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The Census and Statistics Department (C&SD) released today (February 24) the external merchandise trade statistics for January 2011. In January 2011, the values of Hong Kong's total exports and imports of goods both showed significant year-on-year increases, at 27.6% and 19.0% respectively.
In January 2011, the value of total exports of goods (comprising re-exports and domestic exports) increased by 27.6% over a year earlier to $283.7 billion, after a year-on-year increase of 12.5% in December 2010. Within this total, the value of re-exports increased by 28.1% to $277.6 billion in January 2011, while the value of domestic exports increased by 9.1% to $6.1 billion. Concurrently, the value of imports of goods increased by 19.0% over a year earlier to $299.6 billion in January 2011, after a year-on-year increase of 14.8% in December 2010. A visible trade deficit of $16.0 billion, equivalent to 5.3% of the value of imports of goods, was recorded in January 2011.
Comparing the three-month period ending January 2011 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 4.7%. Within this total, the value of re-exports increased by 4.5%, while the value of domestic exports went up by 14.1%. Meanwhile, the value of imports of goods increased by 5.6%.
Analysis by country/territory
Comparing January 2011 with January 2010, total exports to Asia as a whole grew by 29.6%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Thailand (+72.7%), India (+65.5%), Vietnam (+36.9%), Korea (+30.7%) and the mainland of China (the Mainland) (+29.3%).
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 USA (+27.5%) and Germany (+15.9%).
Over the same period of comparison, significant increases were registered in the values of imports from all major suppliers, in particular Korea (+31.1%), the Mainland (+25.9%), India (+20.0%), Japan (+17.4%) and Thailand (+17.3%).
Comparing the three months ending January 2011 with the three months ending January 2010, significant year-on-year increases were registered in the values of total exports to most major destinations, in particular Thailand (+46.7%), India (+41.0%), Korea (+26.4%), Singapore (+20.0%) and the Mainland (+19.3%).
Over the same period of comparison, significant year-on-year increases were registered in the values of imports from most major suppliers, in particular India (+22.6%), the Mainland (+19.5%), Thailand (+17.3%), the USA (+16.9%) and Japan (+15.5%).
Analysis by major commodity
Comparing January 2011 with January 2010, increases were registered in the values of total exports of all principal commodity divisions, in particular "office machines and automatic data processing machines" (by $12.9 billion or 57.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $11.8 billion or 31.8%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $10.9 billion or 17.3%).
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 $10.5 billion or 32.2%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $8.5 billion or 11.9%) and "office machines and automatic data processing machines" (by $7.6 billion or 33.1%).
Comparing the three months ending January 2011 with the three months ending January 2010, year-on-year increases were registered in the values of total exports of all principal commodity divisions, in particular "office machines and automatic data processing machines" (by $26.7 billion or 38.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $22.6 billion or 18.6%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $17.8 billion or 9.6%).
Over the same period of comparison, year-on-year 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 $22.8 billion or 21.4%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $18.8 billion or 8.9%) and "office machines and automatic data processing machines" (by $18.5 billion or 26.5%).
Commentary
A Government spokesman notes that merchandise exports increased sharply in January 2011 amid robust demand from the Asian and other emerging markets, as well as further recovery of the US and EU markets. The timing of the Lunar New Year this year, which fell in early February and resulted in some rush shipments in late January, may also have contributed. Hence, it is necessary to analyse the trade figures for January and February combined for a clearer picture of the underlying trend.
The spokesman comments further that looking ahead, the vibrant Asian markets should continue to render a solid support to Hong Kong's external trade. Yet we should also stay vigilant to the uncertainties in the external environment, including those arising from the weak fundamentals of the advanced economies and lately the geopolitical tensions around the Middle East.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for January 2011. Table 2 presents the original monthly trade statistics from January 2008 to January 2011, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to ten main destinations for January 2011 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 January 2011.
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 January 2011 will be released in mid-March 2011.
The January 2011 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in January 2011. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the January 2011 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-March 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).
Enquiries on merchandise trade statistics may be directed to Trade Analysis Section of the C&SD (Tel.: 2582 5042).
Ends/Thursday, February 24, 2011
Issued at HKT 16:30
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