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The Census and Statistics Department (C&SD) released today (November 26) the external merchandise trade statistics for October 2007. In October 2007, the values of Hong Kong's total exports and imports of goods recorded year-on-year increases of 9.8% and 12.1% respectively.
In October 2007, the value of total exports of goods (comprising re-exports and domestic exports) increased by 9.8% over a year earlier to $253.0 billion, after a year-on-year increase of 8.5% in September 2007. Within this total, the value of re-exports increased by 10.8% to $242.5 billion in October 2007, whereas the value of domestic exports decreased by 8.5% to $10.5 billion. Concurrently, the value of imports of goods increased by 12.1% over a year earlier to $261.7 billion in October 2007, after a year-on-year increase of 9.3% in September 2007. A visible trade deficit of $8.7 billion, equivalent to 3.3% of the value of imports of goods, was recorded in October 2007.
For the first ten 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 11.6%, whereas the value of domestic exports decreased by 22.5%. Concurrently, the value of imports of goods increased by 10.4%. A visible trade deficit of $137.6 billion, equivalent to 5.9% of the value of imports of goods, was recorded in the first ten months of 2007.
Comparing the three-month period ending October 2007 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 1.4%. Within this total, the value of re-exports increased by 1.9%, whereas the value of domestic exports went down by 8.9%. Meanwhile, the value of imports of goods increased by 2.4%.
Analysis by country/territory
Comparing October 2007 with October 2006, exports to Asia as a whole grew by 14.3%. In this region, strong increases were registered in the values of total exports to some major destinations, in particular India (+75.4%), Indonesia (+30.6%), Malaysia (+21.7%), Thailand (+17.9%) and the mainland of China (the Mainland) (+15.5%).
Apart from destinations in Asia, distinct increases were also registered in the values of total exports to other major destinations, in particular Germany (+10.6%) and the Netherlands (+10.1%).
Concurrently, decreases were registered in the values of total exports to some major destinations, in particular Taiwan (-6.9%) and the USA (-5.6%).
Over the same period of comparison, significant increases were registered in the values of imports from all major suppliers, in particular India (+46.3%), Germany (+23.1%), Singapore (+22.0%), Malaysia (+16.2%) and the Mainland (+11.7%).
For the first ten 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 (+14.1%), the Netherlands (+9.0%), Germany (+7.8%), France (+7.4%) and Singapore (+4.0%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular India (+31.3%), Singapore (+19.5%), the Mainland (+11.7%), the USA (+11.6%) and Japan (+7.4%).
Analysis by major commodity
Comparing October 2007 with October 2006, distinct increases were registered in the values of total exports of many principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $8.8 billion or 17.1%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.6 billion or 23.2%). Concurrently, a distinct decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $3.7 billion or -12.9%).
Over the same period of comparison, significant 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 $12.0 billion or 21.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.9 billion or 17.5%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $3.6 billion or 22.4%). However, a decrease was registered in the value of imports of "office machines and automatic data processing machines" (by $2.4 billion or -9.6%).
For the first ten 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 $82.3 billion or 18.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $53.4 billion or 18.1%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $36.5 billion or 22.2%). However, distinct a year-on-year decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $30.5 billion or -12.3%).
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 $94.8 billion or 18.5%), "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $41.8 billion or 33.0%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $30.6 billion or 11.0%).
Commentary
A Government spokesman said that merchandise exports showed a vibrant growth in October. The spokesman further pointed out that the robust Mainland market continued to be the main force driving Hong Kong's exports. Many other emerging markets in Asia remained fairly strong, while exports to the EU market saw some solid growth. The spokesman noted that these factors helped offset the softness of the US market.
The spokesman also pointed out that the outlook for the external trading environment has become more uncertain. The repercussions of the credit market turbulence have yet to be fully played out. The weakness of the US market, being dragged by its housing market downturn and subprime mortgage problems, will be the main downside factor in the period ahead. Nevertheless, the thriving Mainland economy, the sustained expansion of the EU market, and the weakness of the US dollar should provide some support to Hong Kong's export performance.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for October 2007. Table 2 presents the original monthly trade statistics from January 2004 to October 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 October 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 October 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 October 2007 will be released in late December 2007.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in "Hong Kong Merchandise Trade Statistics". The October 2007 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in October 2007. This publication is available in mid-December 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/Monday, November 26, 2007
Issued at HKT 16:16
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