Volume and price statistics of external merchandise trade in February 2023
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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 2023 with the same period in 2022, the volume of Hong Kong's total exports of goods and imports of goods decreased by 28.5% and 22.0% respectively.
In February 2023, the volume of Hong Kong's total exports of goods and imports of goods decreased by 11.8% and 6.5% respectively over February 2022.
Comparing the three-month period ending February 2023 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods and imports of goods decreased by 7.6% and 3.7% respectively.
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 2023 over the same period in 2022, the prices of total exports of goods and imports of goods increased by 4.7% and 4.5% respectively.
Comparing February 2023 with February 2022, the prices of total exports of goods and imports of goods increased by 3.8% and 2.9% respectively.
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 2022, the index increased by 0.9% in February 2023 and 0.2% in the first two months of 2023.
Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
Comparing February 2023 with February 2022, declines were recorded for the total export volume to India (-19.8%), Taiwan (-16.1%), the mainland of China (the Mainland) (-15.5%) and the USA (-5.7%).
Over the same period of comparison, the total export prices to all main destinations increased: the USA (6.2%), India (5.1%), the Mainland (3.5%), Netherlands (2.1%) and Taiwan (0.7%).
Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
Comparing February 2023 with February 2022, declines were recorded for the import volume from Singapore (-32.7%), Taiwan (-29.4%), Japan (-10.2%) and the USA (-0.8%). On the other hand, the import volume from the Mainland increased by 1.1%.
Over the same period of comparison, the import prices from the Mainland (5.7%), the USA (2.9%) and Japan (0.9%) increased. On the other hand, the import prices from Taiwan (-0.1%) and Singapore (-1.9%) decreased.
Further information
Details of the above statistics are published in the February 2023 issue of "Hong Kong Merchandise Trade Index Numbers". Users can download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020006&scode=230).
Enquiries on merchandise trade indices may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4918).
Ends/Tuesday, April 18, 2023
Issued at HKT 16:30
Issued at HKT 16:30
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