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In October 2005, the values of Hong Kong's total exports and imports of goods both continued to show year-on-year increases. The Census and Statistics Department released today (November 28) the external merchandise trade statistics for October 2005.
2. In October 2005, the value of total exports of goods (comprising re-exports and domestic exports) increased by 11.6% over a year earlier to $213.5 billion, after a year-on-year increase of 17.0% in September. Within this total, the value of re-exports increased by 10.5% to $197.8 billion in October, while the value of domestic exports increased by 27.6% to $15.7 billion. Concurrently, the value of imports of goods increased by 9.7% over a year earlier to $210.0 billion in October 2005, after a year-on-year increase of 15.1% in September. A visible trade surplus of $3.5 billion, equivalent to 1.7% of the value of imports of goods, was recorded in October 2005.
3. For the first ten months of 2005 as a whole, the value of total exports of goods rose by 11.9% over the same period in 2004. Within this total, the value of re-exports increased by 12.4%, while the value of domestic exports increased by 4.5%. Concurrently, the value of imports of goods increased by 10.0%. A visible trade deficit of $58.5 billion, equivalent to 3.0% of the value of imports of goods, was recorded in the first ten months of 2005.
4. Comparing the three-month period ending October 2005 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 3.0%. Within this total, the value of re-exports increased by 1.4%, while the value of domestic exports went up by 32.0%. Meanwhile, the value of imports of goods increased by 2.3%.
Analysis by country/territory
5. Comparing October 2005 with October 2004, increases were registered in the values of re-exports to all major destinations, in particular the Netherlands (+28.6%), the Republic of Korea (+20.6%), France (+13.7%), the mainland of China (the Mainland) (+13.6%) and Germany (+10.5%). Concurrently, significant increases were registered in the values of domestic exports to most major destinations, in particular the Netherlands (+255.2%), Japan (+101.8%), Australia (+91.2%), Singapore (+55.6%) and Germany (+55.4%).
6. Over the same periods of comparison, increases were registered in the values of imports from most major suppliers, in particular India (+27.1%), Thailand (+21.4%), Taiwan (+17.0%), Singapore (+16.7%) and the Republic of Korea (+13.6%).
7. For the first ten months of 2005 as a whole, year-on-year increases were registered in the values of re-exports to all major destinations, in particular the Netherlands (+29.5%), France (+21.7%), Germany (+19.2%), the Mainland (+13.6%) and the United Kingdom (+11.2%). Concurrently, year-on-year increases were registered in the values of domestic exports to many major destinations, in particular Australia (+70.7%), the Netherlands (+65.3%), Japan (+49.3%) and Singapore (+34.1%). However, a significant year-on-year decrease was registered in the value of domestic exports to Germany (-25.5%).
8. Over the same periods of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular India (+24.2%), Thailand (+22.1%), Singapore (+18.0%), the Mainland (+14.4%) and Malaysia (+10.0%).
Analysis by major commodity
9. Comparing October 2005 with October 2004, increases were registered in the values of re-exports of many principal commodity divisions, in particular "office machines and automatic data processing machines" (by $11.5 billion or 70.1%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $2.9 billion or 7.6%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $1.0 billion or 3.2%). Concurrently, increases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $1.2 billion or 17.5%), "office machines and automatic data processing machines" (by $1.0 billion or 273.9%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $803 million or 59.9%).
10. Over the same periods of comparison, increases were registered in the values of imports of many principal commodity divisions, in particular "office machines and automatic data processing machines" (by $9.6 billion or 64.3%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $4.0 billion or 9.0%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.2 billion or 12.2%).
11. For the first ten months of 2005 as a whole, year-on-year increases were registered in the values of re-exports of most principal commodity divisions, in particular "office machines and automatic data processing machines" (by $54.8 billion or 31.4%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $42.1 billion or 13.3%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $32.6 billion or 14.1%). Concurrently, year-on-year increases were registered in the values of domestic exports of many principal commodity divisions, in particular "office machines and automatic data processing machines" (by $6.1 billion or 153.9%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $4.8 billion or 44.2%). However, a year-on-year decrease was registered in the value of domestic exports of "clothing" (by $8.6 billion or -16.5%).
12. Over the same periods of comparison, year-on-year increases were registered in the values of imports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $47.0 billion or 12.3%), "office machines and automatic data processing machines" (by $34.7 billion or 20.2%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $25.3 billion or 11.7%).
Commentary
13. A Government Secretariat spokesman noted that merchandise exports continued to increase distinctly in October 2005. This was for the third month in a row that merchandise exports recorded double-digit year-on-year growth.
14. The spokesman further pointed out that the export performance continued to be broad-based, with more significant increases recorded in such major markets as the EU, the Mainland and Japan, as well as in many other East Asian markets, including Korea, Malaysia, Thailand and Singapore. Domestic exports picked up strongly in the past three months, which was contributed not only by exports of clothing items, but also non-clothing items such as office machines, and electrical machinery and appliances. This trend, if continued, will likely lead to more jobs for the local manufacturing workforce.
Further information
15. Table 1 at the annex presents the analysis of external merchandise trade figures in October 2005. Table 2 presents the original monthly trade figures from January 2002 to October 2005, and Table 3 gives the seasonally adjusted series for the same period.
16. The values of re-exports and domestic exports of goods to ten main destinations in October 2005 are shown in Table 4 and 5 respectively, whereas the values of imports of goods from ten main suppliers are given in Table 6.
17. Table 7, 8 and 9 show the values of re-exports, domestic exports and imports of ten principal commodity divisions for October 2005.
18. All the merchandise trade statistics described here are measured at current prices and no account has been taken of changes in prices between the periods of comparison. A separate analysis of the volume and price movements of external merchandise trade for October 2005 will be released in late December 2005.
19. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in merchandise trade statistics reports. The October 2005 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in October 2005. This publication will be on sale at HK$65 per issue around 16 December 2005. Both print version and download version of the publication can be purchased online at the "Statistical Bookstore, Hong Kong" (http://www.statisticalbookstore.gov.hk). Download version of the publication can be purchased at 75% of its original price exclusively at the online Statistical Bookstore. Print version if purchased online is also offered a discount, at 85% of its original price at the Statistical Bookstore as well as the Government Bookstore (http://www.isd.gov.hk/eng/bookorder.htm). For purchase of print version, this can be done through mail order by returning a completed order form which can be downloaded from the C&SD's website (http://www.info.gov.hk/censtatd/eng/prod_serv/forms_index.html). Purchase can also be made in person at the Publications Unit of the C&SD (Address: 19/F, Wanchai Tower, 12 Harbour Road, Wan Chai; Tel.: 2582 3025).
20. Enquiries on merchandise trade statistics may be directed to the Census and Statistics Department (Tel.: 2582 5042).
Ends/Monday, November 28, 2005
Issued at HKT 16:15
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