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According to the provisional results of a survey released today (March 14) by the Census and Statistics Department, in the fourth quarter of 2007, the index of industrial production for the manufacturing sector as a whole decreased by 0.3% compared with a year earlier, following a 2.1% year-on-year decrease in the third quarter of 2007. The corresponding producer price index increased by 4.2% in the fourth quarter of 2007 over a year earlier, as compared with a 2.5% year-on-year increase in the third quarter of 2007.
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 fourth quarter of 2007 with a year earlier, the electrical and electronic products, machinery, professional equipment and optical goods industry had the largest decrease in output (-14.4%), followed by the basic metals and fabricated metal products industry (-3.3%).
On the other hand, increases in output were recorded for the food, beverages and tobacco industry (+9.1%), the chemical, rubber, plastic and non-metallic mineral products industry (+4.1%) and the textiles (including knitting) industry (+3.1%) in the fourth quarter of 2007 over a year earlier.
On a seasonally adjusted basis, the index of industrial production for the manufacturing sector as a whole increased by 2.1% in the fourth quarter of 2007 over the third quarter of 2007.
For 2007 as a whole, the index of industrial production for the manufacturing sector decreased by 1.5% compared with 2006.
Producer price indices reflect the prices of local manufacturing output. They measure 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 fourth quarter of 2007 with a year earlier, the fabricated metal products (except machinery and equipment) industry had the largest increase in producer prices (+4.9%), followed by the textiles (including knitting) industry (+3.4%), the plastic products industry (+2.5%) and the wearing apparel (except footwear) industry (+2.3%).
On the other hand, decreases in producer prices were noted in the machinery, equipment, apparatus, parts and components industry (-2.6%) and the consumer electrical and electronic products industry (-1.8%) in the fourth quarter of 2007 compared with a year earlier.
Comparing the fourth quarter of 2007 with the third quarter of 2007, the producer price index for the manufacturing sector as a whole increased by 2.0%.
For 2007 as a whole, the producer price index for the manufacturing sector increased by 3.0% compared with 2006.
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.
Starting from the first quarter of 2008, seasonal adjustment of the quarterly index of industrial production will be performed using the X-12 ARIMA method to replace the current X-11 ARIMA method. X-12 ARIMA method is an update to the X-11 ARIMA method with enhanced modelling and diagnostic capabilities. The X-12 ARIMA has now been a standard method used by statistical offices for performing seasonal adjustment of statistical series in many countries/territories.
The reports containing analysis of above survey results for the fourth quarter of 2007 are available in both print version and download version (in PDF format). Both the "Quarterly Index of Industrial Production, 4th Quarter 2007" report and the "Quarterly Producer Price Indices for Manufacturing Industries, 4th Quarter 2007" report can be downloaded free of charge at the website of the Census and Statistics Department (C&SD) (www.censtatd.gov.hk/products_and_services/products/publications/index.jsp).
The price of the print version of each of the two reports is HK$8 per copy and they can be purchased in the following ways:
(i) Purchase in person at the Publications Unit of the C&SD (Address: 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel: 2582 3025).
(ii) Complete a mail order form which is available for downloading from the website of C&SD (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_publications/index.jsp) and return it to C&SD.
(iii) Purchase 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 at Tel. 2805 6643 or email address ind-production@censtatd.gov.hk.
Ends/Friday, March 14, 2008
Issued at HKT 16:15
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