Volume of Hong Kong’s external merchandise trade shows mixed growth in March 2024, price indices increase

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16th May 2024 – (Hong Kong) The Census and Statistics Department (C&SD) has released the volume and price statistics of Hong Kong’s external merchandise trade for March 2024, following the earlier release of value-based external trade statistics for the same month.

In March 2024, the volume of Hong Kong’s total exports of goods experienced a modest increase of 0.5% compared to March 2023, while imports of goods showed a slightly higher growth rate of 1.0% during the same period.

During the first quarter of 2024, the volume of Hong Kong’s total exports of goods expanded by 7.1% in comparison to the corresponding period in 2023. Similarly, imports of goods saw a growth rate of 3.3% for the same period.

When comparing the first quarter of 2024 with the fourth quarter of 2023 on a seasonally adjusted basis, the volume of total exports of goods rose by 4.1%, while imports of goods experienced a decline of 1.5%.

The changes in the volume of external merchandise trade are derived from variations in trade value, accounting for the impact of price fluctuations.

In terms of price changes, March 2024 witnessed a 4.1% increase in the prices of total exports of goods, while the prices of imports of goods rose by 4.5% during the same period.

For the first quarter of 2024, the prices of total exports of goods and imports of goods registered respective increases of 4.5% and 4.6% compared to the corresponding period in 2023.

The unit value indices of external merchandise trade reflect the price changes in trade, which are determined based on average unit values or specific price data for certain commodities.

The terms of trade index, which represents the ratio of price indices of total exports of goods to imports of goods, decreased by 0.3% in March 2024 and 0.1% for the first quarter of 2024 when compared to the same periods in 2023.

Analyzing specific destinations, March 2024 recorded an increase in the volume of total exports to Vietnam (33.6%) and the mainland of China (7.1%), while experiencing declines in exports to the USA (-11.0%), India (-18.0%), and Taiwan (-26.2%).

Furthermore, the total export prices to all major destinations increased, with the USA (7.0%), Vietnam (5.5%), Taiwan (4.8%), the mainland (4.7%), and India (1.0%) all exhibiting upward trends.

In terms of imports, March 2024 witnessed growth in volume from Korea (55.5%), the USA (6.9%), and Singapore (4.7%), while experiencing decreases in imports from the mainland (-1.0%) and Taiwan (-9.8%).

Import prices from Singapore (8.8%), Korea (7.4%), the mainland (5.4%), and Taiwan (5.0%) increased during the same period, while import prices from the USA declined by 1.6%.