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The Census and Statistics Department (C&SD) released today (January 25) the external merchandise trade statistics for December 2010. In December 2010, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 12.5% and 14.8% respectively.
In December 2010, the value of total exports of goods (comprising re-exports and domestic exports) increased by 12.5% over a year earlier to $253.0 billion, after a year-on-year increase of 16.6% in November 2010. Within this total, the value of re-exports increased by 12.3% to $246.6 billion in December 2010, while the value of domestic exports increased by 24.2% to $6.4 billion. Concurrently, the value of imports of goods increased by 14.8% over a year earlier to $296.5 billion in December 2010, after a year-on-year increase of 16.4% in November 2010. A visible trade deficit of $43.5 billion, equivalent to 14.7% of the value of imports of goods, was recorded in December 2010.
For 2010 as a whole, the value of total exports of goods rose by 22.8% over the same period in 2009. Within this total, the value of re-exports increased by 22.8%, while the value of domestic exports increased by 20.4%. Concurrently, the value of imports of goods increased by 25.0%. A visible trade deficit of $333.8 billion, equivalent to 9.9% of the value of imports of goods, was recorded in 2010.
Comparing the fourth quarter of 2010 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods decreased by 3.0%. Within this total, the value of re-exports decreased by 3.2%, whereas the value of domestic exports went up by 6.3%. Meanwhile, the value of imports of goods increased by 0.7%.
Analysis by country/territory
Comparing December 2010 with December 2009, total exports to Asia as a whole grew by 12.9%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Vietnam (+47.8%), Thailand (+47.0%), India (+39.2%), Korea (+28.4%) and the mainland of China (the Mainland) (+9.9%).
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 (+12.1%), the United Kingdom (+6.2%) and Germany (+4.5%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular India (+34.4%), the USA (+22.1%), Thailand (+16.3%), Malaysia (+16.0%) and the Mainland (+15.0%).
For 2010 as a whole, significant year-on-year increases were registered in the values of total exports to all major destinations, in particular India (+42.4%), the Mainland (+26.5%), Taiwan (+25.4%), Korea (+24.4%) and Singapore (+20.7%).
Over the same period of comparison, significant year-on-year increases were registered in the values of imports from all major suppliers, in particular India (+36.5%), Singapore (+35.9%), Thailand (+32.5%), Japan (+30.4%) and the Mainland (+22.4%).
Analysis by major commodity
Comparing December 2010 with December 2009, increases were registered in the values of total exports of most principal commodity divisions, in particular "office machines and automatic data processing machines" (by $6.4 billion or 26.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.4 billion or 10.6%) and "non-metallic mineral manufactures " (by $3.3 billion or 46.2%).
Over the same period of comparison, increases were registered in the values of imports of all principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.2 billion or 16.6%), "office machines and automatic data processing machines" (by $4.9 billion or 20.0%) and "photographic apparatus, equipment and supplies, optical goods, watches and clocks" (by $3.9 billion or 67.0%).
For 2010 as a whole, 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 $192.4 billion or 29.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $96.5 billion or 23.3%) and "office machines and automatic data processing machines" (by $83.1 billion or 33.3%).
Over the same period of comparison, 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 $235.9 billion or 32.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $88.6 billion or 24.0%) and "office machines and automatic data processing machines" (by $75.9 billion or 30.7%).
Commentary
A Government spokesman notes that merchandise exports showed a notable year-on-year growth in December 2010 despite a higher base of comparison, supported by the solid performance of the regional markets and the continued recovery in the advanced economies. However, the growth momentum of merchandise exports tapered somewhat in recent months after an extended period of rapid increases. For 2010 as a whole, merchandise exports surged sharply, already surpassing the peak in 2008 by a notable margin.
The spokesman comments further that the still robust economic conditions in Asia should continue to bode well for Hong Kong's external trade going forward. However, the level of uncertainty in the trading environment remains elevated, particularly in view of the weak fundamentals in the advanced economies and the sovereign debt problem in the euro area.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for December 2010. Table 2 presents the original monthly trade statistics from January 2007 to December 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 December 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 December 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 December 2010 will be released in mid-February 2011.
The December 2010 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in December 2010. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the December 2010 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-February 2011. 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, January 25, 2011
Issued at HKT 16:31
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