Volume and price statistics of external merchandise trade in July 2023
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In July 2023, the volume of Hong Kong's total exports of goods and imports of goods decreased by 11.5% and 10.4% respectively over July 2022.
Comparing the first seven months of 2023 with the same period in 2022, the volume of Hong Kong's total exports of goods and imports of goods decreased by 17.7% and 15.4% respectively.
Comparing the three-month period ending July 2023 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods and imports of goods decreased by 8.4% and 6.1% respectively.
Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.
Comparing July 2023 with July 2022, the prices of total exports of goods and imports of goods increased by 3.0% and 3.3% respectively.
As regards price changes in the first seven months of 2023 over the same period in 2022, the prices of total exports of goods and imports of goods increased by 4.2% and 3.8% 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 decreased by 0.3% in July 2023, whereas it increased by 0.4% in the first seven months of 2023.
Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
Comparing July 2023 with July 2022, declines were recorded for the total export volume to all main destinations: the mainland of China (the Mainland) (-16.7%), India (-10.7%), Taiwan (-10.2%), the USA (-9.7%) and Vietnam (-1.0%).
Over the same period of comparison, the total export prices to all main destinations increased:
India (11.0%), the USA (4.5%), Taiwan (3.9%), Vietnam (3.7%) and the Mainland (2.0%).
Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
Comparing July 2023 with July 2022, declines were recorded for the import volume from all main suppliers: Taiwan (-23.0%), Singapore (-13.7%), the USA (-11.5%), Japan (-10.7%) and the Mainland (-8.4%).
Over the same period of comparison, the import prices from all main suppliers increased: the Mainland (4.9%), Taiwan (4.8%), Singapore (4.8%), Japan (3.2%) and the USA (2.4%).
Further information
Details of the above statistics are published in the July 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, September 14, 2023
Issued at HKT 16:30
Issued at HKT 16:30
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