25.03.2024 International Trade in Goods Price Indices - January 2024

In January 2024 export prices increased month-on-month by 1.0%, in year-on-year comparison decreased by 1.2%. Import prices increased month-on-month by 0.3%, year-on-year decreased by 4.0%. The terms of trade reached month-on-month the value of 100.8%, year-on-year 102.9%.

Export prices

In month-on-month comparison, export prices increased by 1.0% (after exchange rate adjustment by 0.3%). The biggest increase was recorded in ‘electricity, gas, steam and air conditioning’, ‘products of forestry, logging and related services’ and in ‘waste collection, treatment and disposal services’, by 7.7%, 7.5% and 5.0%, respectively. The biggest decrease was recorded in ‘leather and related products’, ‘textiles’ and in ‘other non-metallic mineral products’, by 1.5%, 1.3% and 0.8%, respectively.

In year-on-year comparison, export prices decreased by 1.2% (after exchange rate adjustment by 3.6%). The decrease was recorded especially in ‘electricity, gas, steam and air conditioning’, ‘products of forestry, logging and related services’ and in ‘products of agriculture, hunting and related services’, by 24.3%, 15.9% and 15.6%, respectively. The prices increased significantly in ‘other transport equipment’, ‘furniture’ and in ‘motor vehicles, trailers and semi-trailers’, by 15.3%, 10.4% and 5.8%, respectively.

Import prices

In month-on-month comparison, import prices increased by 0.3% ( after exchange rate adjustment by 0.4% ). The biggest increase was recorded in ‘electricity, gas, steam and air conditioning’, ‘crude petroleum and natural gas’ and in ‘textiles’, by 5.9%, 2.8% and 2.1%, respectively. The prices decreased especially in ‘wearing apparel’, ‘leather and related products’ and in ‘other non-metallic mineral products’, by 2.9%, 2.7% and 2.2%, respectively.

In year-on-year comparison , import prices decreased by 4.0% (after exchange rate adjustment by 5.9%). The prices decreased significantly in ‘electricity, gas, steam and air conditioning’, ‘crude petroleum and natural gas’ and in ‘paper and paper products’, by 35.2%, 26.4% and 12.6%, respectively. The biggest increase was recorded in ‘other transport equipment’, ‘other manufactured goods’ and in ‘motor vehicles, trailers and semi-trailers’, by 9.5%, 9.0% and 5.5%, respectively.

“In January month-on-month and year-on-year exchange rate of Czech Koruna to Euro and US Dollar weakened. Year-on-year export prices decreased by 1.2% and import prices by 4.0%. In year-on-year export prices was significant especially decrease of electricity. In import prices decreased not only electricity but also crude petroleum and natural gas ”, Vladimír Klimeš , Head of the Industrial and International Trade Prices Statistics Unit of the Czech Statistical Office, noted.

The terms of trade

In month-on-month comparison, the terms of trade reached the value of 100.8% (100.4% in December). The highest value of the terms of trade was reached in ‘furniture’ (105.7%). The lowest value of the terms of trade was reached in ‘textiles ’ (96.6%).

In year-on-year comparison, the terms of trade reached the value of 102.9% (104.0% in December). The highest value of the terms of trade was reached in ‘electricity, gas, steam and air conditioning’ (116.9%). The lowest value of the terms of trade was reached in ‘manufactured products’ (94.6%).

Revision of export and import price index

A periodical revision of export and import price indexes was completed. From the price indexes of reference period of January 2024, the export and import price indexes are calculated on the new weighting schemes, based on the structure of international trade of the year 2021. Thus newly calculated indexes are chained to the current time series with the base 2015 average = 100. This ensures the continuation of the existing time series, from which price indexes to other indexes (month-on-month, year-on-year, rolling average ratio) are further calculated. Indexes published so far remain valid.

By revision there was a change in conception, where instead of initial classification was set classification CZ-CPA, which enables in this classification publish data for the sections and units (in-depth CPA2). News Releases are newly published only in classification CZ-CPA. This change also ensures better coherency with News Releases of producer prices. Classification SITC continues to be published in the same details as it has been until now. Publishing of the classification HS ended by December 2023.

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Notes :

Responsible head at the CZSO: Jiří Mrázek, Director of the Prices Statistics Department, phone: (+420) 274 052 533, e-mail: jiri.mrazek@czso.cz
Contact person: Vladimír Klimeš, Head of the Industrial and International Trade Prices Statistics Unit, phone: (+420) 274 054 102, e-mail: vladimir.klimes@czso.cz
Data source: Sample survey of the CZSO
End of data collection: 15th calendar day after the reference month end
Related Internet-published document : 013014-24 Import and Export Price Indices in the Czech Republic (month periodicity)
https://vdb.czso.cz/vdbvo2/faces/en/index.jsf?page=statistiky # katalog =31781
Specific methodical notes: The data published in the News Release are final data
Next News Release shall be published on : 10 April 2024

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