This undated photo shows the Kwai Tsing Container Terminals in Hong Kong. (XINHUA)
HONG KONG – The volume of Hong Kong’s total goods exports decreased 26.9 percent year-on-year in November, according to data released by the city’s Census and Statistics Department on Monday.
The volume of goods imports for the month also dropped 24.4 percent compared to the same period last year. The prices of goods exports and imports rose 4.2 percent and 5.5 percent year-on-year, respectively.
On a seasonally adjusted basis, the volume of goods exports dipped 3.8 percent in the three months ending in November compared with the previous rolling three-month period, while the volume of goods imports also declined by 5.6 percent
On a seasonally adjusted basis, the volume of goods exports dipped 3.8 percent in the three months ending in November compared with the previous rolling three-month period, while the volume of goods imports also declined by 5.6 percent.
Comparing the first eleven months of the year with the same period in 2021, the volume of goods exports decreased by 13.0 percent, while that of goods imports dropped by 12.5 percent.
The prices of total exports of goods for the period on the other hand went up 8.1 percent, while that of goods imports rose 8.4 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 1.3 percent percent in November and 0.3 percent in the first 11 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 32.5 percent year-on-year in November, while the volume to four other major destinations, namely Taiwan region (-19.3 percent), the United States (-32.0 percent), Vietnam (-24.1 percent) also fell from a year ago. On the other hand, the total export volume to India increased by 7.2 percent.
The total export prices to all major destinations increased at the same time: Taiwan region (4.1 percent), the mainland (3.7 percent), the US (8 percent), Vietnam (2.4 percent), and India (1.7 percent).
Regarding import volume by major suppliers, year-on-year declines were recorded in November from the mainland (-34.2 percent), Taiwan region (-14.2 percent), South Korea (-9.6 percent), Japan (-20.3 percent) and Singapore (-31.6 percent).
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Over the same period, the import prices from all the main suppliers rose: Taiwan region (1.4 percent), the mainland (9.5 percent), Singapore (2.2 percent) and Japan (1.1 percent). On the other hand, the import prices from Korea decreased by 3.5 percent.