Export volumes rise 29.5% in January

C&SD cautions on Lunar New Year distortion.

Merchandise trade volumes rose sharply in January, with total export volume up 29.5% and import volume up 33.9% from a year earlier, according to the Census and Statistics Department.

The department said the year-on-year comparison should be treated cautiously because the Chinese New Year fell at a different time this year, making it more appropriate to assess January and February together.

On a broader basis, export volume rose 22.1%, and import volume increased 24.8% in the three months ending January compared with the same period a year earlier.

On a seasonally adjusted basis, export volume rose 7.8%, and import volume gained 9.2% against the preceding three months.

Trade prices also increased in January, with export prices up 3.3% and import prices up 3.1%, whilst the terms of trade index edged up 0.1%.

By market, export volumes to Taiwan rose 78.8%, shipments to the Chinese mainland increased 36.3%, and exports to Vietnam and the US grew 29.8% and 19.0% respectively. Export volume to India fell 19.0%.

On the import side, volumes from Vietnam jumped 123.4%, whilst imports from Korea, the mainland, and Singapore rose 59.0%, 42.0%, and 40.0% respectively. Imports from Taiwan slipped 0.7%.