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The Census and Statistics Department (C&SD) released today (March 26) the external merchandise trade statistics for February 2009. In February 2009, the values of Hong Kong・s total exports and imports of goods both fell markedly, by 23.0% and 17.5% respectively.
As the trade flows in January and February of each year tend to show considerable volatilities due to difference in timing of the Lunar New Year Holidays, it is useful to analyse the trade figures for these two months taken together.
Taking January and February as a whole to neutralise the distortion caused by the difference in timing of the Lunar New Year Holidays, the value of total exports of goods dropped by 22.4% over the same period in 2008. Within this total, the value of re-exports decreased by 21.5%, while the value of domestic exports decreased by 46.0%. Concurrently, the value of imports of goods decreased by 22.8%. A visible trade deficit of $16.1 billion, equivalent to 4.7% of the value of imports of goods, was recorded in the first two months of 2009.
In February 2009, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 23.0% over a year earlier to $141.9 billion, after a year-on-year decrease of 21.8% in January 2009. Within this total, the value of re-exports decreased by 22.4% to $138.1 billion in February 2009, while the value of domestic exports decreased by 39.6% to $3.8 billion. Concurrently, the value of imports of goods decreased by 17.5% over a year earlier to $165.1 billion in February 2009, after a year-on-year decrease of 27.1% in January 2009. A visible trade deficit of $23.2 billion, equivalent to 14.1% of the value of imports of goods, was recorded in February 2009.
Comparing the three-month period ending February 2009 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 17.6%. Within this total, the value of re-exports decreased by 17.3%, while the value of domestic exports went down by 25.9%. Meanwhile, the value of imports of goods decreased by 20.2%.
Analysis by country/territory
Comparing February 2009 with February 2008, total exports to Asia as a whole went down by 16.4%. In this region, substantial decreases were registered in the values of total exports to most major destinations, in particular Malaysia (-37.3%), Singapore (-33.5%), Thailand (-28.9%), Korea (-27.8%), Japan (-24.4%), Taiwan (-21.3%) and the mainland of China (the Mainland) (-14.1%).
Apart from destinations in Asia, sharp declines were also registered in the values of total exports to some major destinations in other regions, in particular the Netherlands (-36.9%), the United States of America (-36.7%), the United Kingdom (-34.5%) and Germany (-21.7%).
Over the same period of comparison, substantial decreases were registered in the values of imports from most major suppliers, in particular Japan (-36.0%), Korea (-24.6%), Singapore (-22.9%), Germany (-21.8%) and India (-20.4%).
For the first two months of 2009 as a whole, year-on-year decreases were registered in the values of total exports to all major destinations, in particular Singapore (-30.4%), Taiwan (-30.1%), Korea (-29.5%), the Mainland (-25.8%) and the Netherlands (-24.5%).
Over the same period of comparison, year-on-year decreases were registered in the values of imports from most major suppliers, in particular Japan (-41.1%), Taiwan (-35.4%), Singapore (-30.5%), Korea (-30.3%) and India (-25.5%).
Analysis by major commodity
Comparing February 2009 with February 2008, decreases were registered in the values of total exports of all principal commodity divisions, in particular "office machines and automatic data processing machines" (by $7.3 billion or -34.1%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $7.0 billion or -15.6%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.9 billion or -22.4%).
Over the same period of comparison, decreases were registered in the values of imports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $7.9 billion or -15.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.0 billion or -21.5%) and "office machines and automatic data processing machines" (by $3.7 billion or -19.0%).
For the first two months of 2009 as a whole, year-on-year decreases were registered in the values of total exports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $23.6 billion or -23.1%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $15.8 billion or -21.8%) and "office machines and automatic data processing machines" (by $12.4 billion or -27.2%).
Over the same period of comparison, year-on-year decreases were registered in the values of imports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $28.1 billion or -25.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $15.0 billion or -23.6%) and "office machines and automatic data processing machines" (by $9.5 billion or -22.8%).
Commentary
A Government・s spokesman comments that the sharp fall in Hong Kong・s merchandise exports in the first two months of 2009 reflected the increasingly severe impact of the financial tsunami on Hong Kong・s overseas markets. It should be noted that the decline in Hong Kong・s exports was part of a region-wide phenomenon, and that exports of many other Asian economies fell by around 20-40% over the same period.
The spokesman points out further that while Hong Kong・s exports to the advanced economies fell notably, those to the other Asian economies also declined markedly. The latter reflected the weakening Asian economic conditions, as well as the adverse impact of the financial tsunami on production activities in Asia, to which intra-regional trade is closely related.
The spokesman expects that the trading environment should remain very difficult in the coming months, as the global economy is still mired in recession. The Government will continue to monitor closely the developments.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for February 2009. Table 2 presents the original monthly trade statistics from January 2006 to February 2009, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to ten main destinations for February 2009 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 February 2009.
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 February 2009 will be released in mid-April 2009.
The February 2009 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in February 2009. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the February 2009 issue of the "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-April and late April 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/statistical_report/external_trade/index.jsp). Print versions of the publications are for sale at HK$128 and HK$499 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, March 26, 2009
Issued at HKT 16:31
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