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).
Incorporation of AlipayHK into Public Transport Fare Subsidy Scheme to take effect January 1, 2025
The Transport Department announced today (December 19) that, in addition to Octopus, AlipayHK will be incorporated into the Public Transport Fare Subsidy Scheme with effect from January 1, 2025, allowing citizens an extra electronic payment option under the Scheme. When members of the public travelling on major public transport services pay for single journey fares with AlipayHK EasyGo or take MTR services by using the QR Code on the “MTR Mobile” application with AlipayHK as the payment source, the relevant fares will be eligible for the calculation of public transport fare subsidies.
Public transport coverage of AlipayHK under the Scheme
Under the Scheme, when one uses AlipayHK to pay single journey fares for the following public transport services (please see Annex for more details), the relevant fares will be eligible for the calculation of public transport fare subsidies:
AlipayHK EasyGo supports the payment of single journey fares for the above public transport services. However, it cannot be used for purchasing designated transport tickets such as monthly passes or day passes at the moment.
Subsidy calculation and collection for AlipayHK users
Single journey fares for public transport services paid with AlipayHK will be automatically recorded in the relevant AlipayHK account. The Government will provide a subsidy amounting to one-third of the actual monthly public transport expenses in excess of $400, subject to a maximum of $400 per month for each AlipayHK account. This subsidy calculation method is the same as that for Octopus users. From the 16th of each month, AlipayHK users can collect the subsidy of the previous month via the AlipayHK mobile application. The period for collecting the subsidy is three months.
Separate calculation of public transport fares paid with AlipayHK and Octopus
Upon the incorporation of AlipayHK into the Scheme, there will be no change to the existing arrangements for recording, calculating and collecting subsidies via Octopus. Public transport expenses recorded separately under the AlipayHK account and Octopus cannot be combined for the calculation of public transport fare subsidies.
Members of the public can visit the website (ptfss.gov.hk) for details of the Scheme. For enquiries, AlipayHK users can visit the AlipayHK mobile application or call the hotline at 3002 0905, while Octopus users can visit the Octopus mobile application, the website (subsidy-enquiry.ptfss.hk) or call the hotline at 2969 5500.
