International trade in goods (change of ownership) - January 2021

According to preliminary data in current prices, the trade balance of goods in January 2021 ended in a surplus of CZK 24.6 bn, which was higher by CZK 7.3 bn, year−on−year (y−o−y).

The total balance of international trade¹⁾ in goods²⁾ was favourably influenced mainly by a y−o−y decreases of the trade deficits in 'crude petroleum and natural gas' by CZK 3.2 bn (due to lower imported quantities) and 'food products' by CZK 1.8 bn. The trade surplus in 'fabricated metal products' grew by CZK 1.3 bn.

The total balance was negatively affected by a y−o−y lower surplus in 'motor vehicles, trailers and semitrailers' by CZK 3.3 bn, due to a decrease in their exports by CZK 4.7 bn. The trade deficit in 'computer, electronic and optical products' deepened by CZK 1.3 bn.

Y−o−y, exports fell by 0.6% to CZK 303.1 bn and imports dropped by 3.2% to CZK 278.5 bn. January 2021 had two less working days than January 2020.

Compared to December 2020, the seasonally adjusted exports fell by 2.0%, while imports rose by 1.8%. The trend shows decreasing exports (−0.9%) and increasing imports (+0.3%).

In January 2021, the trade balance with the EU27³⁾ Member States ended in a surplus of CZK 66.0 bn, which was CZK 4.0 bn higher, y−o−y. The highest y−o−y increase of surplus was recorded in trade with Germany (by CZK 2.4 bn); additionally, the trade deficit decreased with Poland by CZK 2.0 bn. On the other hand, the trade surplus with Slovakia decreased by CZK 3.1 bn.

In January 2021, exports to Eurozone countries constituted 65.3% of all Czech exports; imports from Eurozone countries to the Czech Republic constituted 48.9% of all Czech imports. Y-o-y, exports to the Eurozone fell by 0.3% (CZK−0.6 bn) to CZK 197.8 bn; imports from the Eurozone went down by 2.3% (CZK−3.2 bn) and reached CZK 136.1 bn. In January 2021, the Czech crown weakened against the Euro on average by 3.5% y-o-y.

The trade deficit with non−EU27 countries decreased by CZK 3.5 bn to reach an amount of CZK 40.3 bn. The trade balance improved with Azerbaijan and the Russian Federation by CZK 2.8 bn and CZK 1.1 bn, respectively, as a deficit turned into a surplus.

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Methodological note:
Since 2020, the Czech Statistical Office (CZSO) has changed the terminology and the manner in which data is presented. The external trade is now referred to as international trade. The data based on the change of ownership between residents and non-residents (former so-called the 'national concept of external trade'), from now on, is referred to as 'international trade in goods (change of ownership)'. The 'cross-border concept of external trade' is referred to Cross-border movements of goods.
Further information: https://www.czso.cz/csu/czso/changes-in-international-trade-statistics

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Notes:
¹⁾ The international trade balance is the difference between exports from the Czech Republic and import to the Czech Republic.
²⁾ The international trade in goods (change of ownership) reflects export and import performance of the Czech economy, i.e. the international trade balance of the Czech Republic as well. It measures real trade in goods carried out between Czech entities and foreign ones, i.e. the change of ownership between residents and non-residents.
³⁾The EU27 - from 1 February 2020, the United Kingdom has not been a member of the European Union.

Data for companies, which are subject to the reporting duty and which failed to report data (non-response), has been imputed according to dispatches and receptions these companies reported in the previous period. Data for companies exempted from the reporting duty were estimated on the basis of the data given in the VAT return forms. The data, which were not available from the VAT return forms, are estimated on the basis of the values for previous periods.

Data for respective months of 2020 and 2021 is preliminary; data up to and including year 2019 is final. When data for the reference month is published, six previous months are updated. All months with preliminary data are updated when data for January, March and July is published. Final data is published always in September of the following year.

Responsible head at the CZSO: Miluše Kavěnová, Director of International Trade Statistics Department, phone number (+420) 274 054 176, e-mail: miluse.kavenova@czso.cz
Contact person: Stanislav Konvička, Head of Trade Balance Unit, phone number (+420) 274 054 254, e-mail: stanislav.konvicka@czso.cz
Method of data collection: Intrastat forms and single administrative documents and value added tax return forms
End of data collection: 20th working day after the end of the reference month
Following data set: https://www.czso.cz/csu/czso/vzonu_cr
Next News Release will be published on: April 8, 2021

Attachments

⇩ avzo030921.docx
Annexes:
⇩ Chart 1 Balance of international trade in goods (total trade balance, trade balances with the EU27 Member States and non−EU27 countries)