******************************************************
The Census and Statistics Department (C&SD) released today (February 25) the external merchandise trade statistics for January 2010. In January 2010, the values of Hong Kong's total exports and imports of goods both showed significant year-on-year increases, at 18.4% and 39.5% respectively.
In January 2010, the value of total exports of goods (comprising re-exports and domestic exports) increased by 18.4% over a year earlier to $222.3 billion, after a year-on-year increase of 9.2% in December 2009. Within this total, the value of re-exports increased by 18.0% to $216.7 billion in January 2010, while the value of domestic exports increased by 33.9% to $5.6 billion. Concurrently, the value of imports of goods increased by 39.5% over a year earlier to $251.8 billion in January 2010, after a year-on-year increase of 18.7% in December 2009. A visible trade deficit of $29.5 billion, equivalent to 11.7% of the value of imports of goods, was recorded in January 2010.
Comparing the three-month period ending January 2010 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 7.5%. Within this total, the value of re-exports increased by 7.3%, while the value of domestic exports went up by 19.0%. Meanwhile, the value of imports of goods increased by 8.8%.
Analysis by country/territory
Comparing January 2010 with January 2009, total exports to Asia as a whole grew by 41.2%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Taiwan (+100.1%), Vietnam (+54.2%), the mainland of China (the Mainland) (+48.6%), Malaysia (+45.3%) and Indonesia (+43.2%).
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 (+7.9%).
Concurrently, substantial decreases were registered in the values of total exports to some major destinations, in particular Germany (-24.6%), the United Kingdom (-18.2%) and the United States of America (-15.8%).
Over the same period of comparison, significant increases were registered in the values of imports from all major suppliers, in particular Taiwan (+97.1%), Singapore (+80.5%), Korea (+73.2%), Thailand (+70.6%), Japan (+65.0%) and the Mainland (+24.0%).
Comparing the three months ending January 2010 with the three months ending January 2009, significant year-on-year increases were registered in the values of total exports to most major destinations, in particular Taiwan (+51.7%), India (+31.7%), Korea (+28.4%) and the Mainland (+22.4%). Concurrently, year-on-year decreases were registered in the values of total exports to some major destinations, in particular Germany (-14.0%), the United Kingdom (-12.7%) and the United States of America (-12.2%).
Over the same period of comparison, significant year-on-year increases were registered in the values of imports from all major suppliers, in particular Taiwan (+56.2%), Korea (+47.2%), India (+45.3%), Thailand (+37.7%), Singapore (+36.0%) and the Mainland (+11.0%).
Analysis by major commodity
Comparing January 2010 with January 2009, increases 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 $21.6 billion or 52.2%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.7 billion or 14.6%). However, a decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $6.6 billion or -30.3%).
Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $31.1 billion or 76.9%), "office machines and automatic data processing machines" (by $6.4 billion or 39.1%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.1 billion or 23.0%).
Comparing the three months ending January 2010 with the three months ending January 2009, year-on-year 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 $35.0 billion or 23.4%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $18.1 billion or 17.5%). However, a year-on-year decrease was registered in the value of total exports of "articles of apparel and clothing accessories" (by $12.1 billion or -21.8%).
Over the same period of comparison, year-on-year increases were registered in the values of imports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $54.1 billion or 34.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $19.0 billion or 21.6%) and "office machines and automatic data processing machines" (by $9.1 billion or 15.0%).
Commentary
A Government spokesman says that merchandise exports recovered notably further stepping into 2010 amidst the bounce-back in production activity in Asia and hence in intraregional trade, as reflected by the sharp increases in exports to most Asian markets. However, exports to the US and Europe continued to decline notably in January over a year earlier, despite the low base of comparison last year.
The spokesman comments further that the global economy is recovering, with Asia being more advanced in the process. This should render support to a further recovery of Hong Kong's merchandise exports in the period ahead. Yet the fragile nature of the recovery in the advanced economies continues to pose some downside risk to the outlook for the external environment.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for January 2010. Table 2 presents the original monthly trade statistics from January 2007 to January 2010, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to ten main destinations for January 2010 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 January 2010.
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 January 2010 will be released in mid-March 2010.
The January 2010 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in January 2010. The publication will be available in mid-March 2010. Users can download it 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 version of the publication is available for sale at HK$186 per issue. 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 version of the publication is also available for sale online at the Government Bookstore of the Information Services Department (www.bookstore.gov.hk).
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the January 2010 issue of "Hong Kong Merchandise Trade Statistics". The publication will be available in mid-March 2010. The C&SD has recently conducted a review on the printing of statistical publications and has decided that the print version of "Hong Kong Merchandise Trade Statistics" will no longer be produced starting from this edition. Nevertheless, the publication is still available for downloading free of charge from the website of the C&SD at (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/external_trade/index.jsp).
Enquiries on merchandise trade statistics may be directed to Trade Analysis Section of the C&SD (Tel.: 2582 5042).
Ends/Thursday, February 25, 2010
Issued at HKT 16:30
NNNN
