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Further to the external merchandise trade statistics in value terms for February 2014 released earlier on, the Census and Statistics Department (C&SD) released today (April 15) 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 2014 with the same period in 2013, the volume of Hong Kong's re-exports of goods decreased by 1.7%, whereas that of domestic exports increased by 0.9%. Taken together, the volume of total exports of goods decreased by 1.7%. On the other hand, the volume of imports of goods increased slightly, by 0.2%.
In February 2014, the volume of Hong Kong's re-exports of goods decreased by 2.3% over February 2013, whereas that of domestic exports increased by 5.8%. Taken together, the volume of total exports of goods decreased by 2.2%. On the other hand, the volume of imports of goods increased by 5.3%.
Comparing the three-month period ending February 2014 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods decreased by 2.5%. Within this total, the volume of re-exports decreased by 2.7%, whereas that of domestic exports increased by 9.2%. Concurrently, the volume of imports of goods decreased by 1.1%.
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 price changes in the first two months of 2014 over the same period in 2013, the prices of re-exports of goods increased by 2.0%, whereas those of domestic exports decreased by 0.5%. Taken together, the prices of total exports of goods increased by 2.0%. Concurrently, the prices of imports of goods increased by 2.3%.
Comparing February 2014 with February 2013, the prices of re-exports of goods increased by 2.5%, whereas those of domestic exports decreased by 0.6%. Taken together, the prices of total exports of goods increased by 2.4%. Concurrently, the prices of imports of goods increased by 2.7%.
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 periods in 2013, the index decreased by 0.3% in both February 2014 and the first two months of 2014.
Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
Comparing February 2014 with February 2013, double-digit decreases were recorded for the total export volume to the USA (-19.7%), India (-19.2%) and Japan (-16.4%). Concurrently, the total export volume to Taiwan decreased by 7.7%. On the other hand, the total export volume to the mainland of China (the Mainland) increased by 5.4%.
Over the same period of comparison, the total export prices to all main destinations increased: Japan (+3.0%), the Mainland (+2.9%), Taiwan (+1.9%), the USA (+1.1%) and India (+0.4%).
Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
Comparing February 2014 with February 2013, the import volume from Taiwan grew significantly, by 27.3%. Concurrently, double-digit increases were recorded for the import volume from Japan (+14.2%) and the USA (+12.5%). On the other hand, the import volume from Singapore and the Mainland decreased by 1.6% and 3.8% respectively.
Over the same period of comparison, the import prices from the Mainland, Singapore, the USA and Japan increased by 3.9%, 2.6%, 2.3% and 1.3% respectively. On the other hand, the import prices from Taiwan decreased by 0.9%.
Further information
Details of the above statistics are published in the February 2014 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/hkstat/sub/sp230.jsp?productCode=B1020006).
Enquiries on merchandise trade indices may be directed to Trade Analysis Section (1) of the C&SD (Tel: 2582 4918).
Ends/Tuesday, April 15, 2014
Issued at HKT 16:30
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