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Further to the external merchandise trade statistics in value terms for March 2009 released earlier on, the Census and Statistics Department (C&SD) released today (May 12) the volume and price statistics of external merchandise trade for that month.
In March 2009, the volume of Hong Kong's re-exports of goods decreased by 19.5% over March 2008, while that of domestic exports dropped sharply, by 39.8%. Taken together, the volume of total exports of goods decreased by 20.1%. Concurrently, the volume of imports of goods decreased by 21.4%.
For the first quarter of 2009 as a whole, the volume of Hong Kong's re-exports of goods fell significantly, by 21.4% over the same period in 2008, while that of domestic exports dropped sharply, by 43.3%. Taken together, the volume of total exports of goods decreased by 22.2%. Concurrently, the volume of imports of goods decreased by 22.2%.
Comparing the first quarter of 2009 with the fourth quarter of 2008 on a seasonally adjusted basis, the volume of total exports of goods decreased by 17.1%. Within this total, the volume of re-exports decreased by 17.1%, while that of domestic exports decreased by 19.4%. Concurrently, the volume of imports of goods decreased by 17.2%.
Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.
Comparing March 2009 with March 2008, the prices of re-exports of goods increased by 1.9%, while those of domestic exports increased by 1.4%. Taken together, the prices of total exports of goods increased by 1.9%. Concurrently, the prices of imports of goods were virtually unchanged.
As regards the price changes in the first quarter of 2009 over the same period in 2008, the prices of both re-exports and domestic exports of goods increased by 2.5%. Taken together, the prices of total exports of goods also increased by 2.5%. Concurrently, the prices of imports of goods increased by 1.0%.
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 1.8% in March 2009 and 1.6% in the first quarter of 2009.
Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
Comparing March 2009 with March 2008, the total export volume to the United Kingdom, the USA and Japan fell significantly, by 31.7%, 26.2% and 23.0% respectively. Concurrently, the total export volume to the mainland of China (the Mainland) and Germany decreased by 14.6% and 14.0% respectively.
Over the same period of comparison, the total export prices to all main destinations increased: the USA (+5.0%), Germany (+4.5%), the United Kingdom (+3.9%), Japan (+3.3%) and the Mainland (+0.6%).
Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
In March 2009, the import volume from Japan dropped sharply, by 40.0% over March 2008. Double-digit decreases were also recorded for the import volume from Taiwan (-24.1%), Singapore (-21.6%) and the Mainland (-20.1%) over the same period of comparison. On the other hand, the import volume from the USA increased by 5.1%.
Comparing March 2009 with March 2008, the import prices from Taiwan, the Mainland and Japan increased by 1.6%, 1.6% and 1.4% respectively. On the other hand, the import prices from the USA and Singapore decreased by 1.7% and 3.2% respectively.
Further information
Details of the above statistics are published in the March 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/Tuesday, May 12, 2009
Issued at HKT 16:31
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