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Further to the external merchandise trade statistics in value terms for February 2011 released earlier on, the Census and Statistics Department (C&SD) released today (April 19) 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 2011 with the same period in 2010, the volume of Hong Kong's re-exports of goods grew significantly, by 20.5%, whereas that of domestic exports decreased by 4.3%. Taken together, the volume of total exports of goods increased by 19.9%. Concurrently, the volume of imports of goods increased by 14.0%.
In February 2011, the volume of Hong Kong's re-exports of goods went up by 19.5% over February 2010, whereas that of domestic exports decreased by 4.9%. Taken together, the volume of total exports of goods increased by 18.9%. Concurrently, the volume of imports of goods increased by 15.8%.
Comparing the three-month period ending February 2011 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods increased by 9.5%. Within this total, the volume of re-exports increased by 9.6%, while that of domestic exports increased by 6.1%. Concurrently, the volume of imports of goods increased by 7.4%.
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 2011 over the same period in 2010, the prices of re-exports of goods increased by 7.2%, while those of domestic exports increased by 6.6%. Taken together, the prices of total exports of goods increased by 7.2%. Concurrently, the prices of imports of goods increased by 8.6%.
Comparing February 2011 with February 2010, the prices of re-exports of goods increased by 7.8%, while those of domestic exports increased by 6.6%. Taken together, the prices of total exports of goods increased by 7.8%. Concurrently, the prices of imports of goods increased by 9.8%.
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 2010, the index decreased by 1.9% in February 2011 and 1.3% in the first two months of 2011.
Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
Comparing February 2011 with February 2010, the total export volume to the mainland of China (the Mainland) rose sharply, by 30.7%. Concurrently, the total export volume to Taiwan and Germany increased by 8.6% and 5.7% respectively. On the other hand, the total export volume to Japan and the USA decreased by 1.0% and 8.7% respectively.
Over the same period of comparison, the total export prices to all main destinations increased: the USA (+8.6%), Japan (+8.1%), the Mainland (+7.6%), Germany (+7.5%) and Taiwan (+5.2%).
Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
In February 2011, the import volume from the USA and Singapore grew significantly, by 29.9% and 21.3% respectively over February 2010. Concurrently, the import volume from Taiwan, Japan and the Mainland increased by 18.4%, 14.9% and 8.4% respectively.
Comparing February 2011 with February 2010, the import prices from all main suppliers increased: Singapore (+11.6%), Japan (+11.3%), the Mainland (+11.0%), the USA (+5.5%) and Taiwan (+4.8%).
Further information
Details of the above statistics are published in the February 2011 issue of "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/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, April 19, 2011
Issued at HKT 16:32
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