This was driven by a rise in output volumes in the food, beverages, and tobacco industry.
Slow and steady seems to be the mantra of Hong Kong's industrial manufacturing sector, with the index of industrial production for manufacturing industries inching up 0.4% YoY in Q3 to extend the 0.4% YoY increase recorded in Q2, according to results of a survey by the Census and Statistics Department (C&SD).
The corresponding producer price index increased by 1.4% YoY in the third quarter of 2019 compared with a year earlier, following a year-on-year increase of 0.8% in Q2, added C&SD.
In contrast, the index of industrial production for sewerage, waste management and remediation activities fell by 3.5% YoY in Q3 against a 0.5% YoY increase of 0.5% in Q2. The corresponding producer price index also fell by 4.7% YoY compared with a year earlier to extend the 2.9% YoY decline in Q2.
Indices of industrial production reflect changes in the volume of local industrial output after discounting the effect of price changes, according to C&SD.
In terms of output volumes, the food, beverages and tobacco industry as well as the textiles and wearing apparel industry’s output edged up by 0.7% YoY and 0.4% YoY, respectively, during the quarter.
On the other hand, a 0.6% YoY decrease in output volume was recorded in the metal, computer, electronic and optical products, machinery and equipment industry. Output in the paper products, printing and reproduction of recorded media industry also dipped by 0.6% YoY.
Comparing the third quarter of 2019 with a year earlier, increases in producer prices were recorded mainly in the metal, computer, electronic and optical products, machinery and equipment industry (+1.9%); the food, beverages and tobacco industry (+1.8%); and the textiles and wearing apparel industry (+0.6%).
Producer price indices reflect changes in the prices of local output, said C&SD. They measure changes in the actual prices (net of any discounts or rebates allowed to buyers), plus any surcharges received by producers for their output.
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