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Further to the external merchandise trade statistics in value terms for February 2008 released earlier on, the Census and Statistics Department (C&SD) released today (April 17) the volume and price statistics of external merchandise trade for that month.
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 2008 with the same period in 2007, the volume of Hong Kong's re-exports of goods rose by 11.4%, whereas that of domestic exports decreased by 2.6%. Taken together, the volume of total exports of goods grew by 10.9%. Concurrently, the imports of goods increased by 13.7% in volume.
In February 2008, the volume of Hong Kong's re-exports of goods increased by 5.9% over February 2007, whereas that of domestic exports decreased by 4.5%. Taken together, the volume of total exports of goods increased by 5.5%. Concurrently, the volume of imports of goods increased by 9.8%.
Comparing the three-month period ending February 2008 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods increased by 3.0%. Within this total, the volume of re-exports increased by 3.5%, whereas that of domestic exports decreased by 7.0%. Concurrently, the volume of imports of goods increased by 1.0%.
Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.
As regards the price changes in the first two months of 2008 over the same period in 2007, the prices of re-exports of goods increased by 2.6%, while those of domestic exports increased by 3.1%. Taken together, the prices of total exports of goods increased by 2.7%. Concurrently, the prices of imports of goods increased by 3.5%.
Comparing February 2008 with February 2007, the prices of re-exports of goods increased by 2.8%, while those of domestic exports increased by 3.4%. Taken together, the prices of total exports of goods increased by 2.8%. Concurrently, the prices of imports of goods increased by 3.5%.
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 2007, the index decreased by 0.7% in February 2008 and 0.8% in the first two months of 2008.
Changes in the value, unit value and volume of total exports of goods by main destination are shown in Table 1.
Comparing February 2008 with February 2007, the total export volume to the mainland of China (the Mainland) and Germany increased by 12.2% and 7.4% respectively. On the other hand, the total export volume to Japan, the USA and the United Kingdom decreased by 0.7%, 16.4% and 20.3% respectively.
Over the same period of comparison, the total export prices to all main destinations increased: the USA (+5.9%), Germany (+4.5%), the United Kingdom (+3.8%), Japan (+2.4%) and the Mainland (+1.2%).
Changes in the value, unit value and volume of imports of goods by main supplier are shown in Table 2.
In February 2008, double-digit growth was recorded for the import volume from the USA (+11.4%) over February 2007. Concurrently, the import volume from Taiwan, Japan, Singapore and the Mainland increased by 6.8%, 6.7%, 5.7% and 5.3% respectively.
Comparing February 2008 with February 2007, the import prices from Singapore, the Mainland, Japan and the USA increased by 12.4%, 3.4%, 1.9% and 1.2% respectively. On the other hand, the import prices from Taiwan decreased by 1.5%.
Further information
Details of the above statistics are published in the February 2008 issue of the "Hong Kong Merchandise Trade Index Numbers". Users can download the publication free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/index.jsp).
Print version of the publication is available for sale at HK$26 per issue. Purchase can be done 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 returning a completed 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). Print version of the publication is also available for sale online at the Government Bookstore of the Information Services Department (www.bookstore.gov.hk).
Enquiries on merchandise trade indices may be directed to Trade Analysis Section of the C&SD (Tel.: 2582 4918).
Ends/Thursday, April 17, 2008
Issued at HKT 16:15
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