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Monday, the Census & Statistics Department of Hong Kong announced that output in the manufacturing sector dropped 9.5% year-on-year in the second quarter, following the 10.1% fall in the first quarter.
Output has been falling since the third quarter of 2006 and the most severe decline of 10.6% was recorded in the final quarter of 2008.
Decreases in output were recorded for all industry groups. The apparel industry witnessed the largest annual decrease in output, down 30.3% in the second quarter, followed by the textiles industry, down 23.6%.
Quarter-on-quarter, industrial output decreased a seasonally adjusted 1% in the second quarter.
The statistical agency also revealed that producer prices dropped 2.9% from the year-ago period in the second quarter, compared with the 1.4% decrease in the previous quarter. Prices declined for the second quarter in a row.
The metal, computer, electronic & optical products, machinery & equipment industry recorded the largest annual fall in prices, down 7.8% in the second quarter.
On a quarterly basis, prices were up 0.3% in the second quarter.
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