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The Census and Statistics Department (C&SD) released today (July 27) the external merchandise trade statistics for June 2010. In June 2010, the values of Hong Kong's total exports and imports of goods both showed significant year-on-year increases, at 26.7% and 31.0% respectively.
In June 2010, the value of total exports of goods (comprising re-exports and domestic exports) increased by 26.7% over a year earlier to $267.6 billion, after a year-on-year increase of 24.4% in May 2010. Within this total, the value of re-exports increased by 26.8% to $261.7 billion in June 2010, while the value of domestic exports increased by 25.3% to $5.9 billion. Concurrently, the value of imports of goods increased by 31.0% over a year earlier to $298.2 billion in June 2010, after a year-on-year increase of 29.7% in May 2010. A visible trade deficit of $30.6 billion, equivalent to 10.3% of the value of imports of goods, was recorded in June 2010.
For the first half of 2010 as a whole, the value of total exports of goods rose by 25.1% over the same period in 2009. Within this total, the value of re-exports increased by 25.1%, while the value of domestic exports increased by 22.7%. Concurrently, the value of imports of goods increased by 31.9%. A visible trade deficit of $179.1 billion, equivalent to 11.3% of the value of imports of goods, was recorded in the first half of 2010.
Comparing the second quarter of 2010 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 5.2%. Within this total, the value of re-exports increased by 5.5%, whereas the value of domestic exports went down by 5.2%. Meanwhile, the value of imports of goods increased by 3.2%.
Analysis by country/territory
Comparing June 2010 with June 2009, total exports to Asia as a whole grew by 27.4%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular India (+48.4%), Indonesia (+47.3%), Thailand (+46.9%), Malaysia (+39.5%) and the mainland of China (the Mainland) (+26.2%).
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 Netherlands (+42.4%) and the USA (+29.4%).
Over the same period of comparison, significant increases were registered in the values of imports from all major suppliers, in particular Korea (+51.4%), Thailand (+49.4%), India (+46.1%), Singapore (+45.7%) and the Mainland (+28.2%).
For the first half 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 (+46.9%), India (+44.9%), Korea (+32.0%), the Mainland (+32.0%) and the Netherlands (+27.4%).
Over the same period of comparison, significant year-on-year increases were registered in the values of imports from all major suppliers, in particular Korea (+52.2%), Taiwan (+49.0%), Singapore (+48.4%), Thailand (+48.1%) and the Mainland (+26.2%).
Analysis by major commodity
Comparing June 2010 with June 2009, significant increases were registered in the values of total exports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $23.2 billion or 79.9%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $16.3 billion or 28.0%) and "office machines and automatic data processing machines" (by $3.9 billion or 17.7%).
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 $23.0 billion or 37.1%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $16.5 billion or 60.8%) and "office machines and automatic data processing machines" (by $4.9 billion or 22.1%).
For the first half 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 $110.2 billion or 37.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $52.1 billion or 29.1%) and "office machines and automatic data processing machines" (by $39.8 billion or 35.6%).
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 $149.8 billion or 48.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $51.9 billion or 33.2%) and "office machines and automatic data processing machines" (by $38.4 billion or 34.6%).
Commentary
A Government spokesman says that merchandise exports expanded distinctly further in June, mainly reflecting the robust growth of Asian markets and the gradual recovery in the advanced economies.
However, the spokesman also points out that the level of uncertainty in the external trading environment remains high, particularly in view of the austerity measures to be implemented in many European economies as well as the fading of the boosting effect from the earlier stimulus measures in the US economy. The Government will continue to monitor the developments closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for June 2010. Table 2 presents the original monthly trade statistics from January 2007 to June 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 June 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 June 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 June 2010 will be released in mid-August 2010.
The June 2010 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in June 2010. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the June 2010 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-August 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, July 27, 2010
Issued at HKT 16:30
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