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Further to the external merchandise trade statistics in value terms for February 2012 released earlier on, the Census and Statistics Department (C&SD) released today (April 19) the volume and price statistics of external merchandise trade for that month.
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 2012 with the same period in 2011, the volume of Hong Kong's re-exports of goods decreased by 4.5%, while that of domestic exports dropped sharply, by 34.6%. Taken together, the volume of total exports of goods decreased by 5.1%. Concurrently, the volume of imports of goods decreased by 1.1%.
In February 2012, the volume of Hong Kong's re-exports of goods increased by 6.7% over February 2011, whereas that of domestic exports decreased by 15.8%. Taken together, the volume of total exports of goods increased by 6.3%. Concurrently, the volume of imports of goods increased by 15.5%.
Comparing the three-month period ending February 2012 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods increased by 7.3%. Within this total, the volume of re-exports increased by 7.4%, whereas that of domestic exports decreased by 0.7%. 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 the price changes in the first two months of 2012 over the same period in 2011, the prices of re-exports of goods increased by 6.8%, while those of domestic exports increased by 3.1%. Taken together, the prices of total exports of goods increased by 6.7%. Concurrently, the prices of imports of goods increased by 5.9%.
Comparing February 2012 with February 2011, the prices of re-exports of goods increased by 6.1%, while those of domestic exports increased by 2.7%. Taken together, the prices of total exports of goods increased by 6.0%. Concurrently, the prices of imports of goods increased by 4.8%.
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 2011, the index increased by 1.2% in February 2012 and 0.8% in the first two months of 2012.
Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
Comparing February 2012 with February 2011, the total export volume to Taiwan, Japan and the mainland of China (the Mainland) increased by 11.0%, 8.4% and 8.1% respectively. On the other hand, the total export volume to Germany dropped sharply by 21.3%, while that to the USA decreased slightly by 0.2%.
Over the same period of comparison, the total export prices to all main destinations increased: Japan (+8.1%), the USA (+7.6%), Germany (+6.2%), the Mainland (+5.8%) and Taiwan (+3.9%).
Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
Comparing February 2012 with February 2011, the import volume from the USA and the Mainland grew significantly, by 34.3% and 24.3% respectively. Concurrently, the import volume from Taiwan and Singapore also increased by 7.4% and 6.3% respectively. On the other hand, the import volume from Japan decreased by 1.7%.
Over the same period of comparison, the import prices from all main suppliers increased: Singapore (+6.6%), the USA (+5.2%), Japan (+4.9%), the Mainland (+4.7%) and Taiwan (+1.0%).
Further information
Details of the above statistics are published in the February 2012 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/products_and_services/products/publications/statistical_report/external_trade/index.jsp).
Enquiries on merchandise trade indices may be directed to Trade Analysis Section (1) of the C&SD (Tel.: 2582 4918).
Ends/Thursday, April 19, 2012
Issued at HKT 16:30
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