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The Census and Statistics Department (C&SD) released today (December 28) the external merchandise trade statistics for November 2009. In November 2009, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 1.3% and 6.5% respectively.
In November 2009, the value of total exports of goods (comprising re-exports and domestic exports) increased by 1.3% over a year earlier to $234.1 billion, after a year-on-year decrease of 13.1% in October 2009. Within this total, the value of re-exports increased by 1.9% to $228.6 billion in November 2009, whereas the value of domestic exports decreased by 19.4% to $5.5 billion. Concurrently, the value of imports of goods increased by 6.5% over a year earlier to $254.8 billion in November 2009, after a year-on-year decrease of 10.7% in October 2009. A visible trade deficit of $20.7 billion, equivalent to 8.1% of the value of imports of goods, was recorded in November 2009.
For the first eleven months of 2009 as a whole, the value of total exports of goods dropped by 14.3% over the same period in 2008. Within this total, the value of re-exports decreased by 13.5%, while the value of domestic exports decreased by 38.3%. Concurrently, the value of imports of goods decreased by 13.3%. A visible trade deficit of $189.9 billion, equivalent to 7.8% of the value of imports of goods, was recorded in the first eleven months of 2009.
Comparing the three-month period ending November 2009 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 8.5%. Within this total, the value of re-exports increased by 8.5%, while the value of domestic exports went up by 10.5%. Meanwhile, the value of imports of goods increased by 9.6%.
Analysis by country/territory
Comparing November 2009 with November 2008, total exports to Asia as a whole grew by 8.0%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Vietnam (+37.2%), Taiwan (+18.3%), Korea (+16.9%), India (+16.7%) and the mainland of China (the Mainland) (+8.9%).
Apart from destinations in Asia, increases were also registered in the values of total exports to some major destinations in other regions, in particular the Netherlands (+1.4%).
Concurrently, decreases were registered in the values of total exports to some major destinations, in particular the United States of America (-12.0%), the United Kingdom (-10.6%), Singapore (-7.3%) and Germany (-0.6%).
Over the same period of comparison, increases were registered in the values of imports from all major suppliers, in particular India (+41.2%), Taiwan (+29.1%), Germany (+23.1%), Thailand (+17.9%), Korea (+16.7%) and the Mainland (+2.4%).
For the first eleven 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 (-25.5%), the United Kingdom (-21.8%), the United States of America (-21.5%), the Netherlands (-20.0%), Korea (-16.3%), Germany (-15.5%), Japan (-11.4%) and the Mainland (-9.7%).
Over the same period of comparison, year-on-year decreases were registered in the values of imports from most major suppliers, in particular Japan (-23.2%), Korea (-17.3%), Singapore (-13.5%), the Mainland (-13.2%) and India (-13.1%).
Analysis by major commodity
Comparing November 2009 with November 2008, increases were registered in the values of total exports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $5.0 billion or 8.4%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.7 billion or 12.2%). Concurrently, the value of total exports of "office machines and automatic data processing machines" decreased (by $3.7 billion or -13.7%).
Over the same period of comparison, increases were registered in the values of imports of many principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $7.5 billion or 11.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.1 billion or 16.1%) and "non-metallic mineral manufactures" (by $2.2 billion or 31.8%).
For the first eleven 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 $61.8 billion or -14.2%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $49.6 billion or -7.7%) and "articles of apparel and clothing accessories" (by $37.6 billion or -18.8%).
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 $59.0 billion or -8.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $46.2 billion or -12.2%) and "petroleum, petroleum products and related materials" (by $25.5 billion or -28.6%).
Commentary
A Government spokesman says that merchandise exports continued to improve in November, registering the first year-on-year increase since October 2008. On a seasonally adjusted basis, merchandise exports also expanded further in recent months. The Asian markets continued to fare better than the US and EU markets.
The spokesman points out that the on-going recovery of the global economy, albeit at a slow and gradual pace, should continue to be conducive to world trade and hence Hong Kong's trade performance in the coming months. However, the global economic prospects, particularly those for the advanced economies, are still subject to considerable uncertainties. Hence, the external trading environment could remain challenging going forward.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for November 2009. Table 2 presents the original monthly trade statistics from January 2006 to November 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 November 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 November 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 November 2009 will be released in mid January 2010.
The November 2009 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in November 2009. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the November 2009 issue of the "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid January and late January 2010 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, December 28, 2009
Issued at HKT 16:30
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