EXPORT AND IMPORT PRICE INDICES OF REPUBLIC OF CROATIA Fourth quarter of 2008

*FIRST RELEASE*		CROATIAN BUREAU OF STATISTICS 10000 ZAGREB, ILICA 3, PHONE: +385 1 4806-111, P.O.B. 80, CROATIA ISSN 1334-0565

YEAR: XLV.	ZAGREB, 4 MARCH, 2009		NUMBER: 4.2.3/4.

				OBLIGED TO NOTIFY DATA SOURCE

EXPORT AND IMPORT PRICE INDICES OF REPUBLIC OF CROATIA

Fourth quarter of 2008¹⁾

In 2008 all SITC sections, with the exception of Beverages and tobacco and Manufactures classified by material, recorded an increase in export prices, expressed in kuna. The highest increase was recorded in sections Mineral fuels and lubricants (22.4%) and Animal and vegetable oils and fats (20.1%).

The increase in import prices in 2008 expressed in kuna, as compared to the 2007 annual average, was recorded in all SITC sections, especially in Animal and vegetable oils and fats (46.3%), Mineral fuels and lubricants (30.4%) and Crude materials, except fuels (25.6%).

In the fourth quarter of 2008, as compared to the 2007 annual average, according to SITC sections, the highest increase in export prices, expressed in kuna, was recorded in Animal and vegetable oils and fats (9.9%).

The highest increase in import prices in the same period, expressed in kuna, was recorded in the section Animal and vegetable oils and fats (39.1%) and in Crude materials, except fuels (14.8%).

The highest decrease in export prices in the fourth quarter of 2008, expressed in kuna, as compared to the 2007 annual average, was recorded in the following SITC sections: Beverages and tobacco (-13.5%) and Crude materials, except fuels (-10.0%).

The highest decrease in import prices in the same period, expressed in kuna, was recorded in the section Miscellaneous manufactured articles
(-6.6%).

1. EXPORT AND IMPORT PRICE INDICES, ACCORDING TO NKD 2002.

	X. – XII. 2008. Ø 2007.
	Exports			Imports
	In kuna	In US $	In euro	In kuna	In US $	In euro

Total	98,8	96,6	101,1	101,5	99,8	103,9

A Agriculture, hunting and forestry	77,9	76,7	79,7	105,7	103,7	108,3
B Fishing	77,5	76,2	79,3	106,2	100,7	108,8
C Mining and quarrying	157,2	155,2	161,0	111,1	108,6	113,6
D Manufacturing	98,4	96,2	100,7	100,5	98,9	102,9
15 Manufacture of food products and beverages	102,8	98,1	105,3	113,2	110,8	115,8
16 Manufacture of tobacco products	77,1	77,5	78,9	78,3	76,4	80,1
17 Manufacture of textiles	95,7	93,8	98,0	97,7	95,8	100,1

1) Provisional data

1. EXPORT AND IMPORT PRICE INDICES, ACCORDING TO NKD 2002.

(continued)

	X. – XII. 2008. Ø 2007.
	Exports			Imports
	In kuna	In US $	In euro	In kuna	In US $	In euro

18 Manufacture of wearing apparel; dressing and dyeing of fur	96,6	95,1	98,9	84,7	83,2	86,8
19 Tanning and dressing of leather; manufacture of luggage, handbags, saddlery, harness and footwear	100,8	98,7	103,4	98,6	97,4	101,0
20 Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials	101,6	99,8	104,2	97,6	95,8	100,0
21 Manufacture of pulp, paper and paper products	102,3	100,6	104,8	96,1	93,6	98,3
22 Publishing, printing and reproduction of recorded media	92,8	90,9	94,9	84,4	83,1	85,9
23 Manufacture of coke, refined petroleum products and nuclear fuel	91,6	89,5	93,8	107,9	105,6	110,7
24 Manufacture of chemicals and chemical products	96,6	94,3	98,7	103,5	100,7	105,7
25 Manufacture of rubber and plastic products	106,7	104,7	109,3	100,4	98,4	102,9
26 Manufacture of other non-metallic mineral products	103,4	101,9	105,9	98,6	97,6	101,1
27 Manufacture of basic metals	84,5	83,2	86,6	102,1	104,8	104,7
28 Manufacture of fabricated metal products, except machinery and equipment	96,6	94,0	98,5	97,8	96,1	100,3
29 Manufacture of machinery and equipment n.e.c.	104,5	101,6	107,0	98,5	97,0	100,9
30 Manufacture of office machinery and computers	123,5	121,4	126,5	88,7	87,2	90,8
31 Manufacture of electrical machinery and apparatus n.e.c.	99,4	96,4	101,6	88,7	87,1	90,8
32 Manufacture of radio, television and communication equipment and apparatus	91,4	89,8	92,4	98,5	97,0	100,6
33 Manufacture of medical, precision and optical instruments, watches and clocks	120,7	118,8	123,5	98,6	97,1	100,8
34 Manufacture of motor vehicles, trailers and semi-trailers	109,5	107,5	112,1	100,8	99,8	103,2
35 Manufacture of other transport equipment	98,0	96,6	100,3	109,1	105,8	111,7
36 Manufacture of furniture, manufacturing n.e.c.	102,4	100,1	104,9	94,7	93,0	97,1

2. EXPORT AND IMPORT PRICE INDICES, ACCORDING TO SECTIONS OF SITC, Rev. 4

	X. – XII. 2008. Ø 2007.
	Exports			Imports
	In kuna	In US $	In euro	In kuna	In US $	In euro

0 Food and live animals	97,3	93,6	99,6	110,4	108,1	113,0
1 Beverages and tobacco	86,5	85,5	88,6	102,7	100,5	105,0
2 Crude materials, except fuels	90,0	88,1	92,2	114,8	112,3	116,2
3 Mineral fuels and lubricants	104,1	101,7	106,6	105,6	103,3	108,3
4 Animal and vegetable oils and fats	109,9	103,7	112,8	139,1	135,0	142,2
5 Chemical products	100,1	97,9	102,2	101,3	98,7	103,5
6 Manufactures classified by material	97,4	95,5	99,8	99,5	99,2	102,0
7 Machinery and transport equipment	101,7	99,2	103,9	98,7	97,6	101,0
8 Miscellaneous manufactured articles	103,2	101,1	105,7	93,4	92,1	95,7

3. EXPORT AND IMPORT PRICE INDICES, ACCORDING TO NKD 2002.

	I. – XII. 2008. Ø 2007.
	Exports			Imports
	In kuna	In US $	In euro	In kuna	In US $	In euro

Total	104,6	113,6	106,2	107,9	117,7	109,6

A Agriculture, hunting and forestry	94,8	101,4	96,5	107,6	117,7	109,2
B Fishing	79,9	83,4	81,4	90,8	97,2	92,3
C Mining and quarrying	133,1	140,9	135,1	136,8	150,6	138,9
D Manufacturing	104,1	113,3	105,7	104,7	114,0	106,3
15 Manufacture of food products and beverages	104,7	113,8	106,2	110,0	118,9	111,6
16 Manufacture of tobacco products	87,0	96,4	88,4	107,4	117,4	109,1
17 Manufacture of textiles	99,6	108,2	101,2	103,7	112,3	105,3
18 Manufacture of wearing apparel; dressing and dyeing of fur	99,7	108,8	101,1	104,4	114,4	106,2
19 Tanning and dressing of leather; manufacture of luggage, handbags, saddlery, harness and footwear	97,8	106,2	99,3	107,1	116,9	108,9
20 Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials	101,7	110,8	103,3	103,8	112,4	105,4
21 Manufacture of pulp, paper and paper products	109,0	118,7	110,7	101,9	110,9	103,4
22 Publishing, printing and reproduction of recorded media	102,3	111,0	103,8	98,7	107,7	100,1
23 Manufacture of coke, refined petroleum products and nuclear fuel	121,3	133,5	123,1	120,4	130,0	121,8
24 Manufacture of chemicals and chemical products	106,3	115,9	107,9	107,4	117,0	109,1
25 Manufacture of rubber and plastic products	105,4	115,1	107,1	104,4	113,7	106,1
26 Manufacture of other non-metallic mineral products	100,8	109,8	102,3	104,6	113,7	106,1
27 Manufacture of basic metals	103,6	114,8	105,3	109,6	120,3	111,4

3. EXPORT AND IMPORT PRICE INDICES, ACCORDING TO NKD 2002.

(continued)

	I. – XII. 2008. Ø 2007.
	Exports			Imports
	In kuna	In US $	In euro	In kuna	In US $	In euro

28 Manufacture of fabricated metal products, except machinery and equipment	92,3	100,4	93,3	108,6	118,3	110,3
29 Manufacture of machinery and equipment n.e.c.	105,7	114,1	107,6	102,5	112,3	104,1
30 Manufacture of office machinery and computers	117,2	127,8	119,0	92,3	100,3	93,7
31 Manufacture of electrical machinery and apparatus n.e.c.	105,3	113,6	106,8	98,8	107,3	100,3
32 Manufacture of radio, television and communication equipment and apparatus	88,8	96,8	89,5	103,5	112,7	105,2
33 Manufacture of medical, precision and optical instruments, watches and clocks	121,1	132,5	122,9	107,7	116,5	109,4
34 Manufacture of motor vehicles, trailers and semi-trailers	106,6	116,0	108,0	100,5	109,4	101,5
35 Manufacture of other transport equipment	99,9	106,9	101,3	98,3	107,3	99,8
36 Manufacture of furniture, manufacturing n.e.c.	106,0	115,2	107,6	104,3	113,6	106,0

4. EXPORT AND IMPORT PRICE INDICES, ACCORDING TO SECTIONS OF SITC, Rev. 4

	I. – XII. 2008. Ø 2007.
	Exports			Imports
	In kuna	In US $	In euro	In kuna	In US $	In euro

0 Food and live animals	103,6	111,8	105,2	108,1	117,1	109,7
1 Beverages and tobacco	94,4	104,1	95,8	108,5	118,6	110,0
2 Crude materials, except fuels	105,4	112,8	106,9	125,6	137,6	127,6
3 Mineral fuels and lubricants	122,4	135,1	124,2	130,4	142,9	132,3
4 Animal and vegetable oils and fats	120,1	124,7	122,4	146,3	156,1	148,9
5 Chemical products	106,3	116,0	107,9	106,5	114,6	108,2
6 Manufactures classified by material	97,0	105,6	98,6	106,6	116,3	108,2
7 Machinery and transport equipment	103,3	111,9	104,7	100,1	109,4	101,4
8 Miscellaneous manufactured articles	105,1	114,2	106,7	106,1	115,6	107,8

5. AVERAGE EXCHANGE RATE IN EXPORTS AND IMPORTS OF REPUBLIC OF CROATIA

	1 US dollar			1 euro
	I. – XII. 2007.	I. – XII. 2008.	X. – XII. 2008.	I. – XII. 2007.	I. – XII. 2008.	X. – XII. 2008.

Average exchange rate in kuna for exports	5,3416	4,8997	5,4478	7,3348	7,2200	7,1599

Average exchange rate in kuna for imports	5,3470	4,8933	5,4387	7,3360	7,2226	7,1631

NOTES ON METHODOLOGY

In this Release, the Central Bureau of Statistics publishes provisional data on export and import price indices for the Republic of Croatia.

The data sources are export and import single administrative documents, which the Central Bureau of Statistics takes over from the Customs Administration of the Republic of Croatia. These documents are also used for the regular observation of exports and imports of the Republic of Croatia.

Export and import price indices were calculated as unit value indices, in other words, indices of the change of the export and import value per quantity unit of exported/imported goods, that is, per kilogram as a uniform and comparable quantity unit for all goods.

Indices were calculated separately for export/import values expressed in kuna and for those expressed in US dollars and euro.

Export/import values have been converted into kuna, US dollars and euro according to the current daily exchange rate lists of foreign currencies as defined by the Croatian National Bank, valid on the day when customs duties were levied. Values are recalculated according to deliveries at the Croatian frontier, that is, exports on the basis of the FOB parity and imports on the basis of the CIF parity.

Besides effects caused by the change in prices, these indices are also effected by inter-currency changes in relation to kuna, US dollar and euro as well as by changes in the composition of goods that make one part of the Nomenclature of the Customs Tariff. Although the nomenclature of goods as most articulated as possible is used, still a very heterogeneous group of goods of various quality and unit price may be found within one unit, that is, within one code.

Indices were calculated according to the Fisher (the so called ideal) formula, which is a geometrical mean between the Laspeyres and Paasche formulae, as follows:

Laspeyres’ price index P_IL =	Σ p_nt q_no	x 100
	Σ p_noq_no

Paasche’s price index P_IP=	S p_ntq_nt	x 100
	S p_noq_nt

The Fisher’s price index P_IF = Ö P_ILx P_IP

where:

t period (o = base period, t = current period)

n single product

q quantity of products

p unit price of products.

Excluded from the price index calculation are parts of products that are, according to the special regulations of the Customs Administration, classified in the same tariff unit as a final product; groups of products of the Customs tariff: 71, 88, 89, 93, 99, products with the unit value that deviates from the average value by more than +/- 2d as well as products whose single index cannot be found within the interval. Due to the mentioned exclusions, the list of goods for which indices are calculated is not stable, that is, it is different in each quarter. The change in the list of goods included affects the given indices.

Since 1 January 2004 the new methodology has been in use in the calculation of price indices. It is different from the previous one in the following:

- the interval for the exclusion of products whose single price index
falls outside of the interval 20>p1/p0>500 has been expanded

- the calculation includes inward or outward processing

- average values of excluded products have been imputed

- weight is defined as a structure of export/import values.

It must be pointed out that the process of excluding the products is repeated at each data processing. Since data on previous periods are changed in the course of a year, there may be certain aberrations from previously published data. The calculation of the annual price indices by using the most comprehensive data resulted in the high improvement of their quality.

The basic methodological principles for the calculation of export/import prices can be found in the publication titled Methods Used in Computing the United Nations Price Indexes for External Trade, Volume I, Statistical Papers, Series M No. 82, UN, 1991, as well as in the materials titled Statistics on the Trading of Goods, User Guide, Annex 8, Foreign Trade Indices, Methodology and Sources, Eurostat.

Data in this Release are considered provisional, since the used method is a subject of further verification and development.

Abbreviations

CIF cost, insurance and freight

n. e. c. not elsewhere classified

FOB free on board

NKD 2002. National Classification of Activities, 2002 version
SITC Standard International Trade Classification

US $ US dollar

Symbols

- no occurrence

EXPORT AND IMPORT PRICE INDICES OF REPUBLIC OF CROATIA

Fourth quarter of 20081)

6 Manufactures classified by material

6 Manufactures classified by material

Fourth quarter of 2008¹⁾