External trade in goods, indices of volume and price, Q4 2011

From the third to the fourth quarter of 2011, export prices fell 0.5 per cent. This was the first time in seven quarters that export prices fell. The price fall was mainly caused by falling prices of manufactured goods; primarily a reduction in export prices of non-ferrous metals. Lower prices of basic metals stemmed from a decline in global prices of non-ferrous metals.

Despite the decrease in export prices from the third to the fourth quarter of 2011, prices increased 11.1 per cent from the fourth quarter of 2010 to the same quarter in 2011. The price rise came mainly from higher prices of petroleum and petroleum products, as well as crude materials, inedible, except fuels, and higher prices of natural and manufactured gas. Excluding ships, oil platforms, crude oil and natural gas from the total index, there is nearly no change in export prices from the fourth quarter 2010 to the same quarter in 2011. Export prices increased 16.3 per cent from 2010 to 2011.

Adjusted for seasonal variation, the volume of total exports fell 5.1 per cent from the third to the fourth quarter of 2011. From the fourth quarter of 2010 to the fourth quarter of 2011 the total export volume, not adjusted for seasonal variation, fell by 3.6 per cent, mainly due to the lower volume of petroleum and petroleum products. From 2010 to 2011, the export volume decreased by 3.4 per cent.

Increased import prices

From the third quarter in 2011 to the fourth quarter in 2011, import prices of goods, excluding ships and oil platforms, increased by 1.1 per cent, mainly because of higher prices of machinery and transport equipment together with miscellaneous manufactured articles. From the fourth quarter of 2010 to the fourth quarter of 2011, import prices rose by 2.2 per cent, and the biggest contribution came from a 23.8 per cent rise in prices of petroleum and petroleum products. Other commodity groups that influenced the total price change were chemicals and related products as well as miscellaneous manufactured articles. Within the latter group, prices of apparel and clothing accessories increased by 9.4 per cent. Import prices increased nearly 4 per cent from 2010 to 2011.

The imported volume of goods excluding ships and oil platforms increased by 7.2 per cent in the fourth quarter of 2011 compared to the third quarter. Nearly all main product groups experienced higher volumes during this period. From the fourth quarter of 2010 to the fourth quarter of 2011, the import volume rose by 3.6 per cent, where mineral fuels, lubricants and related material moderated the total increase, with a drop of 25 per cent. From 2010 to 2011, the imported volume increased 5.3 per cent.