September 23, 2022
In July 2022 export prices in Czechia increased month-on-month by 1.1% and year-on-year by 14.2%. Import prices increased month-on-month by 2.7% and year-on-year by 21.3%. The terms of trade reached month-on-month the value 98.4%, year-on year 94.1%.
Export prices
In month-on-month comparison, export prices increased by 1.1% (after exchange rate adjustment by 1.3%). The growth in the monthly export price index was essentially affected by an increase in prices of ‘mineral fuels, lubricants and related materials’, especially electricity and gas, by 8.9%. Prices in ‘chemicals and related products’, and in ‘machinery and transport equipment’ increased by 1.6% and 0.8%, respectively. Prices fell in ‘crude materials, inedible, except fuels’, especially metal scrap and oil seeds, and in ‘food and live animals’, especially cereals, by 8.4% and 1.5%, respectively.
In Year-on-year comparison, export prices increased by 14.2% (by 17.1% after adjustment). The growth in the export price index was essentially affected by an increase in prices of ‘mineral fuels, lubricants and related materials’, particularly electricity, petroleum products, gas and coal, by 160.6%. Prices increased in all of monitored SITC 1 groups. The significant growth was recorded in ‘food and live animals’, especially cereals, in ‘chemicals and related products’ and in ‘manufactured goods classified chiefly by material’, especially metal products, iron and steel, by 25.3%, 19.9% and 19.6%, respectively.
Import prices
In month-on-month comparison, import prices increased by 2.7% (after exchange rate adjustment by 2.6%). The greatest effect on an overall rise in the monthly import price index was brought mainly by increase in ‘mineral fuels, lubricants and related materials’, especially gas and electricity, by 16.3%. Prices in ‘miscellaneous manufactured articles’ and in ‘food and live animals’ increased by 1.7%, both. Prices in ‘crude materials, inedible, except fuels’, especially raw rubber, increased by 0.9%. Prices fell only in ‘manufactured goods classified chiefly by material’, especially non-ferrous metals, iron and steel, by 1.5%.
In year-on-year comparison, import prices increased by 21.3% (after adjustment by 22.8%). The growth in prices of ‘mineral fuels, lubricants and related materials’, i.e. gas, petroleum, petroleum products, electricity and coal, by 145.9%, had the strongest effect on the increase of the annual import price index. Prices grew in all of monitored groups. Significant increase was recorded in ‘manufactured goods classified chiefly by material’, especially iron, steel, non-ferrous-metals and paper, in ‘food and live animals’, and in ‘chemicals and related products’ especially plastics, by 15.9%, 15.8% and 14.6%, respectively.
“In July 2022 export prices increased year-on-year by 14.2% and import prices by 21.3%. The month-on-month and year-on-year growth of export prices was significantly affected by increasing prices of electricity, import prices were affected by increasing prices of 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 98.4% (99.4% in June). The lowest value of the terms of trade was reached in ‘crude materials, inedible, except fuels’ (90.8%). The highest value of the terms of trade was reached in ‘beverages and tobacco’ (102.5%).
In year-on-year comparison, the terms of trade reached value of 94.1% (96.3% in June), which was the lowest value since May 2000 (93.1%). The lowest value of the terms of trade was reached in ‘beverages and tobacco’ (92.1%). The highest value was reached in ‘food and live animals’ (108.2%).
Source: Czech Statistical Office
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