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The Census and Statistics Department (C&SD) released today (July 27) the external merchandise trade statistics for June 2009. In June 2009, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 5.4% and 7.9% respectively.
In June 2009, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 5.4% over a year earlier to $211.1 billion, after a year-on-year decrease of 14.5% in May 2009. Within this total, the value of re-exports decreased by 4.2% to $206.4 billion in June 2009, while the value of domestic exports decreased by 38.7% to $4.7 billion. Concurrently, the value of imports of goods decreased by 7.9% over a year earlier to $227.6 billion in June 2009, after a year-on-year decrease of 19.2% in May 2009. A visible trade deficit of $16.5 billion, equivalent to 7.2% of the value of imports of goods, was recorded in June 2009.
For the first half of 2009 as a whole, the value of total exports of goods dropped by 17.2% over the same period in 2008. Within this total, the value of re-exports decreased by 16.3%, while the value of domestic exports decreased by 41.9%. Concurrently, the value of imports of goods decreased by 18.6%. A visible trade deficit of $78.0 billion, equivalent to 6.5% of the value of imports of goods, was recorded in the first half of 2009.
Comparing the second quarter of 2009 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 11.0%. Within this total, the value of re-exports increased by 11.4%, whereas the value of domestic exports went down by 1.3%. Meanwhile, the value of imports of goods increased by 11.6%.
Analysis by country/territory
Comparing June 2009 with June 2008, total exports to Asia as a whole grew by 3.1%, in which those to the mainland of China (the Mainland) rose by 9.3%.
On the other hand, decreases were registered in the values of total exports to some major destinations in Asia, in particular Singapore (-26.0%), Malaysia (-24.8%), Thailand (-14.9%), Korea (-13.2%) and Japan (-13.0%).
Apart from destinations in Asia, decreases were also registered in the values of total exports to some major destinations in other regions, in particular the United States of America (-23.7%), the United Kingdom (-17.4%), Germany (-12.6%) and Australia (-0.2%).
Over the same period of comparison, decreases were registered in the values of imports from most major suppliers, in particular Korea (-21.5%), Germany (-18.5%), Japan (-17.6%), India (-10.4%) and the United States of America (-6.4%). Concurrently, increases were registered in the values of imports from some major suppliers, in particular Malaysia (+11.7%) and the United Kingdom (+8.1%).
For the first half of 2009 as a whole, year-on-year decreases were registered in the values of total exports to all major destinations, in particular Singapore (-30.9%), Korea (-25.6%), the United States of America (-21.2%), the United Kingdom (-20.7%) and Japan (-15.5%).
Over the same period of comparison, year-on-year decreases were registered in the values of imports from all major suppliers, in particular Japan (-32.7%), Korea (-28.9%), India (-23.0%), Taiwan (-22.9%) and Thailand (-22.9%).
Analysis by major commodity
Comparing June 2009 with June 2008, decreases were registered in the values of total exports of many principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.0 billion or -21.6%). Concurrently, increases were registered in the values of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $8.0 billion or 16.0%) and "office machines and automatic data processing machines" (by $4.8 billion or 27.1%).
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 $4.9 billion or -15.2%) and "petroleum, petroleum products and related materials" (by $3.9 billion or -42.1%). On the other hand, an increase was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $2.8 billion or 4.7%).
For the first half of 2009 as a whole, year-on-year 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 $45.4 billion or -20.2%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $34.3 billion or -10.5%) and "office machines and automatic data processing machines" (by $16.6 billion or -12.9%).
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 $56.0 billion or -15.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $40.5 billion or -20.6%) and "petroleum, petroleum products and related materials" (by $18.0 billion or -38.1%).
Commentary
A Government spokesman says that merchandise exports showed further improvement in June, with the year-on-year decline tapering significantly to single-digit level for the first time in seven months. The export rebound in the second quarter was even more notable on a seasonally adjusted quarter-to-quarter basis.
The spokesman comments that the improvement in exports in June was mainly underpinned by the revival in exports to the Mainland, reflecting Mainland's increased intake of raw materials and capital goods in tandem with the return of export orders and the pick-up in industrial production there. Apart from this, exports to European Union, Japan and many other Asian economies also showed some improvement, although the declines remained notable. Yet exports to the United States were still on a distinct decline.
The spokesman points out further that while the global economy remains weak with signs of a strong rebound not yet in sight, the latest export trend and the feedback amongst traders indicate that Hong Kong's exports should have passed the worst in the first quarter. With the Mainland economy returning to a faster growth track and granting no significant relapse in the global environment, Hong Kong's exports should poise for some further relative improvement in the quarters ahead.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for June 2009. Table 2 presents the original monthly trade statistics from January 2006 to June 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 June 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 June 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 June 2009 will be released in mid August 2009.
The June 2009 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in June 2009. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the June 2009 issue of the "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-August and late August 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, July 27, 2009
Issued at HKT 16:30
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