Hong Kong domestic exports plunge 20.6% yoy
Exports continue to wilt before the worldwide economic slowdown.
The Census & Statistics Department reported that domestic exports dropped sharply by 20.6% from January to November 2011 compared to the same period in 2011.
Exports for November alone were also down significantly: they plummeted 37.6% year-on-year.
Prices of domestic exports, however, rose 6% during the same period. Added to a re-export price increase of 7.7%, the price of total exports rose 7.6%. The price of imports increased 7%.
The department also said that re-export volume for the first 11 months of 2011rose slightly by 3.4%. Taken together, the volume of both domestic exports and re-exports inched upwards by 2.9%. Imports, on the other hand, rose 5.3%.
Comparing November 2011 with November 2010, the price of re-exports increased 7.7% while that of domestic exports climbed by 6%. Taken together, the prices of total exports rose 7.6%. The prices of imports increased 7%.
Re-exportation involves exporting without further processing or transformation of a good that has been imported.
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