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Further to the external merchandise trade statistics in value terms for March 2012 released earlier on, the Census and Statistics Department (C&SD) released today (May 15) the volume and price statistics of external merchandise trade for that month.
In March 2012, the volume of Hong Kong's re-exports of goods decreased by 10.8% over March 2011, while that of domestic exports fell significantly, by 25.6%. Taken together, the volume of total exports of goods decreased by 11.1%. Concurrently, the volume of imports of goods decreased by 8.0%.
For the first quarter of 2012 as a whole, the volume of Hong Kong's re-exports of goods decreased by 6.7% over the same period in 2011, while that of domestic exports fell significantly, by 26.9%. Taken together, the volume of total exports of goods decreased by 7.1%. Concurrently, the volume of imports of goods decreased by 4.1%.
Comparing the first quarter of 2012 with the fourth quarter of 2011 on a seasonally adjusted basis, the volume of total exports of goods increased by 2.1%. Within this total, the volume of re-exports increased by 2.1%, while that of domestic exports increased by 0.4%. Concurrently, the volume of imports of goods increased by 0.7%.
Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.
Comparing March 2012 with March 2011, the prices of re-exports of goods increased by 5.2%, while those of domestic exports increased by 2.8%. Taken together, the prices of total exports of goods increased by 5.2%. Concurrently, the prices of imports of goods increased by 3.6%.
As regards the price changes in the first quarter of 2012 over the same period in 2011, the prices of re-exports of goods increased by 6.2%, while those of domestic exports increased by 3.0%. Taken together, the prices of total exports of goods increased by 6.2%. Concurrently, the prices of imports of goods increased by 5.0%.
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 period in 2011, the index increased by 1.5% and 1.1% in March 2012 and in the first quarter of 2012 respectively.
Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
Comparing March 2012 with March 2011, the total export volume to Taiwan dropped sharply, by 36.1%. Concurrently, the total export volume to Germany, the mainland of China (the Mainland) and the USA also decreased by 15.5%, 12.4% and 6.7% respectively. On the other hand, the total export volume to Japan increased by 1.5%.
Over the same period of comparison, the total export prices to all main destinations increased: Japan (+8.0%), the USA (+5.7%), Germany (+5.4%), the Mainland (+4.8%) and Taiwan (+2.1%).
Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
Comparing March 2012 with March 2011, double-digit decreases were recorded for the import volume from Singapore (-20.6%), Taiwan (-10.9%) and Japan (-10.2%). Concurrently, the import volume from the USA and the Mainland also decreased by 7.3% and 4.9% respectively.
Over the same period of comparison, the import prices from all main suppliers increased: the Mainland (+4.0%), Singapore (+3.5%), the USA (+3.4%), Taiwan (+2.7%) and Japan (+2.0%).
Further information
Details of the above statistics are published in the March 2012 issue of "Hong Kong Merchandise Trade Index Numbers". The trade index numbers in this publication have been updated. The new series uses year 2010 as the base year, and indices in the new series from 2010 onwards are compiled using an up-to-date weighting scheme. For the period prior to 2010, the indices in the new series are obtained by re-scaling the previously published series using a conversion factor derived from the old and new series in the overlapping year of 2010. There may thus be some revisions in the year-on-year changes in the indices for 2011 and the first two months of 2012.
Users can download the publication free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/external_trade/index.jsp).
Enquiries on merchandise trade indices may be directed to Trade Analysis Section (1) of the C&SD (Tel.: 2582 4918).
Ends/Tuesday, May 15, 2012
Issued at HKT 16:30
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