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
Hong Kong and Macao cohost investment promotion seminar to encourage Macao enterprises to expand overseas via Hong Kong
The Chief Executive, Mr John Lee, met with the Chief Executive of the Macao Special Administrative Region, Mr Sam Hou-fai, at Government House last month to exchange views on further promoting Hong Kong's co-operation with Macao and the high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). To implement and enhance co-operation between the two places, Invest Hong Kong (InvestHK) cohosted an investment promotion seminar with the Commerce and Investment Promotion Institute of the Macao Special Administrative Region in Macao yesterday (March 6), receiving about 90 local representatives from various sectors, including manufacturing, branding, retail, food and beverage (F&B), import and export trading, as well as chambers and associations. The seminar aimed to update Macao enterprises on Hong Kong's latest business environment and new opportunities, especially in retail, F&B and trade sectors, encouraging them to leverage Hong Kong's unique advantages to expand overseas.
Entitled Macao Enterprises Expansion Series - Hong Kong's New Business Opportunities Seminar (Retail, F&B and Trade), the seminar marked the first collaboration between the two promotion agencies in 2025, aiming to enhance learning from each other and strengthen co-operation between the two cities, as well as to explore new business opportunities in the GBA.
"Hong Kong and Macao share a strong bond as dynamic and complementary economies within the GBA," said Associate Director-General of Investment Promotion at InvestHK Mr Arnold Lau. "Macao goods have long been a favourite among Hong Kong consumers, showcasing the strong cultural and economic ties between the two vibrant cities. By expanding into Hong Kong, Macao enterprises can extend their reach not only to the local market, but also promote their products to the international and Mainland visitors passing through Hong Kong. Moreover, Hong Kong has many trade shows that attract international buyers. The city is an ideal platform for Macao enterprises to connect to the world and expand globally," he explained.
At the seminar, the President of the Commerce and Investment Promotion Institute of the Macao Special Administrative Region, Mr Vincent U, said, "Hong Kong and Macao have maintained close business co-operation and commercial ties for many years, including holding joint investment promotion activities to promote opportunities in the GBA. Building on this long-standing collaboration, we aim to further strengthen two-way investment co-operation and explore more opportunities for Hong Kong-Macao collaborations and the development of the GBA market."
The Head of Consumer Products of InvestHK, Ms Angelica Leung, and the Head of Tourism and Hospitality of InvestHK, Ms Sindy Wong, highlighted the latest industry trends and shared case studies respectively with Macao enterprises during the seminar, helping them to gain a better understanding of Hong Kong's market and advantages. They also provided information on the latest government policies, including details on industry events and available funding support to help businesses expand, enhance competitiveness through digital transformation and explore international markets. Macao enterprises that have a presence in Hong Kong also shared their practical insights at the event, encouraging local enterprises to raise brand awareness and "go global" via Hong Kong.
InvestHK will continue to collaborate with related Macao organisations to jointly promote business opportunities in Hong Kong, assisting local enterprises to expand overseas via the city.
Hong Kong and Macao cohost investment promotion seminar to encourage Macao enterprises to expand overseas via Hong Kong Source: HKSAR Government Press Releases
Hong Kong and Macao cohost investment promotion seminar to encourage Macao enterprises to expand overseas via Hong Kong Source: HKSAR Government Press Releases
Hong Kong and Macao cohost investment promotion seminar to encourage Macao enterprises to expand overseas via Hong Kong Source: HKSAR Government Press Releases
Hong Kong and Macao cohost investment promotion seminar to encourage Macao enterprises to expand overseas via Hong Kong Source: HKSAR Government Press Releases
Hong Kong and Macao cohost investment promotion seminar to encourage Macao enterprises to expand overseas via Hong Kong Source: HKSAR Government Press Releases
Hong Kong and Macao cohost investment promotion seminar to encourage Macao enterprises to expand overseas via Hong Kong Source: HKSAR Government Press Releases
