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Further to the external merchandise trade statistics in value terms for October 2008 released earlier on, the Census and Statistics Department (C&SD) released today (December 16) the volume and price statistics of external merchandise trade for that month.
In October 2008, the volume of Hong Kong's re-exports of goods increased by 9.9% over October 2007, whereas that of domestic exports dropped significantly, by 26.6%. Taken together, the volume of total exports of goods increased by 8.4%. Concurrently, the volume of imports of goods increased by 8.7%.
Comparing the first ten months of 2008 with the same period in 2007, the volume of Hong Kong's re-exports of goods rose by 6.7%, whereas that of domestic exports decreased by 19.1%. Taken together, the volume of total exports of goods grew by 5.6%. Concurrently, the volume of imports of goods increased by 6.1%.
Comparing the three-month period ending October 2008 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods decreased marginally, by 0.1%. Within this total, the volume of re-exports of goods increased by 0.3%, whereas that of domestic exports decreased by 11.5%. Concurrently, the volume of imports of goods decreased by 1.8%.
Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.
Comparing October 2008 with October 2007, the prices of re-exports of goods increased by 4.5%, while those of domestic exports increased by 6.1%. Taken together, the prices of total exports of goods increased by 4.5%. Concurrently, the prices of imports of goods increased by 4.8%.
As regards price changes in the first ten months of 2008 over the same period in 2007, the prices of re-exports of goods increased by 3.8%, while those of domestic exports increased by 5.0%. Taken together, the prices of total exports of goods increased by 3.9%. Concurrently, the prices of imports of goods increased by 4.7%.
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 period in 2007, the index decreased by 0.2% in October 2008 and 0.8% in the first ten months of 2008. The decrease in the terms of trade started in November 2007, and was mainly attributable to the surge in import prices of fuels.
Changes in the value, unit value and volume of total exports of goods by main destination are shown in Table 1.
In October 2008, the total export volume to the mainland of China (the Mainland), Japan and Germany increased by 17.4%, 11.4% and 10.8% respectively over October 2007. On the other hand, the total export volume to the United Kingdom and the USA decreased by 6.0% and 8.6% respectively.
Over the same period of comparison, the total export prices to all main destinations increased: the USA (+8.3%), Germany (+7.8%), the United Kingdom (+7.2%), Japan (+6.1%) and the Mainland (+2.3%).
Changes in the value, unit value and volume of imports of goods by main supplier are shown in Table 2.
Comparing October 2008 with October 2007, double-digit growth was recorded for the import volume from the Mainland (+13.9%). Concurrently, the import volume from the USA, Japan and Singapore increased by 9.6%, 6.0% and 4.4% respectively. On the other hand, the import volume from Taiwan decreased by 1.5%.
Comparing October 2008 with October 2007, the import prices from all main suppliers increased: Singapore (+12.1%), the Mainland (+5.1%), Taiwan (+4.7%), Japan (+3.8) and the USA (+1.6%).
Further information
Details of the above statistics are published in the October 2008 issue of the "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/products_and_services/products/publications/index.jsp).
Print version of the publication is available for sale at HK$26 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 version of the publication is also available for sale online at the Government Bookstore of the Information Services Department (www.bookstore.gov.hk).
Enquiries on merchandise trade indices may be directed to Trade Analysis Section of the C&SD (Tel.: 2582 4918).
Ends/Tuesday, December 16, 2008
Issued at HKT 16:30
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