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Further to the external merchandise trade statistics in value terms for February 2006 released earlier on, the Census and Statistics Department today (April 24) released the volume and price statistics of external merchandise trade for that month.
In February 2006, the volume of Hong Kong's re-exports of goods increased by 21.6% over February 2005, while that of domestic exports grew sharply, by 56.9%. Taken together, the volume of total exports of goods increased substantially, by 23.4%. Concurrently, the volume of imports of goods increased significantly, by 29.0%.
As the trade flows in January and February of each year tend to show considerable volatilities due to differences in timing of the Lunar New Year Holidays, it is useful to analyse the trade figures for these two months taken together. Comparing the first two months of 2006 with the same period in 2005, the volume of Hong Kong's re-exports of goods rose by 11.5%, while that of domestic exports grew sharply, by 45.3%. Taken together, the volume of total exports of goods grew by 13.2%. Concurrently, the imports of goods increased by 12.6% in volume.
Comparing the three-month period ending February 2006 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods increased by 1.1%. Within this total, the volume of re-exports increased by 1.4%, while that of domestic exports decreased by 2.6%. Concurrently, the volume of imports of goods increased by 4.9%.
Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.
Comparing February 2006 with February 2005, the prices of re-exports of goods decreased by 0.5%, and those of domestic exports by 2.7%. Taken together, the prices of total exports of goods decreased by 0.6%. Concurrently, the prices of imports of goods increased by 0.9%.
As regards price changes in the first two months of 2006 over the same period in 2005, the prices of re-exports of goods decreased by 0.3%, and those of domestic exports by 2.4%. Taken together, the prices of total exports of goods decreased by 0.4%. Concurrently, the prices of imports of goods increased by 1.0%.
Price changes in external merchandise trade are reflected by changes in unit value indices of external merchandise trade which are compiled based on average unit values or, for certain commodities, specific price data.
The terms of trade index is derived from the ratio of price index of total exports of goods to that of imports of goods. Compared with the same periods in 2005, the index decreased by 1.5% both in February 2006 and in the first two months of 2006.
Changes in the value, unit value and volume of re-exports of goods by end-use category are shown in Table 1.
In February 2006, the re-export volume of "raw materials and semi-manufactures" increased significantly, by 45.7% over February 2005. Marked increases in re-export volume were noted for "base metal other than iron and steel" and "leather and dressed furskins". On the other hand, decreases in re-export volume were recorded for "chemical elements and compounds" and "lime, cement, and fabricated building materials except glass, clay construction materials and refractory construction materials".
The re-export volume of "capital goods" increased substantially, by 32.7% in February 2006 over February 2005. Marked increases in re-export volume were noted for "construction machinery" and "telecommunications equipment".
In February 2006, the volume of re-exports of "consumer goods" decreased by 11.0% over February 2005. Substantial decreases in re-export volume were recorded for "clothing" and "travel goods and handbags". On the other hand, significant increases in re-export volume were recorded for "alcoholic beverages" and "radios, television-sets, gramophones, records, tape recorders and amplifiers".
Over the same periods of comparison, the re-export volume of "fuels" and "foodstuffs" increased by 13.8% and 12.3% respectively.
Comparing February 2006 with February 2005, the re-export prices of "fuels", "consumer goods" and "foodstuffs" increased by 57.6%, 1.8% and 0.7% respectively. On the other hand, the re-export prices of "raw materials and semi-manufactures" and "capital goods" both decreased by 1.8%.
Changes in the value, unit value and volume of domestic exports of goods by selected principal commodity group are shown in Table 2.
Comparing February 2006 with February 2005, the volume of domestic exports of "office machines and equipment" and "scientific, medical, optical, measuring, and controlling instruments and apparatus" increased sharply, by 289.2% and 84.1% respectively. On the other hand, the volume of domestic exports of "metal manufactures" and "textiles" decreased by 17.6% and 5.3% respectively.
Over the same periods of comparison, decreases were recorded in the prices of domestic exports of some principal commodity groups, in particular those of "office machines and equipment" and "electronic components".
Changes in the value, unit value and volume of imports of goods by end-use category are shown in Table 3.
Comparing February 2006 with February 2005, the import volume of "capital goods" increased significantly, by 44.4%. Within this total, marked increases were recorded in the import volume of "construction machinery" and "telecommunications equipment". On the other hand, substantial decrease in import volume was recorded for "transport equipment".
The import volume of "raw materials and semi-manufactures" increased substantially, by 33.2% in February 2006 over February 2005. Significant increases in import volume were noted for "base metal other than iron and steel" and "electronic components". On the other hand, decreases in import volume were recorded for "chemical elements and compounds" and "iron and steel".
The import volume of "consumer goods" increased by 9.5% in February 2006 over February 2005. Significant increases in import volume were recorded for "radios, television-sets, gramophones, records, tape recorders and amplifiers" and "toys, games and sporting goods". On the other hand, substantial decreases in import volume were noted for "tobacco manufactures" and "travel goods and handbags".
Over the same periods of comparison, the import volume of "foodstuffs" and "fuels" increased by 11.9% and 6.0% respectively.
Comparing February 2006 with February 2005, the import prices of "fuels", "consumer goods" and "raw materials and semi-manufactures" increased by 36.0%, 0.6% and 0.5% respectively. On the other hand, the import prices of "capital goods" and "foodstuffs" decreased by 1.3% and 0.6% respectively.
Further information
Details of the above statistics are published in the February 2006 issue of the "Hong Kong Merchandise Trade Index Numbers".
The above publication will be on sale around 24 April 2006 at HK$22 per issue. Both print version and download version of the publication can be purchased online at the "Statistical Bookstore, Hong Kong" (http://www.statisticalbookstore.gov.hk). Download version of the publication (PDF format) can be purchased at 75% of its original price exclusively at the online Statistical Bookstore. Print version if purchased online is also offered a discount, at 85% of its original price at the Statistical Bookstore as well as the Government Bookstore (http://www.isd.gov.hk/eng/bookorder.htm). For purchase of print version, this can be done through mail order by returning a completed order form which can be downloaded from the C&SD's website (http://www.censtatd.gov.hk/eng/prod_serv/forms_index.html). Purchase can also be made in person at the Publications Unit of the C&SD (Address: 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel. : 2582 3025).
Moreover, enquiries on trade indices may be directed to the Census and Statistics Department (Tel. : 2582 4918).
Ends/Monday, April 24, 2006
Issued at HKT 16:15
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