According to the provisional results of a survey released today (December 14) by the Census and Statistics Department (C&SD), the index of industrial production for the manufacturing sector as a whole decreased by 0.6 percent in the third quarter of 2006 from a year earlier, as against a 5.3 percent year-on-year increase in the second quarter of 2006.
The corresponding producer price index increased by 2.6 percent in the third quarter of 2006 over a year earlier, as compared with a 2.4 percent year-on-year increase in the second quarter of 2006.
Indices of industrial production reflect changes in the volume of local manufacturing output after discounting the effect of price changes. The price changes are measured by the producer price indices for manufacturing industries compiled from data on producer prices of industrial goods/services collected from the same survey.
Comparing the third quarter of 2006 with a year earlier, the textiles (including knitting) industry had the largest decrease in output (-12.8 percent), followed by the wearing apparel (except footwear) industry (-9.2 percent), machinery, professional equipment and optical goods industry (-7.3 percent).
On a seasonally adjusted basis, the index of industrial production for the manufacturing sector as a whole decreased by 2.6 percent in the third quarter of 2006 as compared with the second quarter of 2006.
Producer price indices reflect the prices of local manufacturing output. They measure the actual prices (net of any discounts or rebates allowed to buyers, plus any surcharges) received by manufacturers. Transportation and other incidental charges are not included.
Comparing with third quarter of 2006 with a year earlier, the wearing apparel (except footwear) industry (+0.1 percent).
On the other hand, decreases in producer prices were noted in the machinery, equipment, apparatus and the textiles (including knitting) industry (-0.2 percent) in the third quarter of 2006 compared with a year earlier.
Comparing with third quarter of 2006, producer price index for manufacturing sector as a whole, increased by 0.2 percent.
Census and Statistics Department, Hong Kong
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