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The Census and Statistics Department (C&SD) released today (March 24) the external merchandise trade statistics for February 2011. In February 2011, the values of Hong Kong's total exports and imports of goods both showed significant year-on-year increases, at 24.9% and 25.2% respectively.
As the trade flows in January and February of each year tend to show considerable volatilities due to difference in timing of the Lunar New Year Holidays, it is useful to analyse the trade figures for these two months taken together.
Taking January and February as a whole to neutralise the distortion caused by the difference in timing of the Lunar New Year Holidays, the value of total exports of goods rose by 26.4% over the same period in 2010. Within this total, the value of re-exports increased by 26.8%, while the value of domestic exports increased by 10.3%. Concurrently, the value of imports of goods increased by 21.7%. A visible trade deficit of $41.1 billion, equivalent to 7.4% of the value of imports of goods, was recorded in the first two months of 2011.
In February 2011, the value of total exports of good (comprising re-exports and domestic exports) increased by 24.9% over a year earlier to $227.8 billion, after a year-on-year increase of 27.6% in January 2011. Within this total, the value of re-exports increased by 25.2% to $223.3 billion in February 2011, while the value of domestic exports increased by 11.5% to $4.6 billion. Concurrently, the value of imports of goods increased by 25.2% over a year earlier to $253.0 billion in February 2011, after a year-on-year increase of 19.0% in January 2011. A visible trade deficit of $25.1 billion, equivalent to 9.9% of the value of imports of goods, was recorded in February 2011.
Comparing the three-month period ending February 2011 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 11.5%. Within this total, the value of re-exports increased by 11.5%, while the value of domestic exports went up by 16.0%. Meanwhile, the value of imports of goods increased by 9.9%.
Analysis by country/territory
Comparing February 2011 with February 2010, total exports to Asia as a whole grew by 33.0%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Vietnam (+57.6%), India (+43.6%), Thailand (+40.7%), the mainland of China (the Mainland) (+37.7%) and Malaysia (+26.6%).
Apart from destinations in Asia, increases were also registered in the values of total exports to some major destinations in other regions, in particular Germany (+10.4%).
Concurrently, decreases were registered in the values of total exports to some major destinations, in particular the United Kingdom (-14.8%) and the USA (-4.4%).
Over the same period of comparison, significant increases were registered in the values of imports from all major suppliers, in particular Thailand (+36.3%), the USA (+35.7%), India (+35.2%), Singapore (+31.3%) and the Mainland (+16.3%).
For the first two months of 2011 as a whole, significant year-on-year increases were registered in the values of total exports to most major destinations, in particular Thailand (+57.1%), India (+54.4%), the Mainland (+33.1%), Korea (+26.6%) and Singapore (+25.4%).
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 (+28.9%), India (+27.5%), Thailand (+26.0%), Japan (+22.2%) and the Mainland (+21.7%).
Analysis by major commodity
Comparing February 2011 with February 2010, significant 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 $16.3 billion or 30.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $10.9 billion or 37.8%) and "office machines and automatic data processing machines" (by $8.4 billion or 41.2%).
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 $16.0 billion or 26.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $7.2 billion or 27.3%) and "office machines and automatic data processing machines" (by $6.7 billion or 34.7%).
For the first two months of 2011 as a whole, 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 $27.2 billion or 23.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $22.7 billion or 34.4%) and "office machines and automatic data processing machines" (by $21.3 billion or 50.0%).
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 $24.6 billion or 18.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $17.7 billion or 29.9%) and "office machines and automatic data processing machines" (by $14.2 billion or 33.8%).
Commentary
A Government spokesman notes that merchandise exports remained strong in the first two months of 2011, with the Asian markets continuing to be the main growth driver.
The spokesman comments further that looking ahead, Hong Kong's exports should continue to benefit from the vibrant economic conditions in Asia and further recovery in the US and EU. However, there remain considerable uncertainties in the external environment, including those relating to the geopolitical tensions in the Middle East and North Africa and lately the possible repercussions from the earthquake in Japan. The impact of the latter will be reflected in the trade figures in the coming months, and needs close monitoring.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for February 2011. Table 2 presents the original monthly trade statistics from January 2008 to February 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 February 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 February 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 February 2011 will be released in mid-April.
The February 2011 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in February 2011. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the February 2011 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-April 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, March 24, 2011
Issued at HKT 16:30
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