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Economy in Brief

Balance of Trade in Goods: Czech Republic and Kazakhstan 
by Louise Curley February 5, 2007

The Czech Republic and Kazakhstan released data on exports and imports of goods for December. The data for the Czech Republic are in Koruny and US dollars; that of Kazakhstan in US Dollars only. The monthly trade in goods when aggregated quarterly should equal the quarterly data reported in the balance of payments. The fact that they do not equal is probably due to differences in timing. The two series are, however, close as the high correlations between the two series indicate. (See the first two charts)

The monthly data for the Czech Republic suggest that the balance of payments data should show a sharp rise in the goods balance in the fourth quarter. The monthly data for Kazakhstan, on the contrary, suggest a sharp decline in the goods balance reported in the balance of payments.

Taking a somewhat longer look and including the balance on services, we find that the Czech Republic has traditionally had a deficit on goods and a surplus on services. It is just since late 2004 that the Republic has had a surplus on trade in goods (as can be seen in the third chart). Ever since mid 1999 Kazakhstan has had a surplus on trade in goods and a deficit on trade in services as seen in the fourth chart. Since mid 2002, the balance on goods has more than offset the deficit on services.

TRADE IN GOODS (Millions of U.S.$)  Dec  06 Nov 06 Oct 06 Q4 06 Q3 06 Q2 06 Q1 06
Czech Republic
  Balance on Goods (Monthly data) 492 168 266 927 599 226 404
  Balance on Goods (Quarterly data) -- -- -- -- 528 50 340
  Balance on Goods (Monthly data) 1099 1093  697 2888 4599 4411 2828
  Balance on Goods  (Quarterly data) -- -- -- -- 4399 4296 3007
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