Volume and price statistics of external merchandise trade in March 2015
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     Further to the external merchandise trade statistics in value terms for March 2015 released earlier on, the Census and Statistics Department (C&SD) released today (May 14) the volume and price statistics of external merchandise trade for that month.

     In March 2015, the volume of Hong Kong's re-exports of goods decreased by 3.4% over March 2014, while that of domestic exports decreased significantly, by 20.7%. Taken together, the volume of total exports of goods decreased by 3.7%. Concurrently, the volume of imports of goods decreased by 3.3%.

     For the first quarter of 2015 as a whole, the volume of Hong Kong's re-exports of goods increased by 0.8% over the same period in 2014, whereas that of domestic exports decreased by 8.7%. Taken together, the volume of total exports of goods increased by 0.7%. Concurrently, the volume of imports of goods increased by 1.1%.

     Comparing the first quarter of 2015 with the fourth quarter of 2014 on a seasonally adjusted basis, the volume of total exports of goods decreased by 0.6%. Within this total, the volume of re-exports decreased by 0.6%, while that of domestic exports decreased marginally, by 0.1%. Concurrently, the volume of imports of goods decreased by 2.0%.

     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 2015 with March 2014, the prices of re-exports of goods increased by 2.4%, whereas those of domestic exports decreased by 1.3%. Taken together, the prices of total exports of goods increased by 2.4%. Concurrently, the prices of imports of goods increased by 1.3%.

     As regards price changes in the first quarter of 2015 over the same period in 2014, the prices of re-exports of goods increased by 2.1%, whereas those of domestic exports decreased by 1.5%. Taken together, the prices of total exports of goods increased by 2.0%. Concurrently, the prices of imports of goods increased by 0.9%.

     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 periods in 2014, the index increased by 1.0% and 1.1% in March 2015 and in the first quarter of 2015 respectively.

     Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.

     Comparing March 2015 with March 2014, double-digit declines were recorded for the total export volume to Japan (-19.1%) and the USA (-13.9%). On the other hand, the total export volume to the mainland of China (the Mainland), Vietnam and India increased by 1.0%, 4.7% and 13.4% respectively.

     Over the same period of comparison, the total export prices to Vietnam, the USA and the Mainland increased by 3.1%, 2.4% and 2.3% respectively. On the other hand, the total export prices to Japan and India decreased by 0.7% and 2.0% respectively.

     Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.

     Comparing March 2015 with March 2014, the import volume from Taiwan, the Mainland, Japan and Singapore decreased by 5.7%, 5.0%, 4.7% and 0.1% respectively. On the other hand, a double-digit increase of 15.2% was recorded for the import volume from the USA.

     Over the same period of comparison, the import prices from Singapore, Taiwan and the Mainland increased by 5.4%, 3.5% and 2.8% respectively. On the other hand, the import prices from the USA and Japan decreased by 2.0% and 5.8% respectively.

Further information

     C&SD has announced the use of the chain linking approach in the compilation of trade index numbers on March 12, 2015. The above volume statistics are based on the new series of trade index numbers compiled using the new methodology. Details of the new compilation methodology have been published in a feature article in the March 2015 issue of "Hong Kong Monthly Digest of Statistics".

     Details of the above statistics can be found in the March 2015 issue of "Hong Kong Merchandise Trade Index Numbers". Users can download the publication free of charge at the website of the C&SD (www.censtatd.gov.hk).

     Enquiries on merchandise trade indices may be directed to Trade Analysis Section (1) of the C&SD (Tel: 2582 4918).

Ends/Thursday, May 14, 2015
Issued at HKT 16:30

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