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Further to the external merchandise trade statistics in value terms for March 2016 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 2016, the volume of Hong Kong's re-exports of goods decreased by 4.0% over March 2015, while that of domestic exports decreased by 7.8%. Taken together, the volume of total exports of goods decreased by 4.1%. Concurrently, the volume of imports of goods decreased by 3.2%.
For the first quarter of 2016 as a whole, the volume of Hong Kong's re-exports of goods decreased by 4.0% over the same period in 2015, while that of domestic exports decreased by 12.1%. Taken together, the volume of total exports of goods decreased by 4.2%. Concurrently, the volume of imports of goods decreased by 5.4%.
Comparing the first quarter of 2016 with the fourth quarter of 2015 on a seasonally adjusted basis, the volume of total exports of goods decreased by 5.9%. Within this total, the volume of re-exports decreased by 6.0%, while that of domestic exports decreased by 3.9%. Concurrently, the volume of imports of goods decreased by 4.2%.
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 2016 with March 2015, the prices of re-exports of goods decreased by 2.9%, while those of domestic exports decreased by 3.4%. Taken together, the prices of total exports of goods decreased by 2.9%. Concurrently, the prices of imports of goods decreased by 2.8%.
As regards price changes in the first quarter of 2016 over the same period in 2015, the prices of re-exports of goods decreased by 2.6%, while those of domestic exports decreased by 3.2%. Taken together, the prices of total exports of goods decreased by 2.6%. Concurrently, the prices of imports of goods decreased by 2.8%.
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 2015, the index remained virtually unchanged in March 2016, whereas it increased by 0.2% in the first quarter of 2016.
Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
Comparing March 2016 with March 2015, the total export volume to the mainland of China (the Mainland), Japan and Vietnam decreased by 7.6%, 1.9% and 1.9% respectively. On the other hand, the total export volume to the USA and India increased by 3.1% and 6.0% respectively.
Over the same period of comparison, the total export prices to all main destinations decreased: India (-3.7%), the Mainland (-3.3%), the USA (-2.5%), Vietnam (-2.3%) and Japan (-0.8%).
Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
Comparing March 2016 with March 2015, a double-digit decline of 10.5% was recorded for the import volume from the USA. Concurrently, the import volume from Singapore, Japan, Taiwan and the Mainland decreased by 6.5%, 3.9%, 3.1% and 0.2% respectively.
Over the same period of comparison, the import prices from all main suppliers decreased: Japan (-5.4%), Taiwan (-4.0%), the USA (-3.5%), Singapore (-3.4%) and the Mainland (-2.3%).
Further information
Details of the above statistics are published in the March 2016 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/hkstat/sub/sp230.jsp?productCode=B1020006).
Enquiries on merchandise trade indices may be directed to Trade Analysis Section (1) of the C&SD (Tel: 2582 4918).
Ends/Thursday, May 12, 2016
Issued at HKT 16:30
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