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The Census and Statistics Department (C&SD) released today (October 26) the external merchandise trade statistics for September 2010. In September 2010, the values of Hong Kong's total exports and imports of goods both showed significant year-on-year increases, at 24.1% and 19.5% respectively.
In September 2010, the value of total exports of goods (comprising re-exports and domestic exports) increased by 24.1% over a year earlier to $280.2 billion, after a year-on-year increase of 36.0% in August 2010. Within this total, the value of re-exports increased by 24.2% to $274.2 billion in September 2010, while the value of domestic exports increased by 17.1% to $6.0 billion. Concurrently, the value of imports of goods increased by 19.5% over a year earlier to $304.7 billion in September 2010, after a year-on-year increase of 28.4% in August 2010. A visible trade deficit of $24.4 billion, equivalent to 8.0% of the value of imports of goods, was recorded in September 2010.
For the first nine months of 2010 as a whole, the value of total exports of goods rose by 26.1% over the same period in 2009. Within this total, the value of re-exports increased by 26.2%, while the value of domestic exports increased by 21.8%. Concurrently, the value of imports of goods increased by 29.0%. A visible trade deficit of $245.0 billion, equivalent to 9.9% of the value of imports of goods, was recorded in the first nine months of 2010.
Comparing the third quarter of 2010 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods increased by 1.6%. Within this total, the value of re-exports increased by 1.8%, whereas the value of domestic exports went down by 8.4%. Meanwhile, the value of imports of goods decreased by 0.6%.
Analysis by country/territory
Comparing September 2010 with September 2009, total exports to Asia as a whole grew by 24.1%. In this region, increases were registered in the values of total exports to most major destinations, in particular India (+72.7%), Vietnam (+35.0%), Malaysia (+31.1%), Thailand (+29.4%) and the mainland of China (the Mainland) (+23.1%).
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 (+31.5%) and the USA (+21.0%).
Over the same period of comparison, significant increases were registered in the values of imports from all major suppliers, in particular the USA (+30.3%), Thailand (+30.2%), Singapore (+29.8%), Malaysia (+25.2%) and the Mainland (+19.4%).
For the first nine months of 2010 as a whole, year-on-year increases were registered in the values of total exports to all major destinations, in particular India (+47.5%), Taiwan (+35.7%), the Mainland (+31.6%), the Netherlands (+27.0%) and Korea (+26.5%).
Over the same period of comparison, significant year-on-year increases were registered in the values of imports from all major suppliers, in particular Singapore (+44.2%), Korea (+40.5%), India (+38.6%), Thailand (+38.1%) and the Mainland (+24.9%).
Analysis by major commodity
Comparing September 2010 with September 2009, significant increases were registered in the values of total exports of all principal commodity divisions, in particular "office machines and automatic data processing machines" (by $14.0 billion or 72.6%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $12.3 billion or 19.2%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $9.5 billion or 24.9%).
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 $14.5 billion or 19.9%), "office machines and automatic data processing machines" (by $10.7 billion or 52.0%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $7.5 billion or 21.0%).
For the first nine months of 2010 as a whole, significant year-on-year 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 $172.9 billion or 37.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $81.5 billion or 28.5%) and "office machines and automatic data processing machines" (by $68.7 billion or 39.2%).
Over the same period of comparison, significant year-on-year 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 $213.7 billion or 42.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $72.3 billion or 28.1%) and "office machines and automatic data processing machines" (by $62.6 billion or 35.8%).
Commentary
A Government spokesman says that the strong momentum of expansion in merchandise exports continued in September. Asian market continued to expand vibrantly, in particular driven by the strong industrial production activities and investment demand there. Final demand from the United States and Europe also continued to recover, though exports to these markets have yet to return to their pre-crisis peaks in 2008.
The spokesman comments further that looking ahead, the strong domestic demand in Asia and resurgence in intra-regional trade flows should continue to be supportive to Hong Kong's merchandise exports. However, there are still considerable headwinds in the external environment, with the still fragile recovery in the advanced economies, rising protectionist sentiments and heightened volatility in exchange rate markets.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for September 2010. Table 2 presents the original monthly trade statistics from January 2007 to September 2010, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to 10 main destinations for September 2010 are shown in Table 4, whereas the values of imports of goods from 10 main suppliers are given in Table 5.
Table 6 and 7 show the values of total exports and imports of 10 principal commodity divisions for September 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 September 2010 will be released in mid-November 2010.
The September 2010 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in September 2010. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the September 2010 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-November 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, October 26, 2010
Issued at HKT 16:30
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