Export and import price indices - November 2017

In November 2017, export prices decreased by 0.5%, import prices fell 0.3%, the terms of trade figures reached 99.8%, month-on-month. Export prices dropped 2.7%, import prices declined 3.3%, the terms of trade reached 100.6%, year-on-year.

Month-on-month comparison:

Exports: export prices declined 0.5% in November (-0.6% in October). The change of the total m-o-m export price index was led mainly by a 0.7% price decrease in ‘machinery and transport equipment’. Biggest price drop was registered in ‘crude materials, inedible, except fuels’
(-2.1%), ‘chemicals and related products’ (-1.0%), and ‘miscellaneous manufactured articles’
(-0.8%). Prices rose significantly in ‘mineral fuels, lubricants and related materials’ (+3.4%, mainly electricity).

Imports: import prices decreased by 0.3% in November following a 0.5% decline in October.
The change of the total m-o-m import price index was driven mainly by a 0.8% price drop
in ‘machinery and transport equipment’. Prices in ‘food and live animals’ dropped 2.0%, ‘crude materials, inedible, except fuels’ declined 1.8%, and ‘manufactured goods classified chiefly by material’ fell 0.6%. ‘Mineral fuels, lubricants and related materials’ prices grew 4.8%.

The terms of trade decreased to the value of 99.8% (99.9% in October), nevertheless they were still worsening. Negative values of terms of trade were reached in ‘mineral fuels, lubricants and related materials’ (98.7%), ‘chemicals and related products’ (99.5%), and ‘miscellaneous manufactured articles’ (99.6%). Significant positive values of terms of trade were reached by prices of ‘food and live animals’ (101.5%) and ‘machinery and transport equipment’ (100.1%).

Year-on-year comparison:

Exports: mainly due to strengthening of koruna against euro and U.S. dollar export prices fell 2.7% (-1.7% in October). A 4.5% price decline in ‘machinery and transport equipment’ contributed to the decrease in overall y-o-y export price index. ‘Miscellaneous manufactured articles’ prices dropped 4.4%, ‘chemicals and related products’ prices fell 2.4%. Prices were rising in ‘mineral fuels, lubricants, and related products’ (+6.1%; mainly coal) and in ‘crude materials, inedible, except fuels’ (+4.4%; mainly metal scrap).

Imports: import prices decreased by 3.3% after a 2.2% decline in October. The fall of the total annual import price index was primarily driven by a 6.8% drop in ‘machinery and transport equipment’. Prices also fell in ‘miscellaneous manufactured articles’ (-5.2%) and in ‘chemicals and related products’ (-1.7%). Biggest price growth was reported in ‘mineral fuels, lubricants, and related products’ (+4.3%) and ‘manufactured goods classified chiefly by material’ (+2.1%).

The terms of trade figures increased to the value of 100.6% (100.5% in October) staying in the positive values for the second successive month. Among significant groups, positive values were reached by prices of ‘crude materials, inedible, except fuels’ (106.0%), ‘machinery and transport equipment‘(102.5%), and ‘food and live animals’ (102.2%). ‘Manufactured goods classified chiefly by material’ and ‘chemicals and related products’ reached negative values of terms of trade – 98.3% and 99.3%, respectively.

Revision of external trade price indices

Revision of external trade price indices is now under way by Czech Statistical Office. Upon completion from January 2018, export and import price indices will be calculated using new weighting scheme based upon External trade statistics data from year 2015 and national concept data while implementing new price base - year 2015 average = 100. These new technical indices will replace the old technical indices (hitherto calculated to the base year 2010 = 100). Existent time series (2005 avg. = 100) will be recalculated to the new base (2015 avg. = 100) and subsequently chained by technical indices starting in December 2017. New indices with base year 2015 avg. = 100 will be linked to the new time series thus enabling continuation of current time series. All derived indices will be calculated using time series of base year 2015 avg. = 100. Publishing of price indices with base year 2005 avg. = 100 will be terminated in December 2017. Hitherto published indices will not be revised.

January 2018 data will be released on March 29 2018 within the scope of Cataloge of Products.

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Notes:
Responsible manager of the CZSO: Jiří Mrázek, Department Director
Contact: Vladimír Klimeš, phone (+420) 274 054 102,
e-mail: vladimir.klimes@czso.cz
Method of data collection: Selective survey of the CZSO
End of data collection: 16th calendar day after the reference month
Related publications: 013014-17 Import and Export Price Indices in the Czech Republic
https://www.czso.cz/csu/czso/export-and-import-price-indices
Specific methodical notes: The data released are final.
Next News Release: 16 February 2018

Not edited for language

Attachments

⇩ aizc011618.docx
Annexes:
⇩ Table 1 Export and Import Price Indices
⇩ Table 2 Export and Import Price Indices (breakdown of indices – published and exchange rate adjusted – month-on-month, year-on-year)
⇩ Chart 1 Export and Import Price Indices (year-on-year changes)