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Hong Kong's July 2024 Merchandise Trade Shows Significant Volume Increases in Exports and Imports

HK

Hong Kong's July 2024 Merchandise Trade Shows Significant Volume Increases in Exports and Imports
HK

HK

Hong Kong's July 2024 Merchandise Trade Shows Significant Volume Increases in Exports and Imports

2024-09-16 16:30 Last Updated At:09-17 09:36

Volume and price statistics of external merchandise trade in July 2024

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

In July 2024, the volume of Hong Kong's total exports of goods and imports of goods increased by 8.7% and 6.5% respectively over July 2023.

Comparing the first seven 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 7.8% and 4.1% respectively.

Comparing the three-month period ending July 2024 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods and imports of goods increased by 0.6% and 2.0% 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 July 2024 with July 2023, the prices of total exports of goods and imports of goods increased by 3.9% and 2.8% respectively.

As regards price changes in the first seven months of 2024 over the same period in 2023, the prices of total exports of goods and imports of goods increased by 4.1% and 3.7% 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 1.0% in July 2024 and 0.4% in the first seven months of 2024.

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

Comparing July 2024 with July 2023, increases were recorded for the total export volume to Vietnam (20.4%), the mainland of China (the Mainland) (16.7%) and the USA (12.2%). On the other hand, the total export volume to Taiwan (-8.0%) and India (-27.6%) decreased.

Over the same period of comparison, the total export prices to the USA (6.0%), the Mainland (5.3%), Taiwan (3.2%) and Vietnam (1.5%) increased. On the other hand, the total export prices to India decreased by 1.4%.

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

Comparing July 2024 with July 2023, increases were recorded for the import volume from Korea (27.3%), Taiwan (17.3%) and the Mainland (8.6%). On the other hand, the import volume from Singapore (-2.8%) and Japan (-5.7%) decreased.

Over the same period of comparison, the import prices from all main suppliers increased: Singapore (5.2%), Korea (5.2%), the Mainland (3.0%), Taiwan (1.5%) and Japan (0.6%).

Further information

Details of the above statistics are published in the July 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).

Source: AI-generated images

Source: AI-generated images

Buildings Department responds to media enquiries on development project at Anderson Road

In response to media enquiries about the steel reinforcement installation works in the superstructure of a development project at Anderson Road, a spokesman for the Buildings Department (BD) today (October 4) gave the following response:

The BD received a report in late August alleging that the steel reinforcements of some structural elements in the superstructure works being carried out at the Anderson Road site had not been installed in accordance with the requirements of the Buildings Ordinance (Chapter 123) (BO). The BD attaches great importance to the incident and has deployed its staff to the site four times since early September to inspect site operations, quality of work, site safety and the like. During the inspection on September 26, the BD staff found that the number of steel reinforcements installed at six beams on 29/F of Tower 3 of the site was less than that required in the approved plans. Nevertheless, there was no obvious danger to the overall structure.

As neither the representative of the registered structural engineer (RSE) nor the representative of the registered contractor (RC) could provide a reasonable explanation immediately on that day, the BD staff met with the RSE on the following day (September 27) and requested him to submit a detailed investigation and remedial works report, including the need for additional sampling tests to determine whether similar situations existed on other floors of Tower 3 and in other towers.

To facilitate the investigation requested by the BD, works of the Anderson Road development project have been suspended since September 28. In addition to the investigation and remedial works report, the BD also requested for a proposal to strengthen site supervision, and the site works cannot be resumed until the BD is satisfied with the report and proposal.

The BD is continuing its investigation into the incident and will consider appropriate enforcement action upon receipt of the RSE's report on the incident.

The BD is also reviewing the superstructure works in seven other private developments being carried out by the same contractor, and will step up site inspections to check their site safety and quality of works.

Of the eight private development projects mentioned above, four were taken over from Aggressive Construction Engineering Limited (ACEL), which was removed from the register of general building contractors in November last year. The RC involved in the incident was another independent RC. Under the BD's registration system, an RC must have a suitable authorized signatory (AS) to supervise the works. The AS of the RC involved in this incident was not the AS of ACEL, whose name was removed during the processing of its application for registration renewal last year. The delisted AS could not act on behalf of an RC for the purposes of the BO unless he attended the interview again and passed the assessment of the Contractors Registration Committee.

The spokesman reiterated that the BD attaches great importance to the safety and quality of building works. Whichever contractor is involved, the construction works are subject to stringent control under the existing system. The BO stipulates that registered building professionals and RC must properly supervise the works, including ensuring the carrying out of building works in accordance with the approved plans. If registered building professionals, RC and their technically competent persons identify any non-conformities, they must follow the requirements set out in the Code of Practice for Site Supervision 2009 (2024 Edition) and initiate the relevant procedures and rectify. The BD will conduct audit inspections at the critical stages of the building works, witness on-site tests, and review relevant certification documents for quality control.

The Anderson Road development project comprises six multi-storey residential towers, three of which (Towers 1, 2 and 3) are 32 storeys in height, while the remaining three (Towers 5, 6 and 7) are 24 storeys in height. Superstructure works for all six towers were underway, with the concreting works completed at various levels ranging from 22 to 29 storeys. Nine single-storey houses will also be built in the development.

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