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The Census and Statistics Department (C&SD) released today (June 26) the external merchandise trade statistics for May 2008. In May 2008, the values of Hong Kong”¦s total exports and imports of goods both showed distinct year-on-year increases, at 10.3% and 15.4% respectively.
In May 2008, the value of total exports of goods (comprising re-exports and domestic exports) increased by 10.3% over a year earlier to $238.9 billion, after a year-on-year increase of 14.5% in April 2008. Within this total, the value of re-exports increased by 11.3% to $230.8 billion in May 2008, whereas the value of domestic exports decreased by 12.0% to $8.1 billion. Concurrently, the value of imports of goods increased by 15.4% over a year earlier to $266.4 billion in May 2008, after a year-on-year increase of 11.3% in April 2008. A visible trade deficit of $27.5 billion, equivalent to 10.3% of the value of imports of goods, was recorded in May 2008.
For the first five months of 2008 as a whole, the value of total exports of goods rose by 11.2% over the same period in 2007. Within this total, the value of re-exports increased by 11.9%, whereas the value of domestic exports decreased by 4.8%. Concurrently, the value of imports of goods increased by 12.3%. A visible trade deficit of $95.2 billion, equivalent to 7.8% of the value of imports of goods, was recorded in the first five months of 2008.
Comparing the three-month period ending May 2008 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 2.9%. Within this total, the value of re-exports increased by 3.0%, while the value of domestic exports went up slightly by 0.8%. Meanwhile, the value of imports of goods increased by 4.3%.
Analysis by country/territory
Comparing May 2008 with May 2007, exports to Asia as a whole grew by 12.7%. In this region, strong increases were registered in the values of total exports to some major destinations, in particular India (+75.3%), Malaysia (+29.7%), Vietnam (+20.1%), Singapore (+19.9%) and the mainland of China (the Mainland) (+12.7%).
Apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular Germany (+14.1%) and United Kingdom (+4.9%).
Concurrently, decreases were registered in the values of total exports to some major destinations, in particular the Netherlands (-7.7%) and Korea (-4.9%).
Over the same period of comparison, increases were registered in the values of imports from all major suppliers, in particular India (+34.6%), the USA (+31.6%), Korea (+30.9%), Germany (+30.4%), Singapore (+20.5%) and the Mainland (+11.0%).
For the first five months of 2008 as a whole, distinct year-on-year increases were registered in the values of total exports to most major destinations, in particular India (+99.7%), Singapore (+21.3%), Germany (+18.6%) and the Mainland (+12.8%).
Over the same period of comparison, significant year-on-year increases were registered in the values of imports from all major suppliers, in particular India (+45.5%), Thailand (+22.6%), Germany (+20.3%), Malaysia (+16.4%), the USA (+14.3%), Singapore (+11.0%) and the Mainland (+9.9%).
Analysis by major commodity
Comparing May 2008 with May 2007, significant 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 $9.1 billion or 17.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.2 billion or 15.2%) and "non-metallic mineral manufactures" (by $2.1 billion or 40.9%).
Over the same period of comparison, significant 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 $8.6 billion or 14.3%), "petroleum, petroleum products and related materials" (by $5.4 billion or 104.8%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.4 billion or 15.1%).
For the first five months of 2008 as a whole, distinct 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 $30.9 billion or 12.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $29.9 billion or 19.0%) and "non-metallic mineral manufactures" (by $13.5 billion or 53.8%).
Over the same period of comparison, distinct 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 $29.7 billion or 10.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $23.3 billion or 16.5%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $12.3 billion or 16.5%).
Commentary
Government spokesman said that merchandise exports grew notably further in May. The Mainland market and many other emerging markets in Asia remained vibrant. The EU market also continued to expand solidly. These altogether more than offset the decline in exports to the US market.
Looking ahead, the spokesman pointed out that the external trading environment will continue to face the headwinds arising from the slower growth of the major advanced economies, the ongoing global financial turbulence, and the negative effect on demand in Hong Kong”¦s major markets because of high commodity prices. The impact of the macro-tightening measures in the Mainland also needs to be watched closely. Nevertheless, the fairly robust growth momentum in the region should still render support to Hong Kong”¦s trade performance in the period ahead.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for May 2008. Table 2 presents the original monthly trade statistics from January 2005 to May 2008, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to ten main destinations for May 2008 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 May 2008.
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 May 2008 will be released in late July 2008.
The May 2008 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in May 2008. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the May 2008 issue of the "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-July and late July 2008 respectively. Users can download them free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/index.jsp). Print versions of the publications are for sale at HK$101 and HK$379 per issue respectively. 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 versions of the publications are 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, June 26, 2008
Issued at HKT 16:15
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