August 17, 2023
Further to the external merchandise trade statistics in value terms for June 2023 released earlier on, the Census and Statistics Department (C&SD) released the volume and price statistics of external merchandise trade for that month in Hong Kong.
In June 2023, the volume of Hong Kong’s total exports of goods and imports of goods decreased by 14.7% and 15.5% respectively over June 2022.
Comparing the first half of 2023 with the same period in 2022, the volume of Hong Kong’s total exports of goods and imports of goods decreased by 18.7% and 16.2% respectively.
Comparing the second quarter of 2023 with the preceding quarter on a seasonally adjusted basis, the volume of total exports of goods and imports of goods decreased by 2.5% and 2.0% 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 June 2023 with June 2022, the prices of total exports of goods and imports of goods increased by 4.3% and 3.9% respectively.
As regards price changes in the first half of 2023 over the same period in 2022, the prices of total exports of goods and imports of goods increased by 4.4% 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 increased by 0.3% in June 2023 and 0.5% in the first half of 2023.
Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
Comparing June 2023 with June 2022, declines were recorded for the total export volume to all main destinations: the USA (-25.4%), the mainland of China (the Mainland) (-16.6%), India (-13.6%), Taiwan (-12.8%) and Vietnam (-4.7%).
Over the same period of comparison, the total export prices to all main destinations increased:
India (9.3%), the USA (5.0%), Vietnam (4.9%), the Mainland (4.2%) and Taiwan (1.9%).
Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
Comparing June 2023 with June 2022, declines were recorded for the import volume from all main suppliers: Singapore (-34.2%), the Mainland (-17.1%), Taiwan (-16.3%), Japan (-7.5%) and the USA (-3.1%).
Over the same period of comparison, the import prices from all main suppliers increased: Taiwan (8.8%), the Mainland (5.2%), Singapore (3.6%), Japan (2.6%) and the USA (2.0%).
Source: Census and Statistics Department (C&SD) Hong Kong
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