An always interesting factoid from Phat Dragon. Here is some more from Huw on hedonics:
"China’s trade price series are compiled on a ‘unit value’ basis. This method has its weaknesses (notably a lack of hedonic adjustment to the prices of elaborately transformed manufactured goods - and Phat Dragon has never yet missed the opportunity to use the terms ‘elaborately’ and ‘hedonic’ in the same sentence) but the estimates should be pretty close to the mark in the simple, near commoditised manufactures of the light industrial sector. It is difficult to ignore the fact that the recorded jump in export prices is coming in areas where Chinese based producers have a huge collective market share. Chinese based exporters comprise around one third of all clothing exports, versus a one-tenth share of total world exports."
