XN000022-1987-04-08 — Page 51

WEDNESDAY, APRIL 8, 1987

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JANUARY PRICE, VOLUME MOVEMENTS OF EXTERNAL TRADE

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STATISTICS RELEASED TODAY (WEDNESDAY) BY THE CENSUS AND STATISTICS DEPARTMENT INDICATED THAT THE VOLUME OF DOMESTIC EXPORTS AND RE-EXPORTS GREW BY 30 PER CENT AND 37 PER CENT RESPECTIVELY IN JANUARY 1987 AS COMPARED WITH THE SAME MONTH IN 1986. HENCE, THERE WAS AN OVERALL INCREASE OF 33 PER CENT IN THE VOLUME OF TOTAL EXPORTS. IMPORTS INCREASED BY 21 PER CENT IN VOLUME TERMS.

WHILE THIS STRONG GROWTH IN THE TRADE AGGREGATES WAS A CONTINUATION OF THE TREND OVER THE LAST FEW MONTHS, IT WAS PROBABLY AFFECTED BY THE TIMING OF THE CHINESE NEW YEAR, AND BY THE FACT THAT THE BASE OF COMPARISON IN JANUARY 1986 WAS RELATIVELY LOW.

ON THE SAME BASIS OF COMPARISON, THE PRICES OF DOMESTIC EXPORTS AND RE-EXPORTS ROSE BY 3 PER CENT AND 2 PER CENT RESPECTIVELY, SO THAT FOR TOTAL EXPORTS, PRICES ALSO ROSE BY 3 PER CENT. PRICES OF IMPORTS, ON THE OTHER HAND, ROSE BY 4 PER CENT. AS A RESULT, THE TERMS OF TRADE INDEX (EXPRESSED AS A RATIO OF THE TOTAL EXPORT PRICE INDEX TO THE IMPORT PRICE INDEX) DROPPED BY 1 PER CENT.

PRICES ARE BASED ON UNIT VALUES WHICH DO NOT TAKE INTO ACCOUNT CHANGES IN THE COMPOSITION OR QUALITY OF GOODS TRADED, EXCEPT FOR SOME SELECTED COMMODITIES FOR WHICH SPECIFICATION PRICE INDEXES ARE COMPILED. THE VOLUME OF TRADE IS DERIVED FROM TRADE VALUES BY DISCOUNTING THE EFFECT OF PRICE CHANGES.

AS TRADE FIGURES FOR THE BEGINNING MONTH OF A YEAR TEND TO BE AFFECTED BY SEASONAL FACTORS, IT IS ALSO USEFUL TO CONSIDER FIGURES FOR THE LATEST THREE MONTHS TOGETHER. COMPARING THE THREE MONTHS ENDING JANUARY 1987 WITH THE THREE MONTHS ENDING JANUARY 1986, THE VOLUME OF DOMESTIC EXPORTS INCREASED BY 23 PER CENT, WHILE THAT OF RE-EXPORTS INCREASED BY 34 PER CENT, SO THAT FOR TOTAL EXPORTS, A GROWTH OF 28 PER CENT WAS RECORDED IN VOLUME TERMS.

THE VOLUME OF IMPORTS ALSO ROSE BY 20 PER CENT. ON THE SAME BASIS OF COMPARISON, PRICES OF DOMESTIC EXPORTS AND RE- EXPORTS ROSE BY 5 PER CENT AND 3 PER CENT RESPECTIVELY. IMPORT PRICES INCREASED BY 5 PER CENT.

EXTENDING THE PERIOD OF COMPARISON TO THE 12 MONTHS ENDING JANUARY 1987 WITH THE 12 MONTHS ENDING JANUARY 1986, THE VOLUME OF DOMESTIC EXPORTS INCREASED BY 19 PER CENT WHILE THAT OF RE-EXPORTS INCREASED BY 18 PER CENT, GIVING AN INCREASE OF 18 PER CENT IN THE VOLUME OF TOTAL EXPORTS. THE VOLUME OF IMPORTS ROSE BY 16 PER CENT. OVER THE SAME PERIOD, PRICES OF RE- EXPORTS AND DOMESTIC EXPORTS BOTH INCREASED BY 2 PER CENT, WHILE THOSE OF IMPORTS ROSE BY 5 PER CENT.

/THE CHANGES