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The Census and Statistics Department (C&SD) released today (October 27) the external merchandise trade statistics for September 2009. In September 2009, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 8.6% and 3.1% respectively.
In September 2009, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 8.6% over a year earlier to $225.9 billion, after a year-on-year decrease of 13.9% in August 2009. Within this total, the value of re-exports decreased by 7.8% to $220.8 billion in September 2009, while the value of domestic exports decreased by 35.0% to $5.1 billion. Concurrently, the value of imports of goods decreased by 3.1% over a year earlier to $255.0 billion in September 2009, after a year-on-year decrease of 9.8% in August 2009. A visible trade deficit of $29.1 billion, equivalent to 11.4% of the value of imports of goods, was recorded in September 2009.
For the first nine months of 2009 as a whole, the value of total exports of goods dropped by 16.2% over the same period in 2008. Within this total, the value of re-exports decreased by 15.3%, while the value of domestic exports decreased by 40.8%. Concurrently, the value of imports of goods decreased by 15.7%. A visible trade deficit of $150.3 billion, equivalent to 7.8% of the value of imports of goods, was recorded in the first nine months of 2009.
Comparing the third quarter of 2009 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods decreased by 2.2%. Within this total, the value of re-exports decreased by 2.0%, while the value of domestic exports went down by 9.0%. Meanwhile, the value of imports of goods increased by 4.9%.
Analysis by country/territory
Comparing September 2009 with September 2008, total exports to Asia as a whole grew slightly by 0.9%. In this region, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+15.2%), Indonesia (+10.1%), Taiwan (+8.3%), the mainland of China (the Mainland) (+3.4%) and India (+0.3%).
On the other hand, decreases were registered in the values of total exports to some major destinations in Asia, in particular Malaysia (-24.4%), Singapore (-20.3%), Japan (-10.4%), Thailand (-7.0%) and Korea (-0.4%).
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 (-27.8%), the United Kingdom (-22.9%), Germany (-15.0%) and Australia (-13.1%).
Over the same period of comparison, decreases were registered in the values of imports from some major suppliers, in particular the United States of America (-11.1%), Japan (-5.8%), the Mainland (-5.4%), Singapore (-2.7%) and Thailand (-1.8%). Concurrently, increases were registered in the values of imports from some major suppliers, in particular Malaysia (+17.2%), Taiwan (+13.0%), Germany (+6.9%), Korea (+4.8%) and India (+3.8%).
For the first nine 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 (-27.4%), the United Kingdom (-22.4%), the United States of America (-22.4%), Korea (-20.2%), Germany (-16.7%), Japan (-12.8%) and the Mainland (-11.8%).
Over the same period of comparison, year-on-year decreases were registered in the values of imports from most major suppliers, in particular Japan (-27.0%), Korea (-23.4%), Taiwan (-17.0%), India (-16.5%), Thailand (-16.3%), Singapore (-16.2%), Germany (-15.7%) and the Mainland (-14.4%).
Analysis by major commodity
Comparing September 2009 with September 2008, decreases were registered in the values of total exports of many principal commodity divisions, in particular "articles of apparel and clothing accessories" (by $5.8 billion or -26.9%), "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $5.0 billion or -19.5%) and "non-metallic mineral manufactures" (by $2.9 billion or -32.6%). On the other hand, an increase was registered in the value of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $2.2 billion or 3.5%).
Over the same period of comparison, decreases were registered in the values of imports of most principal commodity divisions, in particular "petroleum, petroleum products and related materials" (by $2.7 billion or -33.6%) and "articles of apparel and clothing accessories" (by $2.7 billion or -18.6%). On the other hand, an increase was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $5.3 billion or 7.9%).
For the first nine 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 $60.8 billion or -17.5%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $48.0 billion or -9.4%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $29.4 billion or -15.5%).
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 $61.4 billion or -10.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $46.7 billion or -15.4%) and "petroleum, petroleum products and related materials" (by $26.2 billion or -35.3%).
Commentary
A Government spokesman says that the year-on-year decline in merchandise exports narrowed distinctly in September, largely supported by the rebound in economic activity in Asia. Exports to the Mainland and some Asian economies showed positive growth in the month. However, the spokesman notes that import demand of the advanced economies remains weak, and will be the major source of uncertainty going forward. 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 September 2009. Table 2 presents the original monthly trade statistics from January 2006 to September 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 September 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 September 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 September 2009 will be released in mid-November 2009.
The September 2009 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in September 2009. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the September 2009 issue of the "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-November and late November 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, October 27, 2009
Issued at HKT 16:30
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