Volume and price statistics of external merchandise trade in March 2023
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In March 2023, the volume of Hong Kong's total exports of goods and imports of goods decreased by 5.0% and 3.2% respectively over March 2022.
For the first quarter of 2023 as a whole, the volume of Hong Kong's total exports of goods and imports of goods decreased by 20.9% and 15.7% respectively over the same period in 2022.
Comparing the first quarter of 2023 with the fourth quarter of 2022 on a seasonally adjusted basis, the volume of total exports of goods decreased by 0.2%, while the volume of imports of goods increased by 2.6%.
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 2023 with March 2022, the prices of total exports of goods and imports of goods increased by 4.5% and 2.8% respectively.
As regards price changes in the first quarter of 2023 over the same period in 2022, the prices of total exports of goods and imports of goods increased by 4.7% and 3.9% respectively.
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 2022, the index increased by 1.6% in March 2023 and 0.7% in the first quarter of 2023.
Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
Comparing March 2023 with March 2022, declines were recorded for the total export volume to the mainland of China (the Mainland) (-13.6%), Vietnam (-4.0%) and India (-1.1%). On the other hand, the total export volume to Taiwan (6.1%) and the USA (9.6%) increased.
Over the same period of comparison, the total export prices to all main destinations increased: India (7.5%), the Mainland (5.1%), the USA (4.8%), Vietnam (2.6%) and Taiwan (0.9%).
Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
Comparing March 2023 with March 2022, declines were recorded for the import volume from Singapore (-24.1%), Taiwan (-18.7%), the USA (-14.1%) and Japan (-10.3%). On the other hand, the import volume from the Mainland increased by 11.1%.
Over the same period of comparison, the import prices from the Mainland (5.3%), the USA (2.6%), Taiwan (2.1%) and Japan (1.1%) increased. On the other hand, the import prices from Singapore decreased by 1.7%.
Further information
Details of the above statistics are published in the March 2023 issue of "Hong Kong Merchandise Trade Index Numbers". Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020006&scode=230).
Enquiries on merchandise trade indices may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4918).
Ends/Thursday, May 11, 2023
Issued at HKT 16:30
Issued at HKT 16:30
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