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The Census and Statistics Department (C&SD) released today (October 25) the external merchandise trade statistics for September 2007. In September 2007, the values of Hong Kong's total exports and imports of goods recorded year-on-year increases of 8.5% and 9.3% respectively.
In September 2007, the value of total exports of goods (comprising re-exports and domestic exports) increased by 8.5% over a year earlier to $238.7 billion, after a year-on-year increase of 7.5% in August 2007. Within this total, the value of re-exports increased by 9.4% to $228.9 billion in September 2007, whereas the value of domestic exports decreased by 10.3% to $9.8 billion. Concurrently, the value of imports of goods increased by 9.3% over a year earlier to $253.5 billion in September 2007, after a year-on-year increase of 9.0% in August 2007. A visible trade deficit of $14.8 billion, equivalent to 5.8% of the value of imports of goods, was recorded in September 2007.
For the first nine months of 2007 as a whole, the value of total exports of goods rose by 9.6% over the same period in 2006. Within this total, the value of re-exports increased by 11.7%, whereas the value of domestic exports decreased by 24.0%. Concurrently, the value of imports of goods increased by 10.3%. A visible trade deficit of $129.3 billion, equivalent to 6.2% of the value of imports of goods, was recorded in the first nine months of 2007.
Comparing the third quarter of 2007 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose marginally by 0.2%. Within this total, the value of re-exports increased by 0.8%, whereas the value of domestic exports went down by 11.7%. Meanwhile, the value of imports of goods increased by 0.7%.
Analysis by country/territory
Comparing September 2007 with September 2006, exports to Asia as a whole grew by 11.6%. In this region, strong increases were registered in the values of total exports to some major destinations, in particular India (42.9%), Indonesia (31.6%), Malaysia (19.3%), the mainland of China (the Mainland) (+13.4%) and Thailand (11.1%).
Apart from destinations in Asia, distinct increases were also registered in the values of total exports to other major destinations, in particular Germany (+17.2%) and the Netherlands (+10.1%).
Concurrently, decreases were registered in the values of total exports to some major destinations, in particular Taiwan (-11.3%), Japan (-6.0%) and the United Kingdom (-5.2%).
Over the same period of comparison, significant increases were registered in the values of imports from all major suppliers, in particular India (+27.2%), Singapore (+21.7%), the United States of America (+20.2%), Germany (+18.1%) and Thailand (+11.7%).
For the first nine months of 2007 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular the Mainland (+14.0%), the Netherlands (+8.9%), France (+7.7%), Germany (+7.4%) and Singapore (+3.6%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular India (+29.5%), Singapore (+19.1%), the United States of America (+12.2%), the Mainland (+11.7%) and Japan (+7.6%).
Analysis by major commodity
Comparing September 2007 with September 2006, distinct increases were registered in the values of total exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $6.0 billion or 11.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.5 billion or 16.4%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $4.8 billion or 25.6%). Concurrently, a distinct decrease was registered in the value of total exports of "Office machines and automatic data processing machines" (by $3.2 billion or -12.5%).
Over the same period of comparison, distinct increases were registered in the values of imports of many principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $8.3 billion or 13.7%), "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $4.4 billion or 30.3%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.1 billion or 6.5%). However, a decrease was registered in the value of imports of "Office machines and automatic data processing machines" (by $2.0 billion or -8.4%).
For the first nine months of 2007 as a whole, significant year-on-year increases were registered in the values of total exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $73.5 billion or 18.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $44.8 billion or 17.3%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $33.1 billion or 23.2%). However, a distinct year-on-year decrease was registered in the value of total exports of "Office machines and automatic data processing machines" (by $26.8 billion or -12.2%).
Over the same period of comparison, significant 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 $82.8 billion or 18.2%), "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $38.3 billion or 34.5%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $24.7 billion or 10.1%).
Commentary
A Government spokesman said that merchandise exports continued to record notable growth in September. The spokesman observed that the vibrant Mainland market remained the key growth driver for Hong Kong's exports. The spokesman also pointed out that some emerging markets in Asia also fared strongly, while exports to the EU market saw further expansion. All these helped to offset the continued softness in the US market.
The spokesman noted that the external trading environment has turned more uncertain following the recent global credit market turbulence. The weakness of the US market is likely to continue in the coming quarters, in light of its protracted housing market correction and subprime mortgage problems. Nevertheless, the strong performance of the Mainland economy and other emerging markets, the sustained expansion of the EU market, coupled with the depreciation of the US dollar, should provide support to Hong Kong's external trade going forward.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for September 2007. Table 2 presents the original monthly trade statistics from January 2004 to September 2007, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to ten main destinations for September 2007 are shown in Table 4, whereas the values of imports of goods from ten main suppliers are given in Table 5.
Table 6 and 7 show the values of total exports and imports of ten principal commodity divisions for September 2007.
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 September 2007 will be released in late November 2007.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in "Hong Kong Merchandise Trade Statistics". The September 2007 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in September 2007. This publication is available in mid-November 2007. Users can download this publication free of charge at the Website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/index.jsp). Print version of this publication is available for sale at HK$92 per issue. Purchase can be done in person at the Publications Unit of the C&SD (Address: 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel: 2582 3025) or through mail order by returning a completed order form which can be downloaded from the C&SD's website (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_publications/index.jsp). Print version of this publication is also available for sale online at the Government Bookstore of the Information Services Department (www.bookstore.gov.hk).
Enquiries on merchandise trade statistics may be directed to Trade Analysis Section of the C&SD (Tel: 2582 5042).
Ends/Thursday, October 25, 2007
Issued at HKT 16:18
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