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Total exports of goods grow by 9.7%
17
Jul '08
Further to the external merchandise trade statistics in value terms for May 2008 released earlier on, the Census and Statistics Department (C&SD) released July 17 the volume and price statistics of external merchandise trade for that month.

In May 2008, the volume of Hong Kong's re-exports of goods increased by 9.2% over May 2007, whereas that of domestic exports decreased by 17.8%. Taken together, the volume of total exports of goods increased by 8.0%. Concurrently, the volume of imports of goods increased by 11.4%.

Comparing the first five months of 2008 with the same period in 2007, the volume of Hong Kong's re-exports of goods rose by 10.6%, whereas that of domestic exports decreased by 10.5%. Taken together, the volume of total exports of goods grew by 9.7%. Concurrently, the volume of imports of goods increased by 9.8%.

Comparing the three-month period ending May 2008 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods increased by 2.6%. Within this total, the volume of re-exports increased by 2.8%, whereas that of domestic exports decreased by 3.8%. Concurrently, the volume of imports of goods increased by 2.4%.

Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.

Comparing May 2008 with May 2007, the prices of re-exports of goods increased by 4.0%, while those of domestic exports increased by 4.9%. Taken together, the prices of total exports of goods increased by 4.1%. Concurrently, the prices of imports of goods increased by 4.5%.

As regards price changes in the first five months of 2008 over the same period in 2007, the prices of re-exports of goods increased by 3.0%, while those of domestic exports increased by 4.0%. Taken together, the prices of total exports of goods increased by 3.1%. Concurrently, the prices of imports of goods increased by 4.0%.

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 2007, the index decreased by 0.4% in May 2008 and 0.9% in the first five months of 2008.

Comparing May 2008 with May 2007, the total export volume to the mainland of China (the Mainland), Germany and Japan increased by 13.5%, 8.2% and 2.5% respectively. On the other hand, the total export volume to the United Kingdom and the USA decreased by 1.8% and 8.1% respectively.

Over the same period of comparison, the total export prices to all main destinations increased: the USA (+7.0%), Germany (+6.6%), the United Kingdom (+6.0%), Japan (+4.8%) and the Mainland (+2.2%).

In May 2008, the import volume from the USA grew significantly, by 30.6%, over May 2007. Concurrently, the import volume from Singapore, the Mainland and Japan increased by 13.2%, 8.5% and 6.0% respectively. On the other hand, the import volume from Taiwan decreased by 3.1%.

Comparing May 2008 with May 2007, the import prices from all main suppliers increased: Singapore (+12.5%), Taiwan (+5.9%), the Mainland (+3.8%), Japan (+2.6%) and the USA (+2.5%).

Census and Statistics Department

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