Czech International trade in goods (change of ownership) - August 2024
Higher exports of motor vehicles had a positive effect on the trade balance
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In August 2024, the total balance of international trade1) in goods2) was favourably influenced i n particular by y-o-y higher trade surplus in ' motor vehicles ' by CZK 16.4 bn (exports grew by CZK 21.4 bn). The trade deficit in ' computers, electronic and optical apparatus ' narrowed by CZK 7.6 bn and the trade surplus in ' other transport equipment ' increased by CZK 1.2 bn.
The total trade balance was affected negatively mainly due to trade in ' electrical equipment ' , which deteriorated by CZK 3.7 bn y-o-y (as a surplus turned to a deficit). The surplus on trade in ' fabricated metal products ' fell by CZK 1.1 bn and the negative balance on trade in ' basic metals ' widened by CZK 1.0 bn.
In August 2024, the positive trade balance with EU Member States grew by CZK 8.5 bn, y - o - y. The trade deficit with non-EU countries decreased by CZK 12.1 bn.
Y-o-y exports increased by 11.5% to CZK 371.1 bn and y-o-y imports rose by 5.2% to CZK 356.8 bn. August 2024 had one less working day than August 2023.
“The positive result of the August trade balance was due to a higher year-on-year growth in the value of exports than in imports. In absolute terms, the exports of motor vehicles and their parts increased the most, corresponding to a 25.9% year-on-year increase, followed by computers, electrical and optical equipment, where exports increased by 41.9%,” says Miluše Kavěnová, Director of the International Trade Statistics Department of the Czech Statistical Office.
Month-on-month, the seasonally adjusted exports and imports increased by 9.2% and 4.8%, respectively.
From January to August 2024, the trade balance reached a surplus of CZK 165.9 bn representing a y-o-y increase of CZK 101.5 bn. Since the beginning of the year, exports have risen by 4.6% and imports by 1.2%.
1) The international trade balance is the difference between exports from the Czech Republic and imports 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.
Notes
From 2020 onwards, data for International trade in goods (change of ownership) are subject to recalculation using an updated method, based on a higher level of detail. See Update of the compilation method – International trade in goods (change of ownership).
Since March 2022, in accordance with the methodology of Eurostat, selected data for exports and imports of military equipment and weapons are for safety reasons included in other goods codes and another territorial structure so that the macroeconomic aggregate of international trade in goods is not influenced.
Data for companies, which are subject to the reporting duty and which failed to report data (non-response), has been imputed according to exports and imports 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 2024 is preliminary; data up to and including year 2023 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@csu.gov.cz
Contact person: Jana Mazánková, Head of Trade Balance Unit, phone number (+420) 274 054 144, e-mail: jana.mazankova@csu.gov.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 sets: https://csu.gov.cz/produkty/vzonu_ts
Next News Release will be published on: November 6, 2024
This press release was not edited for language.
