, Hong Kong
Photo by Pat Whelen on Unsplash

External merchandise trade volume down double digits in July

Total exports and imports of goods fell by 16.2% YoY and 16.9% YoY, respectively.

The city's external merchandise trade volume fell by double digits in July 2022, with total exports and imports of goods dropping by 16.2% YoY and 16.9% YoY, respectively.

According to the Census and Statistics Department (C&SD), "changes in the volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted."

Comparing the volume of external merchandise trade in the first seven months of 2022 to the same period in 2021, the decrease was 8.8% for exports and 8.3% for imports.

The decline in trade volume was also seen across the city's main trade destinations like the USA (-21.7% YoY), the Mainland (-19.8% YoY), and Taiwan (-11.8% YoY).

On the other hand, prices of total exports of goods and imports of goods increased in July by 9.1% YoY and 9.4% YoY, respectively.

The increase in export prices was seen in all main destinations namely the Mainland (11.3%), the USA (9.5%), Taiwan (7.3%), Vietnam (6.5%) and India (3.4%).

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