Volume and price statistics of external merchandise trade in March 2017
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In March 2017, the volume of Hong Kong's re-exports of goods increased by 15.1% over March 2016, while that of domestic exports increased by 13.1%. Taken together, the volume of total exports of goods increased by 15.1%. Concurrently, the volume of imports of goods increased by 11.2%.
For the first quarter of 2017 as a whole, the volume of Hong Kong's re-exports of goods increased by 8.8% over the same period in 2016, while that of domestic exports increased by 1.8%. Taken together, the volume of total exports of goods increased by 8.8%. Concurrently, the volume of imports of goods increased by 9.0%.
Comparing the first quarter of 2017 with the fourth quarter of 2016 on a seasonally adjusted basis, the volume of total exports of goods decreased by 0.4%. Within this total, the volume of re-exports decreased by 0.4%, whereas that of domestic exports increased by 1.9%. On the other hand, the volume of imports of goods increased by 2.2%.
Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.
Comparing March 2017 with March 2016, the prices of re-exports of goods increased by 1.7%, while those of domestic exports increased by 4.0%. Taken together, the prices of total exports of goods increased by 1.7%. Concurrently, the prices of imports of goods increased by 1.8%.
As regards price changes in the first quarter of 2017 over the same period in 2016, the prices of re-exports of goods increased by 1.6%, while those of domestic exports increased by 3.0%. Taken together, the prices of total exports of goods increased by 1.6%. Concurrently, the prices of imports of goods increased by 1.6%.
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 2016, the index decreased by 0.1% in March 2017, whereas it remained virtually unchanged in the first quarter of 2017.
Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
Comparing March 2017 with March 2016, the total export volume to India and Taiwan increased substantially, by 78.6% and 36.1% respectively. Concurrently, the total export volume to Japan, the mainland of China (the Mainland) and the USA increased by 17.5%, 12.4% and 9.4% respectively.
Over the same period of comparison, the total export prices to the Mainland and Taiwan increased by 3.2% and 1.3% respectively. On the other hand, the total export prices to India, the USA and Japan decreased by 0.1%, 0.5% and 2.5% respectively.
Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
Comparing March 2017 with March 2016, the import volume from Korea increased significantly, by 32.4%. Concurrently, the import volume from Taiwan, the Mainland and Japan increased by 19.0%, 10.7% and 6.8% respectively. On the other hand, the import volume from Singapore decreased by 3.6%.
Over the same period of comparison, the import prices from all main suppliers increased: Korea (+14.5%), Singapore (+7.1%), Taiwan (+4.1%), the Mainland (+1.5%) and Japan (+0.7%).
Further information
Details of the above statistics are published in the March 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/Thursday, May 11, 2017
Issued at HKT 16:30
Issued at HKT 16:30
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