The following is an unedited transcript of the news release from the Government of the Hong Kong,Census and Statistics Department.


In March 2008, the volume of Hong Kong''s re-exports of goods increased by 6.4% over March 2007, whereas that of domestic exports decreased by 9.5%. Taken together, the volume of total exports of goods increased by 5.8%. Concurrently, the volume of imports of goods increased by 3.0%.

For the first quarter of 2008 as a whole, the volume of Hong Kong''s re-exports of goods rose by 9.6% over the same period in 2007, whereas that of domestic exports decreased by 5.0%. Taken together, the volume of total exports of goods increased by 9.1%. Concurrently, the volume of imports of goods increased by 9.6%.

Comparing the first quarter of 2008 with the fourth quarter of 2007 on a seasonally adjusted basis, the volume of total exports of goods increased by 1.8%. Within this total, the volume of re-exports increased by 2.1%, whereas that of domestic exports decreased by 5.2%. Concurrently, the volume of imports of goods decreased by 1.4%.

Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.

Comparing March 2008 with March 2007, the prices of re-exports of goods increased by 2.6%, while those of domestic exports increased by 3.8%. Taken together, the prices of total exports of goods increased by 2.6%. Concurrently, the prices of imports of goods increased by 3.8%.

As regards the price changes in the first quarter of 2008 over the same period in 2007, the prices of re-exports of goods increased by 2.6%, while those of domestic exports increased by 3.3%. Taken together, the prices of total exports of goods increased by 2.6%. Concurrently, the prices of imports of goods increased by 3.6%.

Price changes in external merchandise trade are reflected by changes in unit value indices of external merchandise trade which are compiled based on average unit values or, for certain commodities, specific price data.

The terms of trade index is derived from the ratio of price index of total exports of goods to that of imports of goods. Compared with the same period in 2007, the index decreased by 1.1% in March 2008 and 0.9% in the first quarter of 2008.

In March 2008, the total export volume to Germany grew significantly, by 20.8%, over March 2007. Concurrently, the total export volume to the United Kingdom, the USA and the mainland of China (the Mainland) increased by 10.4%, 4.3% and 2.2% respectively. On the other hand, the total export volume to Japan decreased by 13.5%.

Over the same period of comparison, the total export prices to all main destinations increased: the USA (+6.1%), Germany (+5.4%), the United Kingdom (+5.3%), Japan (+3.2%) and the Mainland (+0.5%).

Comparing March 2008 with March 2007, the import volume from the Mainland, the USA and Japan increased by 3.9%, 1.6% and 1.2% respectively. On the other hand, the import volume from Taiwan and Singapore decreased by 3.4% and 4.8% respectively.

In March 2008, double-digit growth was recorded for the import prices from Singapore (+11.3%) over March 2007. Concurrently, the import prices from the USA, Taiwan, the Mainland and Japan increased by 3.7%, 3.5%, 2.8% and 2.0% respectively.


Available at:

http://www.censtatd.gov.hk/press_release/press_releases_on_statistics/index.jsp?sID=2124&sSUBID=11363&displayMode=D