The value of Hong Kong’s total exports decreased to $284.1 billion in February, down 0.8% on the same month last year, the Census & Statistics Department announced today. The value of imports of goods fell 1.8% to $325.7 billion for the same period. A trade deficit of $41.7 billion, or 12.8% of the value of imports, was recorded in February. Comparing the three-month period ending February with the preceding three months on a seasonally adjusted basis, the value of exports rose 5.5%, while that of imports also increased 3.3%. The Government noted that taking the first two months of the year together to remove the volatility caused by the difference in timing of the Lunar New Year, the value of exports posted a 16.6% growth against a very low base of comparison a year ago. Exports to the Mainland and the US rose notably, while those to the European Union fell. Those to other major Asian markets recorded a mixed performance. Looking ahead, the Gove
Overall consumer prices rose 3.7% in July year-on-year, larger than the 0.7% growth in June, the Census & Statistics Department announced today.
Netting out the effects of the Government’s one-off relief measures, July’s underlying inflation rate went up 1% on a year earlier, higher than the 0.4% recorded in June.
The Government said the climb in consumer prices in July was a result of the low base of comparison arising from the Government’s payment of public housing rentals and the Housing Society’s waiver of two-thirds of rent for tenants of Group B estates in July 2020.
Meanwhile, the rising underlying inflation rate was mainly due to the increased costs for meals out and takeaway food as well as local transport fares.
Compared with July last year, price increases were seen in electricity, gas and water, transport, housing, meals out and takeaway food, clothing and footwear, basic food, durable goods and miscellaneous services. On the other hand, year-on-year decreases in miscellaneous goods as well as alcoholic drinks and tobacco were recorded.
The Government commented that the underlying consumer price inflation rate’s 1% surge in July mainly reflected a low base of comparison a year earlier caused by the third wave of the local COVID-19 epidemic and the extra MTR fare discount. Pressures on major consumer price index components remained modest.
Looking ahead, while the continued economic recovery and rising import prices may entail some upward pressures on prices, the underlying inflation should remain largely contained in the near term as the local economy is still operating below capacity, it added.
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