Further to the external merchandise trade statistics in value terms for December 2007 released earlier on, the Census and Statistics Department (C&SD) released February 14 the volume and price statistics of external merchandise trade for that month.
In December 2007, the volume of Hong Kong’s re-exports of goods increased by 6.5% over December 2006, while that of domestic exports increased by 3.8%. Taken together, the volume of total exports of goods increased by 6.4%. Concurrently, the volume of imports of goods increased by 9.9%.
Comparing 2007 with 2006, the volume of Hong Kong’s re-exports of goods rose by 9.9%, whereas that of domestic exports dropped significantly, by 19.8%. Taken together, the volume of total exports of goods grew by 8.3%. Concurrently, the volume of imports of goods increased by 10.4%.
Comparing the fourth quarter of 2007 with the preceding quarter on a seasonally adjusted basis, the volume of total exports of goods increased by 1.8%. Within this total, the volume of re-exports increased by 1.9%, whereas that of domestic exports was virtually unchanged. Concurrently, the volume of imports of goods increased by 3.6%.
Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.
Comparing December 2007 with December 2006, the prices of re-exports of goods increased by 2.8%, while those of domestic exports increased by 0.9%. Taken together, the prices of total exports of goods increased by 2.7%. Concurrently, the prices of imports of goods increased by 3.0%.
As regards price changes in 2007 over 2006, the prices of re-exports of goods increased by 2.4%, while those of domestic exports increased by 0.8%. Taken together, the prices of total exports of goods increased by 2.3%. Concurrently, the prices of imports of goods increased by 2.3%.
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 periods in 2006, the index decreased by 0.2% in December 2007, whereas it increased by 0.1% in 2007.
Comparing December 2007 with December 2006, the total export volume to the mainland of China (the Mainland), Japan and Germany increased by 8.3%, 3.1% and 1.5% respectively. On the other hand, the total export volume to the USA and the United Kingdom decreased by 3.5% and 6.3% respectively.
Over the same period of comparison, the total export prices to all main destinations increased: the USA (+4.9%), the United Kingdom (+3.3%), Germany (+2.4%), the Mainland (+2.1%) and Japan (+1.7%).
In December 2007, the import volume from the USA grew significantly, by 21.3%, over December 2006. Double-digit growth was also recorded for the import volume from Singapore (+15.7%), Taiwan (+11.5%) and the Mainland (+10.3%) over the same period of comparison. Concurrently, the import volume from Japan increased by 7.6%.
Comparing December 2007 with December 2006, the import prices from Singapore, the Mainland, Japan and the USA increased by 8.2%, 3.2%, 1.7% and 0.1% respectively. On the other hand, the import prices from Taiwan decreased by 1.4%.
