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The Census and Statistics Department (C&SD) released today (August 25) the external merchandise trade statistics for July 2009. In July 2009, the values of Hong Kong's total exports and imports of goods both fell markedly, by 19.9% and 17.8% respectively over a year earlier.
In July 2009, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 19.9% over a year earlier to $212.3 billion, after a year-on-year decrease of 5.4% in June 2009. Within this total, the value of re-exports decreased by 19.2% to $207.1 billion in July 2009, while the value of domestic exports decreased by 41.3% to $5.1 billion. Concurrently, the value of imports of goods decreased by 17.8% over a year earlier to $233.9 billion in July 2009, after a year-on-year decrease of 7.9% in June 2009. A visible trade deficit of $21.7 billion, equivalent to 9.3% of the value of imports of goods, was recorded in July 2009.
For the first seven months of 2009 as a whole, the value of total exports of goods dropped by 17.7% over the same period in 2008. Within this total, the value of re-exports decreased by 16.8%, while the value of domestic exports decreased by 42.0%. Concurrently, the value of imports of goods decreased by 18.5%. A visible trade deficit of $99.7 billion, equivalent to 7.0% of the value of imports of goods, was recorded in the first seven months of 2009.
Comparing the three-month period ending July 2009 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 8.0%. Within this total, the value of re-exports increased by 8.4%, whereas the value of domestic exports went down by 7.4%. Meanwhile, the value of imports of goods increased by 10.7%.
Analysis by country/territory
Comparing July 2009 with July 2008, total exports to Asia as a whole went down by 14.7%. In this region, substantial decreases were registered in the values of total exports to most major destinations, in particular Malaysia (-32.4%), Thailand (-25.8%), Singapore (-25.3%), Korea (-17.9%) and the mainland of China (the Mainland) (-15.3%).
Apart from destinations in Asia, sharp decreases were also registered in the values of total exports to some major destinations in other regions, in particular the United Kingdom (-30.7%), Germany (-29.8%), the United States of America (-29.4%) and Australia (-26.5%).
Over the same period of comparison, substantial decreases were registered in the values of imports from all major suppliers, in particular Korea (-27.1%), Japan (-23.5%), Singapore (-20.6%), the Mainland (-18.2%) and Taiwan (-18.1%).
For the first seven months 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 (-30.0%), Korea (-24.3%), the United States of America (-22.6%), the United Kingdom (-22.4%), Germany (-16.1%) and the Mainland (-14.2%).
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 (-31.3%), Korea (-28.6%), Taiwan (-22.2%), Singapore (-21.0%), India (-20.9%), Thailand (-20.5%), Germany (-19.4%) and the Mainland (-16.2%).
Analysis by major commodity
Comparing July 2009 with July 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 $14.2 billion or -30.1%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $6.9 billion or -11.4%) and "articles of apparel and clothing accessories" (by $6.4 billion or -25.8%).
Over the same period of comparison, decreases were registered in the values of imports of all principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.5 billion or -21.3%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $6.4 billion or -9.5%) and "petroleum, petroleum products and related materials" (by $4.7 billion or -41.9%).
For the first seven 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 "telecommunications and sound recording and reproducing apparatus and equipment" (by $59.8 billion or -22.0%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $41.1 billion or -10.6%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $20.3 billion or -14.4%).
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 $62.4 billion or -14.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $49.0 billion or -20.7%) and "petroleum, petroleum products and related materials" (by $22.7 billion or -38.9%).
Commentary
A Government spokesman says that the year-on-year decline in merchandise exports widened in July, after several months of relative improvement. The weak performance was part of a region-wide phenomenon, as import demand in the advanced economies was still subdued. In fact, many other Asian economies continued to record larger declines in exports than Hong Kong in the month of July.
The spokesman adds that while the larger decline in exports in July was due partly to the high base of comparison a year ago, it also suggests that the recovery path would be rather uneven in the period ahead given that demand in overseas markets has yet to show visible improvement in the near term. The Government will continue to monitor the situation closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for July 2009. Table 2 presents the original monthly trade statistics from January 2006 to July 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 July 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 July 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 July 2009 will be released in mid-September 2009.
The July 2009 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in July 2009. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the July 2009 issue of the "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-September and late September 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/Tuesday, August 25, 2009
Issued at HKT 16:30
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