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According to the provisional results of a survey released today (June 15) by the Census and Statistics Department, the index of industrial production for the manufacturing sector as a whole increased by 7.0% in the first quarter of 2006 over a year earlier, following a 5.9% year-on-year increase in the fourth quarter of 2005. The corresponding producer price index increased by 2.1% in the first quarter of 2006 over a year earlier, as compared with a 1.1% year-on-year increase in the fourth quarter of 2005.
Indices of industrial production reflect changes in the volume of local manufacturing output after discounting the effect of price changes. The price changes are measured by the producer price indices for manufacturing industries compiled from data on producer prices of industrial goods/services collected from the same survey.
Comparing the first quarter of 2006 with a year earlier, the wearing apparel (except footwear) industry had the largest increase in output (+35.8%), followed by the textiles (including knitting) industry (+11.3%), the chemical, rubber, plastic and non-metallic mineral products industry (+10.2%), the food, beverages and tobacco industry (+5.8%), the paper products and printing industry (+3.4%), and the electrical and electronic products, machinery, professional equipment and optical goods industry (+2.3%).
On the other hand, decrease in output was recorded for the basic metals and fabricated metal products industry (-0.5%) in the first quarter of 2006 compared with a year earlier.
On a seasonally adjusted basis, the index of industrial production for the manufacturing sector as a whole decreased by 0.9% in the first quarter of 2006 as compared with the fourth quarter of 2005.
Producer price indices reflect the prices of local manufacturing output. They measure the actual prices (net of any discounts or rebates allowed to buyers, plus any surcharges) received by manufacturers. Transportation and other incidental charges are not included.
Comparing the first quarter of 2006 with a year earlier, the fabricated metal products (except machinery and equipment) industry had the largest increase in producer prices (+9.5%), followed by the wearing apparel (except footwear) industry (+0.9%), and the consumer electrical and electronic products industry (+0.1%).
On the other hand, decreases in producer prices were recorded for the machinery, equipment, apparatus, parts and components industry (-11.5%), the plastic products industry
(-1.6%), and the textiles (including knitting) industry (-0.4%) in the first quarter of 2006 compared with a year earlier. Meanwhile, producer prices for the paper products and printing industry remained virtually unchanged.
Comparing the first quarter of 2006 with the fourth quarter of 2005, the producer price index for the manufacturing sector as a whole increased by 0.8%.
Table 1 shows the year-on-year percentage changes in the indices of industrial production by industry group and selected component industry. Table 2 shows the year-on-year percentage changes in the producer price indices by industry group.
The reports containing analysis of survey results for the first quarter of 2006 are available in both print version and download version (in PDF format). Both of the "Quarterly Index of Industrial Production, 1st Quarter 2006" report and the "Quarterly Producer Price Indices for Manufacturing Industries, 1st Quarter 2006" report can be downloaded free of charge at the "Statistical Bookstore, Hong Kong" (www.statisticalbookstore.gov.hk) of the Census and Statistics Department (C&SD).
Print versions of the above publications are available for sale at $8 per issue if purchased in person at the Publications Unit of the C&SD (Address: 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel.: 2582 3025) or through mail order by completing and returning an order form which can be downloaded from the C&SD's website (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_publications/index.jsp); or at $6.8 per copy if purchased online at the Statistical Bookstore and the Government Bookstore of the Information Services Department (www.isd.gov.hk/eng/bookorder.htm).
Enquiries about the survey results may be directed to the Industrial Production & Tourism Statistics Section of the C&SD at Tel. 2805 6643 or email address ind-production@censtatd.gov.hk.
Ends/Thursday, June 15, 2006
Issued at HKT 16:16
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