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According to the provisional results of a survey released today (December 12) by the Census and Statistics Department (C&SD), the index of industrial production for the manufacturing sector as a whole decreased by 6.7% in the third quarter of 2008 compared with a year earlier, following a 4.1% year-on-year decrease in the second quarter of 2008. The corresponding producer price index increased by 5.5% in the third quarter of 2008 over a year earlier, as compared with a 6.7% year-on-year increase in the second quarter of 2008.
Indices of industrial production reflect changes in the volume of local manufacturing output after discounting the effect of price changes. The price changes are measured by the producer price indices for manufacturing industries compiled from data on producer prices of industrial goods/services collected from the same survey.
Comparing the third quarter of 2008 with a year earlier, the wearing apparel (except footwear) industry had the largest decrease in output (-22.1%), followed by the textiles (including knitting) industry (-17.9%), the basic metals and fabricated metal products industry (-13.5%), the electrical and electronic products, machinery, professional equipment and optical goods industry (-13.4%) and the chemical, rubber, plastic and non-metallic mineral products industry (-2.8%).
On the other hand, output of the food, beverages and tobacco industry increased by 2.7% in the third quarter of 2008 over a year earlier.
On a seasonally adjusted basis, the index of industrial production for the manufacturing sector as a whole decreased by 3.1% in the third quarter of 2008 as compared with the second quarter of 2008.
Producer price indices reflect changes in the prices of local manufacturing output. They measure changes in the actual prices (net of any discounts or rebates allowed to buyers, plus any surcharges) received by manufacturers. Transportation and other incidental charges are not included.
Comparing the third quarter of 2008 with a year earlier, the fabricated metal products (except machinery and equipment) industry had the largest increase in producer prices (+13.1%), followed by the machinery, equipment, apparatus, parts and components industry (+5.2%) and the plastic products industry (+3.9%).
On the other hand, decreases in producer prices were seen in the consumer electrical and electronic products industry (-2.9%) and the textiles (including knitting) industry (-2.2%) in the third quarter of 2008 compared with a year earlier.
Comparing the third quarter of 2008 with the second quarter of 2008, the producer price index for the manufacturing sector as a whole decreased by 1.1%.
Table 1 shows the year-on-year percentage changes in the indices of industrial production by industry group and selected component industry. Table 2 shows the year-on-year percentage changes in the producer price indices by industry group.
The revised figures on index of industrial production and producer price indices for manufacturing industries for the third quarter of 2008 will be released at the website of the C&SD (www.censtatd.gov.hk/hong_kong_statistics/index.jsp) and relevant publications of the Department starting from January 23, 2009.
Users can download the reports on ¡°Quarterly Index of Industrial Production, 3rd Quarter 2008¡±, and ¡°Quarterly Producer Price Indices for Manufacturing Industries, 3rd Quarter 2008¡± free of charge from the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/index.jsp).
Print version of each of the two reports is available for sale at HK$8.0 per issue. Purchase can be done in person at the Publications Unit of the C&SD (Address: 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel.: 2582 3025) or through mail order by returning a completed order form which can be downloaded from the C&SD¡¯s website (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_publications/index.jsp). Print versions of these publications are also available for sale online at the Government Bookstore of the Information Services Department (www.bookstore.gov.hk).
Enquiries about the survey results may be directed to the Industrial Production and Tourism Statistics Section of the C&SD (Tel.: 2805 6643; Fax: 2123 1048; E-mail: ind-production@censtatd.gov.hk).
Ends/Friday, December 12, 2008
Issued at HKT 16:30
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