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The Census and Statistics Department (C&SD) released today (November 27) the external merchandise trade statistics for October 2008. In October 2008, the values of Hong Kong's total exports and imports of goods recorded year-on-year increases, at 9.4% and 11.3% respectively.
In October 2008, the value of total exports of goods (comprising re-exports and domestic exports) increased by 9.4% over a year earlier to $276.9 billion, after a year-on-year increase of 3.6% in September 2008. Within this total, the value of re-exports increased by 10.9% to $268.9 billion in October 2008, whereas the value of domestic exports decreased by 23.1% to $8.1 billion. Concurrently, the value of imports of goods increased by 11.3% over a year earlier to $291.2 billion in October 2008, after a year-on-year increase of 3.9% in September 2008. A visible trade deficit of $14.3 billion, equivalent to 4.9% of the value of imports of goods, was recorded in October 2008.
For the first ten months of 2008 as a whole, the value of total exports of goods rose by 8.0% over the same period in 2007. Within this total, the value of re-exports increased by 8.8%, whereas the value of domestic exports decreased by 12.9%. Concurrently, the value of imports of goods increased by 9.4%. A visible trade deficit of $181.6 billion, equivalent to 7.1% of the value of imports of goods, was recorded in the first ten months of 2008.
Comparing the three-month period ending October 2008 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 0.4%. Within this total, the value of re-exports remained virtually unchanged, while the value of domestic exports went down by 10.4%. Meanwhile, the value of imports of goods decreased by 2.2%.
Analysis by country/territory
Comparing October 2008 with October 2007, total exports to Asia as a whole grew by 13.0%. In this region, increases were registered in the values of total exports to some major destinations, in particular Japan (+17.1%), Vietnam (+15.5%), the mainland of China (the Mainland) (+14.0%), Thailand (+13.1%) and Taiwan (+12.3%).
Apart from destinations in Asia, increases were also registered in the values of total exports to some major destinations in other regions, including Germany (+18.1%) and the Netherlands (+14.6%). The United States of America, however, registered a small decrease (-2.9%.)
Over the same period of comparison, distinct increases were registered in the values of imports from some major suppliers, in particular Thailand (+19.6%), the Mainland (+16.0%), the United States of America (+12.1%) and Japan (+10.2%). Concurrently, a significant decrease was registered in the value of imports from Korea (-16.5%).
For the first ten months of 2008 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular India (+61.4%), Germany (+18.4%), Singapore (+14.3%), the Mainland (+8.0%) and Taiwan (+5.8%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular India (+27.7%), Thailand (+16.8%), Germany (+14.7%), the United States of America (+13.9%) and the Mainland (+9.3%).
Analysis by major commodity
Comparing October 2008 with October 2007, 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 $13.3 billion or 22.1%), "office machines and automatic data processing machines" (by $5.6 billion or 22.6%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.8 billion or 8.2%).
Over the same period of comparison, 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 $11.6 billion or 16.9%), "office machines and automatic data processing machines" (by $4.6 billion or 20.3%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.5 billion or 6.3%).
For the first ten 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 "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $49.1 billion or 9.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $47.4 billion or 13.6%) and "non-metallic mineral manufactures" (by $22.9 billion or 41.1%).
Over the same period of comparison, 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 $40.9 billion or 6.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $37.3 billion or 12.1%) and "petroleum, petroleum products and related materials" (by $23.8 billion or 40.6%).
Commentary
A Government spokesman says that merchandise exports showed a notable year-on-year growth in October, mainly driven by the rebound in exports to the Mainland and some other major markets in Asia. Yet the seasonally adjusted series show a slight decline over the past three months, thus still sounding a note of caution to Hong Kong's external trade amid the challenging external environment.
The spokesman further points out that the global financial crisis has mutated into a synchronised global economic downturn, and its impact on Hong Kong's trade is likely to show up more fully in the coming months. The Government needs to stay alert to the play-out of the global financial crisis and the looming economic downturn.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for October 2008. Table 2 presents the original monthly trade statistics from January 2005 to October 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 October 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 October 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 October 2008 will be released in late December 2008.
The October 2008 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in October 2008. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the October 2008 issue of the "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-December and late December 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, November 27, 2008
Issued at HKT 16:30
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