Volume of imports of goods decline by 2.8%

11 Aug '08

3 min read

Further to the external merchandise trade statistics in value terms for June 2008 released earlier on, the Census and Statistics Department (C&SD) released August 11 the volume and price statistics of external merchandise trade for that month.

In June 2008, the volume of Hong Kong's re-exports of goods decreased by 3.6% over June 2007, while that of domestic exports dropped significantly, by 24.9%. Taken together, the volume of total exports of goods decreased by 4.6%. Concurrently, the volume of imports of goods decreased by 2.8%.

Comparing the first half of 2008 with the same period in 2007, the volume of Hong Kong's re-exports of goods rose by 8.0%, whereas that of domestic exports decreased by 13.3%. Taken together, the volume of total exports of goods grew by 7.1%. Concurrently, the volume of imports of goods increased by 7.5%.

Comparing the second quarter of 2008 with the preceding quarter on a seasonally adjusted basis, the volume of total exports of goods increased by 1.0%. Within this total, the volume of re-exports increased by 1.3%, whereas that of domestic exports decreased by 8.2%. Concurrently, the volume of imports of goods increased by 2.2%.

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

Comparing June 2008 with June 2007, the prices of re-exports of goods increased by 4.6%, while those of domestic exports increased by 5.5%. Taken together, the prices of total exports of goods increased by 4.6%. Concurrently, the prices of imports of goods increased by 5.7%.

As regards price changes in the first half of 2008 over the same period in 2007, the prices of re-exports of goods increased by 3.3%, while those of domestic exports increased by 4.2%. Taken together, the prices of total exports of goods increased by 3.3%. Concurrently, the prices of imports of goods increased by 4.3%.

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 1.1% in June 2008 and 0.9% in the first half of 2008.

Comparing June 2008 with June 2007, the total export volume to all main destinations decreased: Japan (-9.2%), the United Kingdom (-8.4%), the mainland of China (the Mainland) (-7.0%), the USA (-6.9%) and Germany (-2.3%).

Over the same period of comparison, the total export prices to all main destinations increased: the USA (+8.1%), Germany (+7.2%), the United Kingdom (+6.3%), Japan (+5.6%) and the Mainland (+2.5%).

In June 2008, double-digit decreases were recorded for the import volume from Taiwan (-13.3%) and Singapore (-13.1%) over June 2007. Concurrently, the import volume from the Mainland and Japan decreased by 4.6% and 2.5% respectively. On the other hand, the import volume from the USA increased by 5.2%.

Comparing June 2008 with June 2007, the import prices from all main suppliers increased: Singapore (+19.5%), Taiwan (+7.8%), the Mainland (+4.2%), Japan (+4.1%) and the USA (+1.9%).

Census and Statistics Department

More Census & Statistics Department News...