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The Census and Statistics Department (C&SD) released today (November 26) the external merchandise trade statistics for October 2009. In October 2009, the values of Hong Kong's total exports and imports of goods both recorded year-on-year decreases, at 13.1% and 10.7% respectively.
In October 2009, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 13.1% over a year earlier to $240.8 billion, after a year-on-year decrease of 8.6% in September 2009. Within this total, the value of re-exports decreased by 12.5% to $235.4 billion in October 2009, while the value of domestic exports decreased by 32.9% to $5.4 billion. Concurrently, the value of imports of goods decreased by 10.7% over a year earlier to $259.9 billion in October 2009, after a year-on-year decrease of 3.1% in September 2009. A visible trade deficit of $19.2 billion, equivalent to 7.4% of the value of imports of goods, was recorded in October 2009.
For the first ten months of 2009 as a whole, the value of total exports of goods dropped by 15.8% over the same period in 2008. Within this total, the value of re-exports decreased by 15.0%, while the value of domestic exports decreased by 40.0%. Concurrently, the value of imports of goods decreased by 15.2%. A visible trade deficit of $169.3 billion, equivalent to 7.8% of the value of imports of goods, was recorded in the first ten months of 2009.
Comparing the three-month period ending October 2009 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 4.0%. Within this total, the value of re-exports increased by 4.2%, while the value of domestic exports went down by 2.0%. Meanwhile, the value of imports of goods increased by 8.3%.
Analysis by country/territory
Comparing October 2009 with October 2008, total exports to Asia as a whole went down by 8.7%. In this region, substantial decreases were registered in the values of total exports to some major destinations, in particular Singapore (-24.8%), Malaysia (-20.3%), Thailand (-19.0%), Japan (-12.7%), the mainland of China (the Mainland) (-8.9%) and Korea (-7.9%).
Apart from destinations in Asia, significant decreases were also registered in the values of total exports to some major destinations in other regions, in particular the United Kingdom (-27.8%), the United States of America (-23.4%) and Germany (-19.3%).
On the other hand, increases were registered in the values of total exports to some major destinations, in particular India (+19.1%), Taiwan (+6.3%) and Australia (+1.6%).
Over the same period of comparison, decreases were registered in the values of imports from many major suppliers, in particular the Mainland (-17.0%), India (-14.4%), Japan (-13.5%), Singapore (-9.7%) and Thailand (-8.6%). Concurrently, increases were registered in the values of imports from some major suppliers, in particular Germany (+18.3%), Malaysia (+15.0%), Korea (+9.5%) and the United States of America (+2.4%).
For the first ten months of 2009 as a whole, distinct year-on-year decreases were registered in the values of total exports to all major destinations, in particular Singapore (-27.1%), the United Kingdom (-23.0%), the United States of America (-22.5%), Korea (-18.9%), Germany (-17.0%), Japan (-12.8%) and the Mainland (-11.5%).
Over the same period of comparison, distinct year-on-year decreases were registered in the values of imports from most major suppliers, in particular Japan (-25.5%), Korea (-20.1%), India (-16.3%), Taiwan (-15.7%), Singapore (-15.5%), Thailand (-15.4%) and the Mainland (-14.7%).
Analysis by major commodity
Comparing October 2009 with October 2008, decreases were registered in the values of total exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $6.6 billion or - 9.0%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.8 billion or -11.6%) and "articles of apparel and clothing accessories" (by $5.5 billion or -28.1%).
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 $5.2 billion or -6.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.8 billion or -11.3%) and "articles of apparel and clothing accessories" (by $3.0 billion or -23.7%).
For the first ten 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 $66.5 billion or -16.8%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $54.6 billion or -9.3%) and "articles of apparel and clothing accessories" (by $34.8 billion or -19.0%).
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 $66.6 billion or -10.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $51.4 billion or -14.9%) and "petroleum, petroleum products and related materials" (by $26.5 billion or -32.2%).
Commentary
A Government spokesman notes that merchandise exports showed a larger year-on-year decline in October, but this was due entirely to the high base in the same month last year when many traders reportedly advanced their shipments for fear of subsequent cancellation of orders at the onset of the financial tsunami. On a seasonally adjusted basis, merchandise exports actually improved modestly in recent months.
The spokesman comments further that the external environment, whilst still subject to considerable uncertainties, has been improving gradually. If continued, this should render hopefully some support to Hong Kong's external trade in the period ahead.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for October 2009. Table 2 presents the original monthly trade statistics from January 2006 to October 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 October 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 October 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 October 2009 will be released in mid- December 2009.
The October 2009 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in October 2009. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the October 2009 issue of the "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-December and late December 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, November 26, 2009
Issued at HKT 16:30
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