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The Census and Statistics Department (C&SD) released today (December 29) the external merchandise trade statistics for November 2008. In November 2008, the values of Hong Kong's total exports and imports of goods recorded year-on-year decreases, at 5.3% and 7.9% respectively.
In November 2008, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 5.3% over a year earlier to $231.2 billion, after a year-on-year increase of 9.4% in October 2008. Within this total, the value of re-exports decreased by 4.1% to $224.3 billion in November 2008, while the value of domestic exports decreased significantly by 31.5% to $6.9 billion. Concurrently, the value of imports of goods decreased by 7.9% over a year earlier to $239.3 billion in November 2008, after a year-on-year increase of 11.3% in October 2008. A visible trade deficit of $8.2 billion, equivalent to 3.4% of the value of imports of goods, was recorded in November 2008.
For the first eleven months of 2008 as a whole, the value of total exports of goods rose by 6.6% over the same period in 2007. Within this total, the value of re-exports increased by 7.5%, whereas the value of domestic exports decreased by 14.8%. Concurrently, the value of imports of goods increased by 7.6%. A visible trade deficit of $189.6 billion, equivalent to 6.8% of the value of imports of goods, was recorded in the first eleven months of 2008.
Comparing the three-month period ending November 2008 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 0.1%. Within this total, the value of re-exports increased by 0.3%, whereas the value of domestic exports went down by 6.7%. Meanwhile, the value of imports of goods decreased by 1.1%.
Analysis by country/territory
Comparing November 2008 with November 2007, total exports to Asia as a whole went down by 7.4%. In this region, significant decreases were registered in the values of total exports to some major destinations, in particular Korea (-28.4%), Malaysia (-21.0%), Singapore (-13.1%), the mainland of China (the Mainland) (-9.0%) and the Philippines (-5.3%).
Apart from destinations in Asia, decreases were also registered in the values of total exports to some major destinations in other regions, including the United Kingdom (-8.5%), the United States of America (-5.7%) and the Netherlands (-4.7%).
Concurrently, strong increases were registered in the values of total exports to some major destinations, including India (+44.6%) and Vietnam (+10.0%).
Over the same period of comparison, distinct decreases were registered in the values of imports from all major suppliers, in particular Taiwan (-27.2%), Korea (-23.3%), Thailand (-15.4%), India (-11.1%) and Japan (-10.0%).
For the first eleven 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 (+59.8%), Germany (+16.5%), Singapore (+11.4%), the Mainland (+6.3%) and Taiwan (+5.0%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular India (+24.6%), Thailand (+13.6%), Germany (+13.1%), the United States of America (+11.8%) and the Mainland (+7.7%).
Analysis by major commodity
Comparing November 2008 with November 2007, decreases 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 $6.6 billion or -14.7%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $2.2 billion or -3.6%). Concurrently, an increase was registered in the value of total exports of "office machines and automatic data processing machines" (by $3.9 billion or 17.1%).
Over the same period of comparison, decreases were registered in the values of imports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $7.6 billion or -19.1%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $4.7 billion or -6.9%) and "plastics in primary forms" (by $2.2 billion or -31.0%).
For the first eleven 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 $46.9 billion or 7.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $40.8 billion or 10.3%) and "non-metallic mineral manufactures" (by $23.8 billion or 38.7%).
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 $36.4 billion or 5.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $29.7 billion or 8.5%) and "petroleum, petroleum products and related materials" (by $23.7 billion or 36.4%).
Commentary
A Government spokesman says that the performance of merchandise exports worsened in November, against the background of the recession in the advanced economies and the deteriorating economic conditions in Asia and the emerging markets.
The spokesman also comments that as the synchronised global economic downturn is beginning to take its toll on world trade, the near-term outlook for Hong Kong's exports is bound to be negatively affected. The Government will monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for November 2008. Table 2 presents the original monthly trade statistics from January 2005 to November 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 November 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 November 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 November 2008 will be released in late January 2009.
The November 2008 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in November 2008. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the November 2008 issue of the "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-January and late January 2009 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/Monday, December 29, 2008
Issued at HKT 16:30
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