%. Natural gas imports were in value by 16.0% higher in terms of volume declined by 10.2%.

The trade balance with EU member states reached a surplus of CZK 59.3 billion, which was by CZK 3.6 billion higher. With non-EU balance showed a deficit of CZK 36.2 billion, up by CZK 6.0 billion lower. Surplus rose in trade with Germany by CZK 3.3 billion, and Slovakia by 1.1 billion CZK. The negative balance is diminished in trade with China by 3.7 billion and CZK 3.2 billion to RussiaCZK and deepened to CZK 2.4 billion in trade with Korea. Balance deteriorated in trade with Poland by CZK 1.5 billion surplus into a deficit.

In January-May, exports grew by 8.8% and imports by 3.9%. The trade surplus reached CZK 141.6 billion, representing an annual increase of 60.4 billion CZK. Surplus increased especially in machinery and transport equipment '(CZK 43.6 billion) and semi-products and materials (by CZK 10.7 billion). Contrary, deepened trade deficit in mineral fuels by 4.3 billion CZK.

The trade balance in the national sense (balance of payments methodology) reflecting the performance of the Czech economy in May 2012 showed a surplus of CZK 4.1 billion. Data on exports and imports of goods calculated using data for VAT under this methodology are given in Table 8 and in the time series of foreign trade in goods by change of ownership (national concept).

Source: CSO + editor
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