The terms of trade index
(8)
2.19
improved slightly
from 99 in the first quarter of this year to an estimated 100
(9) in the second quarter
It appears that the sharp
depreciation of the Hong Kong dollar during the second quarter
has almost immediately resulted in a
resulted in a faster rate of increase
in the unit value index of total exports. The rate of
increase in the unit value index of imports will also accelerate as a result of the depreciation, but probably with a time lag.
/Invisible
...
(8)
Due to the growing importance of re-exports, the terms of trade index has been re-defined as the ratio between the unit value index of total exports (domestic exports and re-exports) and that of imports. In previous reports, the terms of trade index was defined as the ratio between the unit value index of domestic exports and that of imports.
(9) Comparing the second quarter of 1983 with the same period last year,
however, there was a deterioration in the terms of trade.
Unit value indexes
(1981-100)
Total
exports
Imports
Terms of trade index+
1982 HỒ
107
106
101#
Q4
1983 01
Adaay वै
H2
107
106
102#
Q1
107
107
100#
Q2
107
105
103#
Q3
108
104
104#
107
107
100#
110
111
99
Q2(*)
114
114
100
Hl(*)
112
113
100
Notes: (+) The terms of trade index may not equal to the unit value index
of total exports divided by that of imports due to rounding.
(#) The terms of trade indexes prior to January 1983 have been revised according to the new definition given in footnote (8) above.
(*) Estimated by using trade indexes available up to May 1983.
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