Volume and price statistics of external merchandise trade in January 2017
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In January 2017, the volume of Hong Kong's re-exports of goods decreased by 2.3% over January 2016, while that of domestic exports decreased by 8.0%. Taken together, the volume of total exports of goods decreased by 2.3%. Concurrently, the volume of imports of goods decreased by 3.9%.
Comparing the three months ending January 2017 with the three months ending January 2016, the volume of Hong Kong's re-exports of goods increased by 5.6%, whereas that of domestic exports decreased by 3.5%. Taken together, the volume of total exports of goods increased by 5.5%. Concurrently, the volume of imports of goods increased by 4.6%.
Comparing the three-month period ending January 2017 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods increased by 4.2%. Within this total, the volume of re-exports increased by 4.3%, whereas that of domestic exports decreased by 3.5%. Concurrently, the volume of imports of goods increased by 3.1%.
Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.
Comparing January 2017 with January 2016, the prices of re-exports of goods increased by 1.5%, while those of domestic exports increased by 1.1%. Taken together, the prices of total exports of goods increased by 1.5%. Concurrently, the prices of imports of goods increased by 1.1%.
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 2016, the index increased by 0.4% in January 2017.
Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
Comparing January 2017 with January 2016, the total export volume to the mainland of China (the Mainland) decreased by 8.4%. On the other hand, the total export volume to Japan and the USA increased by 0.7% and 7.5% respectively, while double-digit increases were recorded for the total export volume to India (+19.6%) and Taiwan (+27.7%).
Over the same period of comparison, the total export prices to the Mainland and India increased by 3.0% and 1.7% respectively. On the other hand, the total export prices to the USA, Taiwan and Japan decreased by 1.1%, 1.3% and 2.4% respectively.
Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
Comparing January 2017 with January 2016, the import volume from Japan, the Mainland and Taiwan decreased by 7.2%, 5.8% and 0.6% respectively. On the other hand, the import volume from Singapore and Korea increased by 9.6% and 13.6% respectively.
Over the same period of comparison, the import prices from all main suppliers increased: Korea (+11.2%), Singapore (+6.7%), Taiwan (+2.6%), the Mainland (+1.3%) and Japan (+1.0%).
Further information
Details of the above statistics are published in the January 2017 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/Monday, March 20, 2017
Issued at HKT 16:30
Issued at HKT 16:30
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