The unit value index of imports in the second quarter of 1986 increased by 5% over the second quarter of 1985, or 2음 over the first quarter of 1986. The firming up of import prices in the second quarter of 1986 could be largely attributed to the unfavourable exchange rate movements. Since the second quarter of 1985,
of 1985, the Hong Kong dollar, because of its link with the US dollar, had been depreciating against most other major currencies (with the
exception of the Renminbi), particularly against the Yen
6.4
(4).
Comparing the second quarter of 1986 with the same quarter last year, import prices of capital goods and of consumer goods recorded the most rapid increases, at about 16% and 11% respectively. The import unit value indices for the five major end-use categories are given below:
Unit value indices of imports by end-use categories (1981-100)
Food- stuffs
Consumer
Raw materials
and semi-
goods Fuels manufactures
Capital All _goods
imports
1985 Aug
121
131
102
128
134
127
Sep
122
132
102
128
134
127
Oct
121
133
102
127
136
128
Nov
121
135
101
127
142
129
Dec
121
134
101
126
143
129
1986 Jan
122
136
101
128
145
130
Feb
123
139
98
130
149
132
Mar
124
141
83
130
152
133
Apr
123
143
73
132
153
134
May
123
144
67
133
155
134
(4)
/6.5
The import-weighted exchange rate index for the Hong Kong dollar declined by 17% during the twelve months ending June 1986. At the end of June 1986, it stood at 62.2. During the same period, the Hong Kong dollar appreciated by 11% against the Renminbi, but depreciated by 34% against the Yen, by 9% against the New Taiwan Dollar and by 15% against the Pound Sterling.
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