This February 28, 2022 aerial photo shows the container terminal at Tsing Yi in Hong Kong. (PETER PARKS / AFP)
The volume of Hong Kong’s total goods exports dipped 8.1 percent year-on-year in May, according to data released by the city’s Census and Statistics Department on Monday.
The volume of goods imports for the month slid 6.4 percent compared to the same period last year. The prices of goods exports and imports rose 8.2 percent and 8.8 percent year-on-year, respectively.
Comparing the first five months of the year with the same period in 2021, the volume of goods exports decreased by 6.4 percent, while that of goods imports dropped by 6.8 percent
On a seasonally adjusted basis, the volume of goods exports dropped 15.9 percent in the three months ending in May compared with the previous rolling three-month period, while the volume of goods imports also declined by 10.7 percent.
Comparing the first five months of the year with the same period in 2021, the volume of goods exports decreased by 6.4 percent, while that of goods imports dropped by 6.8 percent. The prices of total exports of goods for the period on the other hand went up 9.4 percent, while that of goods imports rose 9.9 percent.
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The trade index, which measures the ratio of the price index of total exports of goods to that of imports of goods, decreased by 0.5 percent in May and 0.4 percent in the first five months of 2022 from a year earlier.
In terms of the export performance by main destinations, the total export volume to the Chinese mainland fell by 18.3 percent year-on-year in May, while the volume to four other major destinations, namely Taiwan region (6.4 percent), the United States (11.2 percent), Vietnam (14.8 percent) and India (90.7 percent), all saw an increase from a year ago.
The total export prices to all major destinations increased at the same time: Taiwan region (10.5 percent), the mainland (10.1 percent), the US (7 percent), Vietnam (5.1 percent), and India (2.6 percent).
Regarding import volume by major suppliers, year-on-year declines were recorded in May from the mainland (-15.5 percent), South Korea (-6.3 percent), Japan (-6.2 percent) and Singapore (-4.7 percent). On the other hand, the import volume from Taiwan region increased by 4.7 percent.
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Over the same period, the import prices from all the main suppliers rose: Taiwan region (12 percent), the mainland (11.3 percent), South Korea (8.8 percent), Singapore (7.5 percent) and Japan (2.7 percent).