Hong Kong's Merchandise Trade Shows Growth in Volume and Prices for October 2024

Volume and price statistics of external merchandise trade in October 2024

Further to the external merchandise trade statistics in value terms for October 2024 released earlier on, the Census and Statistics Department (C&SD) released today (December 16) the volume and price statistics of external merchandise trade for that month.

In October 2024, the volume of Hong Kong's total exports of goods and imports of goods increased by 0.3% and 1.5% respectively over October 2023.

Comparing the first ten months of 2024 with the same period in 2023, the volume of Hong Kong's total exports of goods and imports of goods increased by 5.8% and 3.3% respectively.

Comparing the three-month period ending October 2024 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods and imports of goods decreased by 4.5% and 0.5% respectively.

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

Comparing October 2024 with October 2023, the prices of total exports of goods and imports of goods increased by 3.4% and 3.0% respectively.

As regards price changes in the first ten months of 2024 over the same period in 2023, the prices of total exports of goods and imports of goods increased by 3.8% and 3.3% respectively.

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 periods in 2023, the index increased by 0.4% in October 2024 and 0.5% in the first ten months of 2024.

Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.

Comparing October 2024 with October 2023, increases were recorded for the total export volume to Vietnam (29.9%), the mainland of China (the Mainland) (4.4%) and the USA (1.0%). On the other hand, the total export volume to Taiwan (-3.4%) and India (-34.0%) decreased.

Over the same period of comparison, the total export prices to the USA (4.4%), the Mainland (4.3%), Taiwan (3.6%) and Vietnam (1.7%) increased. On the other hand, the total export prices to India decreased by 1.0%.

Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.

Comparing October 2024 with October 2023, increases were recorded for the import volume from Taiwan (11.4%), Singapore (10.5%), Japan (6.3%) and the Mainland (0.7%). On the other hand, the import volume from Korea decreased by 13.1%.

Over the same period of comparison, the import prices from all main suppliers increased: Korea (6.8%), Singapore (5.9%), Taiwan (5.1%), the Mainland (2.1%) and Japan (1.0%).

Further information

Details of the above statistics are published in the October 2024 issue of "Hong Kong Merchandise Trade Index Numbers". Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020006&scode=230).

Enquiries on merchandise trade indices may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4918).

EMSD Symposium 2024 held

The EMSD Symposium 2024, organised by the Electrical and Mechanical Services Department (EMSD), was held today (December 16). It is one of the events celebrating the 75th anniversary of the founding of the People's Republic of China. Officials from the National Energy Administration and the National Railway Administration and academics from Tsinghua University delivered keynote speeches under the theme "Empowering High-quality Development for a Green Future". Over 400 representatives of local, Mainland and overseas government departments, public organisations, electrical and mechanical (E&M) and innovation and technology (I&T) sectors, professional institutions and academics attended the symposium and shared innovative solutions and research and development (R&D) achievements related to new energy, smart E&M, green transport and efficient construction.

Delivering an opening address at the symposium, the Secretary for Environment and Ecology, Mr Tse Chin-wan, encouraged all participants, trade members and other stakeholders to promote the development of renewable energy and new energy, including green hydrogen and low-carbon hydrogen energy, seize opportunities in hydrogen development to establish Hong Kong as the country's hub for promoting hydrogen industry and technology, address the green transition, and achieve carbon neutrality before 2050.

In his welcoming speech, the Director of Electrical and Mechanical Services, Mr Raymond Poon, expressed hope that the symposium would inspire innovative thinking and reinforce Hong Kong's role as a "super-connector" and a "super value-adder" between the Mainland and the rest of the world, contributing to the high-quality green city development of the country. He called on participants to work together to optimise city management and promote in-depth integration and development of the Guangdong-Hong Kong-Macao Greater Bay Area. As the Government's innovation facilitator, the EMSD will continue to support R&D and promote the adoption of I&T and artificial intelligence to foster new quality productive forces.

At the symposium, the EMSD signed a Memorandum of Co-operation with the Guangzhou Association for Science & Technology aimed at strengthening exchanges and co-operation between the two places and promoting technological innovation. Prize presentation for winners of the GWIN 2024 Smart City E&M IoT Application Challenge and the Hydrogen Fueled Street Washing Vehicle Naming & Drawing Contest was also held during the symposium.

To enhance the diversity of communication channels with the public and promote co-operation between Hong Kong and the Mainland, the EMSD has set up its WeChat official account and held a launching ceremony for it at the symposium.

EMSD Symposium 2024 held Source: HKSAR Government Press Releases

EMSD Symposium 2024 held Source: HKSAR Government Press Releases