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The Census and Statistics Department (C&SD) released today (March 25) the external merchandise trade statistics for February 2010. In February 2010, the values of Hong Kong's total exports and imports of goods both showed significant year-on-year increases, at 28.5% and 22.4% respectively.
As the trade flows in January and February of each year tend to show considerable volatilities due to difference in timing of the Lunar New Year Holidays, it is useful to analyse the trade figures for these two months taken together.
Taking January and February as a whole to neutralise the distortion caused by the difference in timing of the Lunar New Year Holidays, the value of total exports of goods rose by 22.8% over the same period in 2009. Within this total, the value of re-exports increased by 22.8%, while the value of domestic exports increased by 21.6%. Concurrently, the value of imports of goods increased by 31.3%. A visible trade deficit of $49.2 billion, equivalent to 10.8% of the value of imports of goods, was recorded in the first two months of 2010.
In February 2010, the value of total exports of goods (comprising re-exports and domestic exports) increased by 28.5% over a year earlier to $182.5 billion, after a year-on-year increase of 18.4% in January 2010. Within this total, the value of re-exports increased by 29.1% to $178.3 billion in February 2010, while the value of domestic exports increased by 8.3% to $4.1 billion. Concurrently, the value of imports of goods increased by 22.4% over a year earlier to $202.1 billion in February 2010, after a year-on-year increase of 39.5% in January 2010. A visible trade deficit of $19.7 billion, equivalent to 9.7% of the value of imports of goods, was recorded in February 2010.
Comparing the three-month period ending February 2010 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 9.6%. Within this total, the value of re-exports increased by 9.3%, while the value of domestic exports went up by 25.9%. Meanwhile, the value of imports of goods increased by 10.9%.
Analysis by country/territory
Comparing February 2010 with February 2009, total exports to Asia as a whole grew by 25.2%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Indonesia (+84.3%), Taiwan (+75.1%), Thailand (+31.3%), India (+31.0%) and the mainland of China (the Mainland) (+23.2%).
Apart from destinations in Asia, significant increases were also registered in the values of total exports to some major destinations in other regions, in particular the United Kingdom (+49.1%), the United States of America (+43.9%), the Netherlands (+38.0%) and Germany (+11.6%).
Over the same period of comparison, significant increases were registered in the values of imports from all major suppliers, in particular Japan (+40.4%), Taiwan (+36.3%), Thailand (+35.8%), Singapore (+32.6%) and the Mainland (+18.3%).
For the first two months of 2010 as a whole, significant year-on-year increases were registered in the values of total exports to most major destinations, in particular Taiwan (+88.0%), the Mainland (+36.1%), Korea (+29.8%), India (+29.8%) and the Netherlands (+18.8%).
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 (+65.7%), Singapore (+55.7%), Thailand (+52.9%), Japan (+51.8%) and the Mainland (+21.5%).
Analysis by major commodity
Comparing February 2010 with February 2009, significant increases were registered in the values of total exports of many principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $15.4 billion or 41.0%), "office machines and automatic data processing machines" (by $6.2 billion or 43.8%) and "articles of apparel and clothing accessories" (by $5.6 billion or 74.7%).
Over the same period of comparison, significant 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 $17.7 billion or 42.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.5 billion or 20.3%) and "office machines and automatic data processing machines" (by $3.6 billion or 23.2%).
For the first two months of 2010 as a whole, significant year-on-year 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 $37.0 billion or 46.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $9.5 billion or 16.9%) and "office machines and automatic data processing machines" (by $9.3 billion or 27.9%).
Over the same period of comparison, significant 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 $48.8 billion or 59.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $10.6 billion or 21.8%) and "office machines and automatic data processing machines" (by $10.0 billion or 31.3%).
Commentary
A Government spokesman notes that merchandise exports rebounded strongly further in February, even after discounting the distortion caused by the timing of Lunar New Year. Asian markets continued to expand at a strong pace, while the US and EU markets also improved.
The spokesman expects that the on-going global economic recovery should provide support to Hong Kong's external trade in the coming months. However, the outlook for the trading environment in the latter part of 2010 is subject to a larger degree of uncertainty, including that arising from the exit strategies in various major economies.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for February 2010. Table 2 presents the original monthly trade statistics from January 2007 to February 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 February 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 February 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 February 2010 will be released in mid-April 2010.
The February 2010 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in February 2010. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the February 2010 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-April 2010. 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 version of "Hong Kong External Merchandise Trade" 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).
Enquiries on merchandise trade statistics may be directed to Trade Analysis Section of the C&SD (Tel.: 2582 5042).
Ends/Thursday, March 25, 2010
Issued at HKT 16:32
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