Total exports up 3.8% in December 2019

This was led by the 15.2% growth recorded in exports to the Mainland.

Exports of goods inched up 3.8% YoY in December, despite a fall in volume by 5% YoY, according to data from the Census and Statistics Department (C&SD).

Prices also slipped 0.4% YoY over the same period. On a quarterly basis, the volume of total exports edged up 1.7% YoY n Q4.

Exports to Mainland China went up 15.2% in December, followed by exports to Taiwan at 9.7%. Exports to India (8%) also rose, whilst double-digit declines were recorded for the total export volume to Japan (-13.5%) and the USA (-21.3%).

Over the same period of comparison, the total export prices to Taiwan (-1.8%), India (-1.6%), Japan (-0.4%) and the USA (-0.1%) decreased. On the other hand, the total export prices to the Mainland increased by 0.3%.

On the other hand, total imports of goods dipped 2% YoY in January, whilst its volume also slid 7.6% YoY over the same period. Prices of imports rose 0.2% YoY and total imports in Q4 went down 0.4% YoY.

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 2018, the index declined by 0.7% in December 2019 and 0.1% in 2019 as a whole.

The import volume from the Mainland dipped by 5%. On the other hand, the import volume from Japan (4.8%), Korea (6.3%), Singapore (7.7%) and Taiwan (24.2%) increased. Likewise, import prices from Japan (0.8%) and the Mainland (0.4%) inched up, whilst the import prices from Singapore (-0.8%), Korea (-1.2%) and Taiwan (-2.4%) slid.