Total export and import volumes went down as prices increased.
The volume of Hong Kong’s total export of goods decreased by 4.1% from January to May 2019 compared to the same period last year, according to data from the Census and Statistics Department (C&SD). Imports also declined by 5.7% over the same period.
In May alone, exports were down 4% when compared to May 2018. During the same period, the volume of imports also decreased by 6.1%.
Inversely, the total volume of exports and the total volume of imports increased by 5.9% and 5.8%, respectively, when comparing the three-month period ending in May with the preceding three months on a seasonally-adjusted basis.
Comparing the first five months of 2019 to the same period last year, prices of total exports and total imports both increased by 2.1%. Meanwhile, the prices of exports and imports rose by 2% and 2.1%, respectively, in May 2019 compared to May 2018.
C&SD also noted that the total export volume to the US crashed 16.2% in May 2019 compared to May 2018. Total export volumes to Mainland China and Japan also decreased by 6.9% and 0.4%, respectively. Over the same period of comparison, the total export prices to the Mainland, the US and Japan increased by 3.1%, 2.6% and 2.4%, respectively.
In contrast, total export volumes to India and Taiwan rose by 4.5% and 12.2%, respectively, whilst the total export prices to the two countries decreased by 0.2% and 0.8%, respectively.
Total import volume from all countries noted in the report decreased in May 2019 in contrast to May 2018. Korea and Japan recorded double-digit declines, down by 29.7% and 11.9%, respectively. Import volume from Mainland, Singapore, and Taiwan also decreased by 6.4%, 5.3%, and 2.9%, respectively.
CS&D also noted that over the same period, the import prices to all main suppliers increased: Mainland (2.9%), Singapore (2.6%), Japan (1.7%), Taiwan (1.4%) and Korea (0.5%).
Do you know more about this story? Contact us anonymously through this link.