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The Census and Statistics Department (C&SD) released today (September 25) the external merchandise trade statistics for August 2008. In August 2008, the values of Hong Kong's total exports and imports of goods recorded year-on-year increases, at 1.9% and 1.5% respectively.
In August 2008, the value of total exports of goods (comprising re-exports and domestic exports) increased by 1.9% over a year earlier to $247.9 billion, after a year-on-year increase of 11.1% in July 2008. Within this total, the value of re-exports increased by 2.7% to $239.8 billion in August 2008, whereas the value of domestic exports decreased by 17.1% to $8.0 billion. Concurrently, the value of imports of goods increased by 1.5% over a year earlier to $260.8 billion in August 2008, after a year-on-year increase of 15.4% in July 2008. A visible trade deficit of $12.9 billion, equivalent to 4.9% of the value of imports of goods, was recorded in August 2008.
For the first eight months of 2008 as a whole, the value of total exports of goods rose by 8.3% over the same period in 2007. Within this total, the value of re-exports increased by 9.1%, whereas the value of domestic exports decreased by 10.4%. Concurrently, the value of imports of goods increased by 9.8%. A visible trade deficit of $151.5 billion, equivalent to 7.5% of the value of imports of goods, was recorded in the first eight months of 2008.
Comparing the three-month period ending August 2008 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 4.0%. Within this total, the value of re-exports decreased by 3.5%, while the value of domestic exports went down by 16.1%. Meanwhile, the value of imports of goods decreased by 2.8%.
Analysis by country/territory
Comparing August 2008 with August 2007, total exports to Asia as a whole grew by 0.9%. In this region, increases were registered in the values of total exports to some major destinations, in particular India (+23.5%), Vietnam (+10.6%), Malaysia (+7.4%), Taiwan (+5.4%) and Thailand (+3.7%). Meanwhile, total exports to the mainland of China (the Mainland) remained virtually unchanged.
Apart from destinations in Asia, increases were also registered in the values of total exports to some major destinations in other regions, including Germany (+26.3%) and the United Kingdom (+6.1%).
Concurrently, decreases were registered in the values of total exports to some major destinations, including Korea (-11.0%), the Netherlands (-9.3%), the United States of America (-4.6%) and Singapore (-3.3%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular the United States of America (+21.0%) and Germany (+16.1%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular Singapore (-17.7%), Thailand (-12.4%) and Taiwan (-11.5%).
For the first eight months of 2008 as a whole, year-on-year increases were registered in the values of total exports to all major destinations except the United States of America, in particular India (+69.3%), Germany (+18.1%), Singapore (+16.3%), the Mainland (+8.4%) and Taiwan (+5.0%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular India (+31.7%), Germany (+18.4%), Thailand (+14.5%), the United States of America (+14.4%) and Korea (+9.9%).
Analysis by major commodity
Comparing August 2008 with August 2007, increases were registered in the values of total exports of some principal commodity divisions, in particular "non-metallic mineral manufactures" (by $1.3 billion or 22.4%) and "office machines and automatic data processing machines" (by $1.3 billion or 5.6%). Concurrently, decrease was registered in the value of total exports of "textile yarn, fabrics, made-up articles, and related products" (by $1.3 billion or -14.1%).
Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "petroleum, petroleum products and related materials" (by $1.6 billion or 26.0%). However, decreases were registered in the values of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $1.4 billion or -2.1%) and "textile yarn, fabrics, made-up articles, and related products" (by $1.3 billion or -14.9%).
For the first eight months of 2008 as a whole, year-on-year increases were registered in the values of total exports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $45.2 billion or 17.1%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $31.8 billion or 7.6%) and "non-metallic mineral manufactures" (by $19.9 billion or 47.0%).
Over the same period of comparison, year-on-year 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 $35.3 billion or 15.1%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $29.8 billion or 6.3%) and "petroleum, petroleum products and related materials" (by $20.8 billion or 45.9%).
Commentary
The Government spokesman noted that the value of merchandise exports slowed again in August after the double-digit growth in July. The spokesman also noted that export performance has shown considerable fluctuations over the past few months, reflecting a highly uncertain external environment.
The spokesman further pointed out that the latest bout of the financial turbulence in the US has added further downside risks to the already weak global economy. How this would play out to curtail the demand in conventional markets like the US and Europe needs to be closely monitored. Also, there may be ensuing impact on the export-dependent Asia, with second-round spillovers to Hong Kong's exports.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for August 2008. Table 2 presents the original monthly trade statistics from January 2005 to August 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 August 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 August 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 August 2008 will be released in late October 2008.
The August 2008 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in August 2008. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the August 2008 issue of the "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-October and late October 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, September 25, 2008
Issued at HKT 16:30
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