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Content of the press release

Further to the external merchandise trade statistics in value terms for May 2003 released earlier on, the Census and Statistics Department today (July 24) released the volume and price statistics of external merchandise trade for that month.

In May 2003, the volume of Hong Kong's re-exports of goods increased by 17.8% over the same month in 2002, while that of domestic exports decreased by 8.9%. Taken together, the volume of total exports of goods grew by 15.4%. Concurrently, the volume of imports of goods recorded an increase of 10.0%.

Comparing the first five months of 2003 with the same period a year earlier, the volume of Hong Kong's re-exports of goods rose by 19.4%, while that of domestic exports fell by 12.6%. Taken together, the volume of total exports of goods grew by 16.4%. Over the same period of comparison, imports of goods increased by 14.6% in volume.

Comparing the three-month period ending May 2003 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods recorded an increase of 5.2%. Within this total, the volume of re-exports went up by 5.7%, while that of domestic exports decreased by 0.8%. Over the same period of comparison, 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.

Comparing May 2003 with a year earlier, the prices of re-exports of goods fell by 1.4%, while those of domestic exports increased by 0.7%. Taken together, the prices of total exports of goods decreased by 1.2%. Over the same period of comparison, the prices of imports of goods decreased marginally, by 0.2%.

As regards price changes in the first five months of 2003 over a year earlier, the prices of re-exports of goods decreased by 1.2%, while those of domestic exports increased by 0.8%. Taken together, the prices of total exports of goods were down by 1.0%. Concurrently, the prices of imports of goods decreased marginally, by 0.1%.

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 period a year earlier, the index recorded decreases of 1.0% in May 2003 and 0.9% in the first five months of 2003.

Changes in the value, unit value and volume of re-exports of goods by end-use category are shown in Table 1(text version).

The volume of re-exports of "capital goods" rose markedly, by 39.2% in May 2003 over a year earlier. Notable increases in re-export volume were recorded for "construction machinery" and "transport equipment".

The re-export volume of "consumer goods" increased by 11.0% in May 2003 over a year earlier, with notable increases recorded for "passenger motor cars" and "household-type electrical appliances". On the other hand, a decrease in re-export volume was noted for "miscellaneous made-up articles of textile materials".

In May 2003, the re-export volume of "raw materials and semi-manufactures" increased by 10.5% over a year earlier. Notable increases in re-export volume were recorded for "leather and dressed furskins" and "electronic components". On the other hand, decreases in re-export volume were noted for "wood, lumber and cork" and "wool and animal hair, and yarn, thread and fabrics of wool and animal hair".

Over the same period of comparison, the re-export volume of "fuels" increased sharply, by 98.5%, while that of "foodstuffs" decreased by 20.4%.

Comparing May 2003 with a year earlier, the re-export prices of "foodstuffs", "capital goods", "consumer goods" and "raw materials and semi-manufactures" fell by 9.1%, 3.2%, 0.7% and 0.6% respectively. On the other hand, the re-export prices of "fuels" rose by 6.5%.

Changes in the value, unit value and volume of domestic exports of goods by selected principal commodity group are shown in Table 2.(text version)

Comparing May 2003 with a year earlier, decreases were recorded in the volume of domestic exports of most principal commodity groups, with particularly large declines recorded for "electronic components" and "textiles". On the other hand, notable increases were recorded in the volume of domestic exports of "office machines and equipment" and "scientific, medical, optical, measuring, and controlling instruments and apparatus".

Over the same period of comparison, the prices of domestic exports of "electronic components" and "scientific, medical, optical, measuring, and controlling instruments and apparatus" decreased by 5.1% and 3.2% respectively. On the other hand, the prices of domestic exports of "clothing" and "office machines and equipment" increased by 3.9% and 1.3% respectively.

Changes in the value, unit value and volume of imports of goods by end-use category are shown in Table 3 (text version).

Comparing May 2003 with a year earlier, the import volume of "capital goods" increased markedly, by 31.2%. Within this total, notable increases were recorded in the import volume of "transport equipment" and "scientific, medical, optical, measuring, and controlling instruments and apparatus".

The import volume of "raw materials and semi-manufactures" increased by 4.2% in May 2003 over a year earlier. Significant increases in import volume were recorded for "leather and dressed furskins" and "electronic components". On the other hand, the import volume of "chemical elements and compounds" and "lime, cement, and fabricated building materials except glass, clay construction materials and refractory construction materials" decreased.

The import volume of "consumer goods" rose by 2.9% in May 2003 compared with a year earlier. Notable increases in import volume were recorded for "tobacco manufactures" and "toys, games and sporting goods". On the other hand, decreases in import volume were noted for "watches and clocks" and "travel goods and handbags".

Over the same period of comparison, the import volume of "fuels" increased by 14.2%, while that of "foodstuffs" decreased by 12.7%.

Comparing May 2003 with a year earlier, the import prices of "capital goods" and "foodstuffs" fell by 3.3% and 1.0% respectively. On the other hand, the import prices of "fuels", "consumer goods" and "raw materials and semi-manufactures" rose by 5.7%, 1.0% and 0.6% respectively.

Further information

Details of the above statistics are published in the May 2003 issue of the "Hong Kong Merchandise Trade Index Numbers".

The above publication is on sale around 24 July 2003 at HK$13 per copy. This monthly report and other publications of the Census and Statistics Department can be purchased in person from: (i) Government Publications Centre, Ground Floor, Low Block, Queensway Government Offices, 66 Queensway, Hong Kong (Tel.: 2537 1910); or (ii) Publications Unit of the Census and Statistics Department, 19th Floor, Wanchai Tower, 12 Harbour Road, Wan Chai, Hong Kong (Tel.: 2582 3025).

Internet users may purchase the publication online at the "Statistical Bookstore, Hong Kong" (Address: http://www.statisticalbookstore.gov.hk) with payment made instantly. Softcopies of the publications purchased are available for immediate downloading while hardcopies purchased will be delivered by mail. Subscription to regular publications and advance ordering of upcoming releases are also available. The Statistical Bookstore is hosted on the ESD portal (Address: http://www.esd.gov.hk) together with other public services.

A mail order form for ordering or arranging subscription to hardcopies of publications is available in most publications of the Census and Statistics Department. It may be completed and sent back together with a cheque or bank draft covering all necessary cost and postage. The order form is also available for downloading from the website of the Department (Address: http://www.info.gov.hk/censtatd/eng/service_desk/forms_index.html).

Moreover, enquiries on trade indices may be directed to the Census and Statistics Department (Tel. No.: 2582 4918).

End/Thursday, July 24, 2003

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