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According to the provisional results of a survey released today (June 13) by the Census and Statistics Department, in the first quarter of 2008, the index of industrial production for the manufacturing sector as a whole decreased by 4.4% compared with a year earlier, following a 0.3% year-on-year decrease in the fourth quarter of 2007. The corresponding producer price index increased by 5.8% in the first quarter of 2008 over a year earlier, as compared with a 4.2% year-on-year increase in the fourth 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 first quarter of 2008 with a year earlier, the textiles (including knitting) industry had the largest decrease in output (-22.8%), followed by the electrical and electronic products, machinery, professional equipment and optical goods industry (-14.2%) and the wearing apparel (except footwear) industry (-8.9%).
On the other hand, increases in output were recorded for the basic metals and fabricated metal products industry (+7.5%), the food, beverages and tobacco industry (+6.9%), the chemical, rubber, and plastic and non-metallic mineral products industry (+5.3%) and the paper products and printing industry (+1.7%) in the first quarter of 2008 over a year earlier.
On a seasonally adjusted basis, the index of industrial production for the manufacturing sector as a whole decreased by 4.3% in the first quarter of 2008 as compared with the fourth quarter of 2007.
Producer price indices reflect changes in the prices of local manufacturing output. They measure changes in 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 first quarter of 2008 with a year earlier, the fabricated metal products (except machinery and equipment) industry had the largest increase in producer prices (+9.1%), followed by the machinery, equipment, apparatus, parts and components industry (+3.5%), the plastic products industry (+2.0%) and the paper products and printing industry (+1.9%).
On the other hand, decreases in producer prices were noted in the consumer electrical and electronic products industry (-3.7%) and the textiles (including knitting) industry (-1.6%) in the first quarter of 2008 compared with a year earlier.
Comparing the first quarter of 2008 with the fourth quarter of 2007, the producer price index for the manufacturing sector as a whole increased by 2.8%.
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 is performed using the X-12 ARIMA method to replace the previous 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 first quarter of 2008 are available in both print version and download version (in PDF format). Both the ¡§Quarterly Index of Industrial Production, 1st Quarter 2008¡¨ report and the ¡§Quarterly Producer Price Indices for Manufacturing Industries, 1st Quarter 2008¡¨ 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, June 13, 2008
Issued at HKT 16:15
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