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The Census and Statistics Department (C&SD) released today (December 28) the external merchandise trade statistics for November 2007. In November 2007, the values of Hong Kong”¦s total exports and imports of goods recorded year-on-year increases of 6.6% and 9.3% respectively.
In November 2007, the value of total exports of goods (comprising re-exports and domestic exports) increased by 6.6% over a year earlier to $244 billion, after a year-on-year increase of 9.8% in October 2007. Within this total, the value of re-exports increased by 6.9% to $234 billion in November 2007, while the value of domestic exports increased by 0.8% to $10 billion. Concurrently, the value of imports of goods increased by 9.3% over a year earlier to $260 billion in November 2007, after a year-on-year increase of 12.1% in October 2007. A visible trade deficit of $16 billion, equivalent to 6.1% of the value of imports of goods, was recorded in November 2007.
For the first eleven months of 2007 as a whole, the value of total exports of goods rose by 9.3% over the same period in 2006. Within this total, the value of re-exports increased by 11.1%, whereas the value of domestic exports decreased by 20.6%. Concurrently, the value of imports of goods increased by 10.3%. A visible trade deficit of $153.2 billion, equivalent to 5.9% of the value of imports of goods, was recorded in the first eleven months of 2007.
Comparing the three-month period ending November 2007 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 1.7%. Within this total, the value of re-exports increased by 1.7%, while the value of domestic exports went up by 1.8%. Meanwhile, the value of imports of goods increased by 3.1%.
Analysis by country/territory
Comparing November 2007 with November 2006, exports to Asia as a whole grew by 9.3%. In this region, strong increases were registered in the values of total exports to some major destinations, in particular India (+36.3%), Indonesia (+19.6%), Thailand (+17.4%), Malaysia (+13.0%) and the mainland of China (the Mainland) (+9.5%).
Apart from destinations in Asia, increases were also registered in the values of total exports to other major destinations, in particular the United Kingdom (+7.2%), Taiwan (+6.5%), Singapore (+6.5%) and Korea (+6.2%).
Concurrently, decreases were registered in the values of total exports to some major destinations, in particular the USA (-3.4%).
Over the same period of comparison, distinct increases were registered in the values of imports from most major suppliers, in particular Thailand (+18.8%), India (+15.3%), the USA (+12.3%), Malaysia (+12.3%) and the Mainland (+11.0%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular Korea (-8.6%).
For the first eleven 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 (+13.6%), the Netherlands (+7.9%), Germany (+7.5%), France (+6.3%) and Singapore (+4.3%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular India (+29.9%), Singapore (+17.7%), the USA (+11.7%), the Mainland (+11.6%) and Thailand (+8.1%).
Analysis by major commodity
Comparing November 2007 with November 2006, significant increases were registered in the values of total exports of many principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $10.9 billion or 31.9%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $9.4 billion or 18.1%). Concurrently, a significant decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $12.4 billion or -35.3%).
Over the same period of comparison, significant increases were registered in the values of imports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $9.4 billion or 31.1%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $9.2 billion or 15.5%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $3.1 billion or 20.2%). However, a significant decrease was registered in the values of imports of "office machines and automatic data processing machines" (by $8.4 billion or -28.4%).
For the first eleven 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 $91.7 billion or 18.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $64.3 billion or 19.5%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $40.3 billion or 21.9%). However, a significant year-on-year decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $42.9 billion or -15.2%).
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 $103.7 billion or 18.2%), "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $44.9 billion or 31.6%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $40 billion or 13%).
Commentary
A Government spokesman pointed out that merchandise exports saw a notable expansion in November. The Mainland market was vibrant, albeit expanding at a less rapid pace than in previous months on a year-on-year comparison. Most of the other major Asian markets also performed well, and exports to the EU saw a moderate expansion. These together helped offset the declines in exports to the USA and Japan.
The spokesman noted that the outlook for the external environment is subject to greater uncertainty than before. Much will depend on whether the US economy will slow down sharply in the coming quarters and whether the on-going global credit market turbulence will affect the global economy in a significant way. Nevertheless, the vibrant Mainland market and the sound economic fundamentals of the Asian region should continue to provide support to Hong Kong”¦s external trade.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for November 2007. Table 2 presents the original monthly trade statistics from January 2004 to November 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 November 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 November 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 November 2007 will be released in late January 2008.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in "Hong Kong Merchandise Trade Statistics". The November 2007 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong”¦s external merchandise trade in November 2007. This publication is available in mid-January 2008. 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/Friday, December 28, 2007
Issued at HKT 16:15
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