external merchandise trade for that month.

In September 2014, the volume of Hong Kong's re-exports of goods increased by 3.4% over September 2013, whereas that of domestic exports decreased by 5.5%. Taken together, the volume of total exports of goods increased by 3.3%. Concurrently, the volume of imports of goods increased by 4.0%.

Comparing September 2014 with September 2013, the prices of re-exports of goods increased by 2.2%, while those of domestic exports increased by 0.7%. Taken together, the prices of total exports of goods increased by 2.2%. Concurrently, the prices of imports of goods increased by 2.3%.

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 2013, the index decreased slightly, by 0.1% and 0.2% in September 2014 and in the first nine months of 2014 respectively.

Comparing September 2014 with September 2013, the total export volume to India increased substantially, by 32.0%. A double-digit growth of 12.6% was also recorded for the total export volume to Taiwan. Concurrently, the total export volume to the mainland of China (the Mainland) increased by 2.7%. On the other hand, the total export volume to the USA and Japan decreased by 0.8% and 4.3% respectively.

Over the same period of comparison, the total export prices to the Mainland, Japan and the USA increased by 2.2%, 2.2% and 2.1% respectively. On the other hand, the total export prices to India and Taiwan decreased by 0.3% and 0.7% respectively.

Comparing September 2014 with September 2013, the import volume from Taiwan increased markedly, by 24.7%. Concurrently, the import volume from Singapore and the Mainland increased by 5.3% and 1.0% respectively. On the other hand, the import volume from the USA and Japan decreased by 0.3% and 2.9% respectively.

Over the same period of comparison, the import prices from the Mainland and Singapore increased by 4.2% and 2.2% respectively. On the other hand, the import prices from the USA, Japan and Taiwan decreased by 1.0%, 1.5% and 3.9% respectively.

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