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According to the provisional results of a survey released today (June 14) by the Census and Statistics Department (C&SD), the index of industrial production for manufacturing industries as a whole decreased by 1.6% in the first quarter of 2012 over a year earlier, following a 2.2% year-on-year decrease in the fourth quarter of 2011. The corresponding producer price index increased by 3.6% in the first quarter of 2012 over a year earlier, following a 6.6% year-on-year increase in the fourth quarter of 2011.
The index of industrial production for sewerage, waste management and remediation activities increased by 6.6% in the first quarter of 2012 over a year earlier, following a 10.4% year-on-year increase in the fourth quarter of 2011. The corresponding producer price index increased by 3.5% in the first quarter of 2012 over a year earlier, following a 5.8% year-on-year increase in the fourth quarter of 2011.
Indices of industrial production reflect changes in the volume of local industrial output after discounting the effect of price changes. The price changes are measured by the producer price indices compiled from data on producer prices of selected industrial goods/services collected in the same survey.
Comparing the industrial production in respect of major manufacturing industries in the first quarter of 2012 with that a year earlier, decreases in output volume were recorded in the wearing apparel industry (-19.1%); the metal, computer, electronic and optical products, machinery and equipment industry (-14.7%); the textiles industry (-11.5%); and the paper products, printing and reproduction of recorded media industry (-2.3%). On the other hand, the food, beverages and tobacco industry recorded an increase of 6.5% in output volume.
On a seasonally adjusted basis, the index of industrial production for manufacturing industries as a whole edged up by 0.5% in the first quarter of 2012 as compared with the fourth quarter of 2011.
Producer price indices reflect changes in the prices of local output. They measure changes in the actual prices (net of any discounts or rebates allowed to buyers, plus any surcharges) received by producers for their output. Transportation and other incidental charges are not included.
Comparing the first quarter of 2012 with a year earlier, increases in producer prices were recorded for all major manufacturing industries. The food, beverages and tobacco industry had the largest increase in producer prices (+6.3%), followed by the metal, computer, electronic and optical products, machinery and equipment industry (+3.7%); the textiles industry (+3.3%); the wearing apparel industry (+2.6%); and the paper products, printing and reproduction of recorded media industry (+1.1%).
Table 1 shows the year-on-year percentage changes in the indices of industrial production by selected industry grouping. Table 2 shows the year-on-year percentage changes in the producer price indices for the industrial sector by selected industry grouping.
The revised figures on indices of industrial production and producer price indices for the industrial sector for the first quarter of 2012 will be released at the website of the C&SD (www.censtatd.gov.hk/hong_kong_statistics/index.jsp) and relevant publications of the Department starting from July 19, 2012.
Users can download the reports on "Quarterly Index of Industrial Production, 1st Quarter 2012", and "Quarterly Producer Price Index for Industrial Sector, 1st Quarter 2012" free of charge from the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/commerce_and_industry/index.jsp).
Readers who have enquiries about the survey results may contact the Industrial Production Statistics Section of the C&SD (Tel.: 2805 6643; Fax: 2123 1048; e-mail: ind-production@censtatd.gov.hk).
Ends/Thursday, June 14, 2012
Issued at HKT 16:30
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