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The Census and Statistics Department (C&SD) released today (April 27) the external merchandise trade statistics for March 2009. In March 2009, the values of Hong Kong's total exports and imports of goods both fell markedly, by 21.1% and 22.7% respectively.
In March 2009, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 21.1% over a year earlier to $175.5 billion, after a year-on-year decrease of 23.0% in February 2009. Within this total, the value of re-exports decreased by 20.5% to $171.1 billion in March 2009, while the value of domestic exports decreased by 41.1% to $4.4 billion. Concurrently, the value of imports of goods decreased by 22.7% over a year earlier to $193.7 billion in March 2009, after a year-on-year decrease of 17.5% in February 2009. A visible trade deficit of $18.2 billion, equivalent to 9.4% of the value of imports of goods, was recorded in March 2009.
For the first quarter of 2009 as a whole, the value of total exports of goods dropped by 21.9% over the same period in 2008. Within this total, the value of re-exports decreased by 21.1%, while the value of domestic exports decreased by 44.3%. Concurrently, the value of imports of goods decreased by 22.8%. A visible trade deficit of $34.3 billion, equivalent to 6.4% of the value of imports of goods, was recorded in the first quarter of 2009.
Comparing the first quarter of 2009 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods decreased by 17.9%. Within this total, the value of re-exports decreased by 17.8%, while the value of domestic exports went down by 20.7%. Meanwhile, the value of imports of goods decreased by 18.3%.
Analysis by country/territory
Comparing March 2009 with March 2008, total exports to Asia as a whole went down by 20.2%. In this region, substantial decreases were registered in the values of total exports to most major destinations, in particular Malaysia (-42.1%), Singapore (-37.5%), Thailand (-34.6%), Korea (-31.2%), Taiwan (-19.8%), Japan (-19.5%) and the mainland of China (the Mainland) (-19.2%).
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 (-31.7%), the United Kingdom (-27.5%), the United States of America (-23.3%) and Germany (-11.9%).
Over the same period of comparison, substantial decreases were registered in the values of imports from all major suppliers, in particular Japan (-40.4%), Korea (-33.7%), Thailand (-28.2%), India (-27.0%), Taiwan (-25.4%), Singapore (-21.4%) and the Mainland (-20.6%).
For the first quarter of 2009 as a whole, significant year-on-year decreases were registered in the values of total exports to all major destinations, in particular Singapore (-32.9%), Korea (-30.1%), the Netherlands (-26.7%), Taiwan (-26.2%) and the Mainland (-23.5%).
Over the same period of comparison, significant year-on-year decreases were registered in the values of imports from all major suppliers, in particular Japan (-40.8%), Thailand (-32.5%), Taiwan (-31.8%), Korea (-31.6%), Singapore (-27.3%), India (-26.1%) and the Mainland (-19.0%).
Analysis by major commodity
Comparing March 2009 with March 2008, decreases were registered in the values of total exports of all principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $10.6 billion or -29.3%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $6.9 billion or -12.7%) and "office machines and automatic data processing machines" (by $5.6 billion or -26.6%).
Over the same period of comparison, 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 $13.0 billion or -20.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $10.3 billion or -30.2%) and "office machines and automatic data processing machines" (by $4.3 billion or -20.0%).
For the first quarter 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 $30.5 billion or -19.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $26.3 billion or -24.3%) and "office machines and automatic data processing machines" (by $18.0 billion or -26.9%).
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 $41.1 billion or -23.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $25.3 billion or -25.9%) and "office machines and automatic data processing machines" (by $13.8 billion or -21.9%).
Commentary
A Government spokesman says that similar to the situation in other Asian economies, Hong Kong registered another month of sharp decline in merchandise exports in March, as the global economic recession led to a significant contraction in world trade. In fact, many other Asian economies saw even steeper declines in exports than Hong Kong in recent months.
The spokesman points out further that as the global economy has yet to show signs of recovery, the external trading environment will remain challenging in the coming months. 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 March 2009. Table 2 presents the original monthly trade statistics from January 2006 to March 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 March 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 March 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 March 2009 will be released in mid-May 2009.
The March 2009 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in March 2009. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the March 2009 issue of the "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-May and late May 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/Monday, April 27, 2009
Issued at HKT 16:30
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