**************************************************
The Census and Statistics Department (C&SD) released today (June 24) the external merchandise trade statistics for May 2010. In May 2010, the values of Hong Kong's total exports and imports of goods both showed significant year-on-year increases, at 24.4% and 29.7% respectively.
In May 2010, the value of total exports of goods (comprising re-exports and domestic exports) increased by 24.4% over a year earlier to $254.2 billion, after a year-on-year increase of 21.7% in April 2010. Within this total, the value of re-exports increased by 24.6% to $248.3 billion in May 2010, while the value of domestic exports increased by 17.6% to $6.0 billion. Concurrently, the value of imports of goods increased by 29.7% over a year earlier to $279.3 billion in May 2010, after a year-on-year increase of 28.8% in April 2010. A visible trade deficit of $25.1 billion, equivalent to 9.0% of the value of imports of goods, was recorded in May 2010.
For the first five months of 2010 as a whole, the value of total exports of goods rose by 24.7% 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 21.3%. Concurrently, the value of imports of goods increased by 32.1%. A visible trade deficit of $148.6 billion, equivalent to 11.6% of the value of imports of goods, was recorded in the first five months of 2010.
Comparing the three-month period ending May 2010 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 6.6%. Within this total, the value of re-exports increased by 6.6%, while the value of domestic exports went up by 5.3%. Meanwhile, the value of imports of goods increased by 5.1%.
Analysis by country/territory
Comparing May 2010 with May 2009, total exports to Asia as a whole grew by 27.3%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Malaysia (+69.7%), Vietnam (+54.3%), Indonesia (+49.5%), India (+45.7%) and the mainland of China (the Mainland) (+25.6%).
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 Netherlands (+52.4%) and the USA (+24.0%). On the other hand, a decrease was registered in the value of total exports to 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 Korea (+50.0%), Japan (+43.2%), Taiwan (+41.9%), Singapore (+41.7%) and the Mainland (+27.1%).
For the first five 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 (+52.2%), India (+44.2%), the Mainland (+33.4%), Korea (+32.7%) and the Netherlands (+24.3%).
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 (+53.0%), Korea (+52.3%), Japan (+49.3%), Singapore (+48.9%) and the Mainland (+25.7%).
Analysis by major commodity
Comparing May 2010 with May 2009, significant increases were registered in the values of total exports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $15.9 billion or 29.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $14.0 billion or 38.6%) and "office machines and automatic data processing machines" (by $6.2 billion or 31.8%).
Over the same period of comparison, significant increases were registered in the values of imports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $22.5 billion or 39.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $11.2 billion or 37.2%) and "office machines and automatic data processing machines" (by $6.1 billion or 31.4%).
For the first five 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 $93.8 billion or 39.9%), "office machines and automatic data processing machines" (by $35.8 billion or 40.0%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $28.8 billion or 19.2%).
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 $126.7 billion or 51.1%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $35.5 billion or 27.4%) and "office machines and automatic data processing machines" (by $33.5 billion or 37.7%).
Commentary
A Government spokesman says that merchandise exports continued to grow markedly in May. While the vibrant intraregional trade in Asia provided most of the growth impetus, the US and Europe markets also grew notably from the exceptionally low base of comparison a year earlier.
The spokesman adds that going forward, the vibrant regional trade in Asia and the prevailing global recovery should continue to provide support to Hong Kong's external trade performance. However, the adverse effect on global trade flows from a possibly slower recovery in Europe due to the sovereign debt problem there may begin to emerge in the latter part of this year. To what extent this would impact on Hong Kong's exports needs to be closely monitored.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for May 2010. Table 2 presents the original monthly trade statistics from January 2007 to May 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 May 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 May 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 May 2010 will be released in mid-July 2010.
The May 2010 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in May 2010. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the May 2010 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-July 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, June 24, 2010
Issued at HKT 16:30
NNNN
