Drop in manufacturing of textile & clothing products

11 Sep '08

4 min read

In July were more three working days as against last year, which affected the large y-o-y volume of industrial production. The trade balance ended in a surplus for the first time since 1993, by the y-o-y growth of exports and a drop of imports volume.

The August consumer prices level was lower than in July, the y-o-y prices growth decelerated. The registered unemployment rate did not change m-o-m, number of registered job applicants slightly increased in the second holiday month.

In July, the y-o-y volume of industrial production was by 6.7% higher, after working days adjustment by 0.6%. Drop in manufacturing of textiles, textile and clothing products, manufacturing of wood and wooden products had the biggest negative impact. The seasonally adjusted industrial production decreased by 0.8% in comparison to the June level; the trends have been growing up by 0.1%.

In July, sales in industry went up by 7.0% in terms of real comparison y-o-y, direct export sales by 11.0%. Industrial foreign-controlled enterprises increased its sales in industry by 7.9% and direct export sales by 11.5%. Its share in total sales was 58.6% at current prices; in July 2007 it was 59.5%.

An average number of employees in industry increased by 0.6%, (i.e. by 7.6 thousand people), their average monthly wage amounted to CZK 23 140 in July was up nominally by 9.2% on a year ago, really by 2.2%. Labour productivity rose by 6.2%.

In July, the y-o-y value of new orders in selected industrial branches increased by 0.6%, value of foreign orders dropped by 1.0%.

In January to July, as against the same period of the last year volume of industrial production was by 6.0% higher. Sales in industry rose by 5.8% and direct export sales by 8.6% in terms of real comparison. Number of employees in industry increased by 1.6%, an average monthly wage increased nominally by 10.0% and really by 2.7%. Labour productivity rose by 3.6% y-o-y.

External trade:
In July, the y-o-y volume of exports increased by 3.2% and the y-o-y volume of imports lessened by 0.9% (both in current prices). Machines and means of transport had the highest proportion in exports and imports (52.5% and 39.5%, respectively). Since 1993 the trade balance ended in a surplus of CZK 7.2 bn, which was by CZK 8.1 bn higher on a year ago. The trade balance with EU 27 member states was active by CZK 40.1 bn, with non-EU 27 states passive by CZK 32.9 bn.

Improvement in trade of machines, means of transport, semi-finished goods; materials had a positive effect on the trade balance. According to preliminary data, m-o-m seasonally adjusted exports decreased by 0.8%, imports increased by 1.6%. The trend indicates a drop in exports by 0.5% and a growth in imports by 0.1%.

In January to July, volume of exports enlarged by 5.6% and imports by 4.7%; the paces of growth of both were by more than 10.0 p.p. lower on a year ago. The trade balance surplus amounted to CZK 72.8 bn was by CZK 16.3 bn higher than in first seven months 2007.

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