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The Census and Statistics Department (C&SD) released today (April 27) the external merchandise trade statistics for March 2010. In March 2010, the values of Hong Kong's total exports and imports of goods both showed significant year-on-year increases, at 32.1% and 39.8% respectively.
In March 2010, the value of total exports of goods (comprising re-exports and domestic exports) increased by 32.1% over a year earlier to $231.8 billion, after a year-on-year increase of 28.5% in February 2010. Within this total, the value of re-exports increased by 32.1% to $226.0 billion in March 2010, while the value of domestic exports increased by 29.4% to $5.7 billion. Concurrently, the value of imports of goods increased by 39.8% over a year earlier to $270.6 billion in March 2010, after a year-on-year increase of 22.4% in February 2010. A visible trade deficit of $38.9 billion, equivalent to 14.4% of the value of imports of goods, was recorded in March 2010.
For the first quarter of 2010 as a whole, the value of total exports of goods rose by 26.0% over the same period in 2009. Within this total, the value of re-exports increased by 26.1%, while the value of domestic exports increased by 23.1%. Concurrently, the value of imports of goods increased by 34.3%. A visible trade deficit of $88.2 billion, equivalent to 12.2% of the value of imports of goods, was recorded in the first quarter of 2010.
Comparing the first quarter of 2010 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 10.0%. Within this total, the value of re-exports increased by 9.6%, while the value of domestic exports went up by 29.1%. Meanwhile, the value of imports of goods increased by 11.4%.
Analysis by country/territory
Comparing March 2010 with March 2009, total exports to Asia as a whole grew by 44.4%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Malaysia (+54.3%), Korea (+51.4%), India (+50.3%), Thailand (+49.5%) and the mainland of China (the Mainland) (+47.4%).
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 (+24.0%) and the USA (+4.5%).
Concurrently, decreases were registered in the values of total exports to some major destinations, in particular the United Kingdom (-15.6%) and Germany (-8.5%).
Over the same period of comparison, significant increases were registered in the values of imports from all major suppliers, in particular Japan (+67.2%), Taiwan (+56.2%), Thailand (+53.9%), Korea (+53.6%) and the Mainland (+33.6%).
For the first quarter 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 (+71.4%), the Mainland (+40.2%), India (+37.3%), Korea (+37.2%) and the Netherlands (+20.3%).
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 (+62.0%), Japan (+57.4%), Thailand (+53.2%), Korea (+51.9%) and the Mainland (+25.7%).
Analysis by major commodity
Comparing March 2010 with March 2009, significant 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 $20.4 billion or 43.4%), "office machines and automatic data processing machines" (by $13.2 billion or 85.4%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.5 billion or 21.5%).
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 $29.2 billion or 58.4%), "office machines and automatic data processing machines" (by $11.0 billion or 64.4%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.2 billion or 34.2%).
For the first quarter 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 $57.4 billion or 45.5%), "office machines and automatic data processing machines" (by $22.4 billion or 45.9%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $14.9 billion or 18.2%).
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 $78.0 billion or 59.0%), "office machines and automatic data processing machines" (by $21.0 billion or 42.9%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $18.7 billion or 25.9%).
Commentary
A Government spokesman says that merchandise exports expanded strongly further in March amidst the vibrant resurgence of intra-Asia trade and the continued normalisation of global trade flows. The spokesman also notes that Hong Kong's merchandise exports by now have largely returned to levels prior to the outbreak of the global financial tsunami in 2008.
Looking ahead, the spokesman points out that the global economic recovery will continue to render support to Hong Kong's external trade in the near term. However, the fundamentals of the US and EU markets, while improving, are still rather fragile. This should remain a concern.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for March 2010. Table 2 presents the original monthly trade statistics from January 2007 to March 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 March 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 March 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 March 2010 will be released in mid-May 2010.
The March 2010 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in March 2010. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the March 2010 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-May 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/Tuesday, April 27, 2010
Issued at HKT 16:30
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