Exports and imports volume up in October

In October 2011, the volume of Hong Kong's re-exports of goods increased by 4.8% over October 2010, whereas that of domestic exports dropped sharply, by 31.5%. Taken together, the volume of total exports of goods increased by 4.0%. Concurrently, the volume of imports of goods rose by 3.9%.

Comparing the first ten months of 2011 with the same period in 2010, the volume of Hong Kong's re-exports of goods increased by 4.1%, whereas that of domestic exports decreased by 18.8%. Taken together, the volume of total exports of goods increased by 3.5%. Concurrently, the volume of imports of goods went up by 5.5%.

Comparing the three-month period ending October 2011 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods decreased by 2.5%. Within this total, the volume of re-exports decreased by 2.3%, while that of domestic exports decreased by 12.6%. Concurrently, the volume of imports of goods decreased by 2.0%.

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

Comparing October 2011 with October 2010, the prices of re-exports of goods increased by 8.0%, while that of domestic exports increased by 6.3%. Taken together, the prices of total exports of goods went up by 7.9%. Concurrently, the prices of imports of goods rose by 7.4%.

As regards price changes in the first ten months of 2011 over the same period in 2010, the prices of re-exports of goods increased by 8.2%, while those of domestic exports increased by 6.7%. Taken together, the prices of total exports of goods increased by 8.1%. Concurrently, the prices of imports of goods increased by 8.3%.

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 2010, the index increased by 0.5% in October 2011, whereas it decreased slightly, by 0.2% in the first ten months of 2011.

Comparing October 2011 with October 2010, double-digit increase was recorded for the total export volume to Taiwan (+14.7%). Concurrently, the total export volume to the mainland of China (the Mainland) increased by 5.4%. On the other hand, the total export volume to Japan, Germany and the USA decreased by 0.9%, 0.9% and 9.3% respectively.

Over the same period of comparison, the total export prices to all main destinations increased: the USA (+10.0%), Germany (+8.9%), Japan (+8.4%), Taiwan (+7.7%) and the Mainland (+6.7%).

In October 2011, double-digit increases were recorded for the import volume from Taiwan (+14.3%) and Singapore (+11.0%) respectively over October 2010. Concurrently, the import volume from the USA and the Mainland increased by 2.6% and 2.0% respectively. On the other hand, the import volume from Japan decreased by 0.4%.

In October 2011, the import prices from all main suppliers increased: Japan (+8.9%), the USA (+7.4%), the Mainland (+7.3%), Taiwan (+4.2%) and Singapore (+4.1%) over October 2010.