Volume and price statistics of external merchandise trade in February 2018
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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 2018 with the same period in 2017, the volume of Hong Kong's total exports of goods increased by 8.5%. Concurrently, the volume of imports of goods increased by 8.3%.
In February 2018, the volume of Hong Kong's total exports of goods decreased by 0.5% over February 2017. Concurrently, the volume of imports of goods decreased by 5.2%.
Comparing the three-month period ending February 2018 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods increased by 2.8%. Concurrently, the volume of imports of goods increased by 3.8%.
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 2018 over the same period in 2017, the prices of total exports of goods increased by 2.2%. Concurrently, the prices of imports of goods increased by 2.1%.
Comparing February 2018 with February 2017, the prices of total exports of goods increased by 2.3%. Concurrently, the prices of imports of goods increased by 2.1%.
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 periods in 2017, the index increased by 0.2% in February 2018, whereas it remained virtually unchanged in the first two months of 2018.
Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
Comparing February 2018 with February 2017, a double-digit decline of 13.5% was recorded for the total export volume to the mainland of China (the Mainland). On the other hand, the total export volume to Taiwan and India increased by 0.4% and 0.8% respectively, while double-digit increases were recorded for the total export volume to Japan (+14.5%) and the USA (+29.0%).
Over the same period of comparison, the total export prices to all main destinations increased: Taiwan (+3.5%), the Mainland (+3.4%), the USA (+2.3%), India (+1.5%) and Japan (+1.2%).
Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
Comparing February 2018 with February 2017, double-digit declines were recorded for the import volume from Japan (-14.5%) and Taiwan (-11.9%). Concurrently, the import volume from Korea, Singapore and the Mainland decreased by 9.3%, 7.2% and 2.2% respectively.
Over the same period of comparison, the import prices from all main suppliers increased: Korea (+5.5%), the Mainland (+1.6%), Japan (+1.3%), Singapore (+0.5%) and Taiwan (+0.4%).
Further information
Details of the above statistics are published in the February 2018 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 the Trade Analysis Section (1) of the C&SD (Tel: 2582 4918).
Ends/Thursday, April 19, 2018
Issued at HKT 16:30
Issued at HKT 16:30
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