Export and import prices - Methodology

The export and import price indices have been calculated for the Czech Republic monthly since 1998. Since 2019, data are measured monthly by means of two statistical questionnaires called Ceny ZOV 1 - 12 for export prices, and Ceny ZOD 1 - 12 for import ones.

The price representatives were selected by domestic businesses important for international trade of the Czech Republic. Both production enterprises, as well as enterprises engaged in foreign trade activities only, of them about 600 businesses engaged in exports and around 600 ones in imports. At present, the weighting schemes for export and import include in total more than 5000 products, raw materials and supplies – the price representatives, which form a significant share in the actual value of trade in rather significant groups of international trade, both exports and imports.

The basis of actual prices is invoiced prices achieved in the implemented rather significant import and export trade transactions converted into CZK by appropriate average monthly exchange rates declared by the Czech National Bank. The conversion is carried out either directly by the reporting unit, or by the Czech Statistical Office in cases prices are reported in a foreign currency. Thus besides price trends, the price indices reflect changes in foreign exchange rates as well. The prices given are free of customs duties, value added tax, and excise duties.

Since January 2011, broken down export and import price indices, exchange rate adjusted, have been published monthly. These breakdowns represent the values of exchange rate adjusted increments in percentage points. Detailed information can be found in export and import price analyses released at https://www.czso.cz/csu/czso/export-and-import-prices-analyses-commentaries.

The indices are designed according to the Harmonized Commodity Description and Coding System, hereinafter as the Harmonised System. Then they are converted to be able to create two breakdowns, first, by main group of the Standard International Trade Classification (SITC), Rev. 4, and, second, by the national version, Classification of Products by Activity (CZ‑CPA), of the Classification of Products by Activity, Version 2.1. The terms of trade are expressed as a ratio of export price indices and import price indices.

During the year 2017 a standard revision of the calculation of export and import price indices was carried out. Since the reference period of January 2018, export and import price indices have been calculated using a new weighting scheme based upon international trade in goods (change of ownership) structure of 2015 and with the price base of the average of 2015 = 100.

The time series with the price base of the average of 2005 = 100 was recalculated to the new base of the average of 2015 = 100. Since January 2018, newly calculated indices with the price base of the average of 2015 = 100 are chained to this time series of indices, which provides for its continuation. The chaining period is December 2017.

Since the reference period of January 2018, all derived indices have been calculated from the time series of base indices of the average of 2015 = 100.

The calculation of indices with the base of the average of 2005 = 100 was terminated in the reference period of December 2017. The indices published till that period will not be revised.

Increase (decrease) in export and import prices indicates by how many percent the average price level of exports or imports increased (decreased) compared to the average price level of the comparison period. The comparison period for the year-on-year increase (decrease), expressed as percentage, is the same period of the previous year.

The first estimates are, at the same time, the finalised data. This means, ordinary revisions, i.e. revisions to make previous estimates more precise without changes to methodology or modifications of the calculation concept, are not carried out.