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The Census and Statistics Department (C&SD) released today (May 27) the external merchandise trade statistics for April 2010. In April 2010, the values of Hong Kong's total exports and imports of goods both showed significant year-on-year increases, at 21.7% and 28.8% respectively.
In April 2010, the value of total exports of goods (comprising re-exports and domestic exports) increased by 21.7% over a year earlier to $242.2 billion, after a year-on-year increase of 32.1% in March 2010. Within this total, the value of re-exports increased by 21.7% to $236.7 billion in April 2010, while the value of domestic exports increased by 19.7% to $5.5 billion. Concurrently, the value of imports of goods increased by 28.8% over a year earlier to $277.5 billion in April 2010, after a year-on-year increase of 39.8% in March 2010. A visible trade deficit of $35.2 billion, equivalent to 12.7% of the value of imports of goods, was recorded in April 2010.
For the first four months of 2010 as a whole, the value of total exports of goods rose by 24.8% over the same period in 2009. Within this total, the value of re-exports increased by 24.8%, while the value of domestic exports increased by 22.1%. Concurrently, the value of imports of goods increased by 32.8%. A visible trade deficit of $123.4 billion, equivalent to 12.3% of the value of imports of goods, was recorded in the first four months of 2010.
Comparing the three-month period ending April 2010 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 10.9%. Within this total, the value of re-exports increased by 10.7%, while the value of domestic exports went up by 16.3%. Meanwhile, the value of imports of goods increased by 10.1%.
Analysis by country/territory
Comparing April 2010 with April 2009, total exports to Asia as a whole grew by 27.9%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular India (+62.8%), Indonesia (+49.1%), Taiwan (+48.8%), Thailand (+39.2%) and the mainland of China (the Mainland) (+25.8%).
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 USA (+8.6%) and the Netherlands (+7.2%).
Concurrently, decreases were registered in the values of total exports to some major destinations, in particular Germany (-9.5%) and the United Kingdom (-0.3%).
Over the same period of comparison, significant increases were registered in the values of imports from all major suppliers, in particular India (+72.0%), Korea (+55.3%), Singapore (+55.1%), Taiwan (+43.9%) and the Mainland (+24.2%).
For the first four 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 (+64.4%), India (+43.8%), the Mainland (+35.8%), Korea (+34.8%) and Singapore (+19.1%).
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 (+56.4%), Korea (+53.0%), Japan (+51.1%), Singapore (+50.8%) and the Mainland (+25.3%).
Analysis by major commodity
Comparing April 2010 with April 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 $20.5 billion or 37.5%), "office machines and automatic data processing machines" (by $7.3 billion or 34.3%) and "non-metallic mineral manufactures" (by $2.5 billion or 50.1%).
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 $26.1 billion or 44.6%), "office machines and automatic data processing machines" (by $6.4 billion or 31.2%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.6 billion or 20.4%).
For the first four 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 $78.0 billion or 43.1%), "office machines and automatic data processing machines" (by $29.6 billion or 42.4%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $14.8 billion or 12.9%).
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 $104.2 billion or 54.6%), "office machines and automatic data processing machines" (by $27.4 billion or 39.4%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $24.3 billion or 24.5%).
Commentary
A Government spokesman says that merchandise exports rose markedly further in April, albeit at a less rapid year-on-year pace than in the preceding month. The Asian markets continued to distinctly outperform the US and EU markets, although the latter also showed some relative improvement.
The spokesman adds that looking ahead, the robust growth of the Asian region should continue to render support to Hong Kong's trade performance in the coming months. However, the European sovereign debt problem is posing a downside to the external environment. The austerity measures to be implemented by the indebted European countries may put a drag on the already fragile recovery in Europe and hence weigh on Hong Kong's export outlook in the latter part of the year.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for April 2010. Table 2 presents the original monthly trade statistics from January 2007 to April 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 April 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 April 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 April 2010 will be released in mid-June 2010.
The April 2010 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in April 2010. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the April 2010 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-June 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, May 27, 2010
Issued at HKT 16:30
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