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Further to the external merchandise trade statistics in value terms for February 2009 released earlier on, the Census and Statistics Department (C&SD) released today (April 16) 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 2009 with the same period in 2008, the volume of Hong Kong's re-exports of goods fell significantly, by 22.4%, while that of domestic exports dropped sharply, by 45.0%. Taken together, the volume of total exports of goods decreased by 23.2%. Concurrently, the volume of imports of goods decreased by 22.6%.
In February 2009, the volume of Hong Kong's re-exports of goods fell significantly, by 22.2% over February 2008, while that of domestic exports dropped sharply, by 38.8%. Taken together, the volume of total exports of goods decreased by 22.7%. Concurrently, the volume of imports of goods decreased by 16.8%.
Comparing the three-month period ending February 2009 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods decreased by 17.4%. Within this total, the volume of re-exports decreased by 17.3%, while that of domestic exports dropped significantly, by 21.8%. Concurrently, the volume of imports of goods fell by 19.0%.
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 2009 over the same period in 2008, the prices of re-exports of goods increased by 2.9%, while those of domestic exports increased by 3.1%. Taken together, the prices of total exports of goods increased by 2.9%. Concurrently, the prices of imports of goods increased by 1.5%.
Comparing February 2009 with February 2008, the prices of re-exports of goods increased by 2.7%, while those of domestic exports increased by 2.6%. Taken together, the prices of total exports of goods increased by 2.7%. Concurrently, the prices of imports of goods increased by 1.2%.
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 2008, the index increased by 1.5% in February 2009 and 1.4% in the first two months of 2009.
Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
Comparing February 2009 with February 2008, the total export volume to the USA and the United Kingdom dropped sharply, by 40.0% and 36.9% respectively. Concurrently, the total export volume to Japan, Germany and the mainland of China (the Mainland) fell by 28.2%, 25.0% and 10.9% respectively.
Over the same period of comparison, the total export prices to all main destinations increased: the USA (+6.6%), Germany (+5.4%), the United Kingdom (+5.1%), Japan (+4.6%) and the Mainland (+0.9%).
Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
In February 2009, the import volume from Japan dropped sharply, by 36.9% over February 2008. Double-digit decreases were also recorded for the import volume from Taiwan (-22.3%), Singapore (-18.4%), the Mainland (-11.3%) and the USA (-10.9%) over the same period of comparison.
Comparing February 2009 with February 2008, the import prices from Taiwan, the Mainland and Japan increased by 6.2%, 2.3% and 1.7% respectively. On the other hand, the import prices from the USA and Singapore decreased by 0.1% and 3.1% respectively.
Further information
Details of the above statistics are published in the February 2009 issue of the "Hong Kong Merchandise Trade Index Numbers". Users can download the publication free of charge at the website of the C&SD (http://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 of the C&SD (Tel.: 2582 4918).
Ends/Thursday, April 16, 2009
Issued at HKT 16:30
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