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The Census and Statistics Department (C&SD) released today (April 28) the external merchandise trade statistics for March 2011. In March 2011, the values of Hong Kong's total exports and imports of goods both showed significant year-on-year increases, at 21.5% and 18.8% respectively.
In March 2011, the value of total exports of goods (comprising re exports and domestic exports) increased by 21.5% over a year earlier to $281.5 billion, after a year-on-year increase of 24.9% in February 2011. Within this total, the value of re exports increased by 21.7% to $275.1 billion in March 2011, while the value of domestic exports increased by 11.6% to $6.4 billion. Concurrently, the value of imports of goods increased by 18.8% over a year earlier to $321.6 billion in March 2011, after a year-on-year increase of 25.2% in February 2011. A visible trade deficit of $40.1 billion, equivalent to 12.5% of the value of imports of goods, was recorded in March 2011.
For the first quarter of 2011 as a whole, the value of total exports of goods rose by 24.6% over the same period in 2010. Within this total, the value of re exports increased by 24.9%, while the value of domestic exports increased by 11.9%. Concurrently, the value of imports of goods increased by 20.6%. A visible trade deficit of $81.0 billion, equivalent to 9.3% of the value of imports of goods, was recorded in the first quarter of 2011.
Comparing the first quarter of 2011 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 17.2%. Within this total, the value of re exports increased by 17.3%, while the value of domestic exports went up by 11.3%. Meanwhile, the value of imports of goods increased by 13.6%.
Analysis by country/territory
Comparing March 2011 with March 2010, total exports to Asia as a whole grew by 20.7%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Thailand (+54.6%), Taiwan (+45.0%), India (+38.6%), the mainland of China (the Mainland) (+18.9%) and Singapore (+18.4%).
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 Germany (+22.2%), the United Kingdom (+21.1%) and the USA (+14.8%).
Over the same period of comparison, increases were registered in the values of imports from all major suppliers, in particular Singapore (+30.8%), Korea (+29.1%), Thailand (+24.1%), the Mainland (+20.7%) and the USA (+19.0%).
For the first quarter 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 (+56.2%), India (+48.1%), the Mainland (+27.6%), Singapore (+23.8%) and Korea (+23.0%).
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 (+29.0%), Thailand (+25.3%), Singapore (+23.3%), India (+23.3%) and the Mainland (+21.3%).
Analysis by major commodity
Comparing March 2011 with March 2010, 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 $14.4 billion or 21.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $12.6 billion or 40.9%) and "non-metallic mineral manufactures" (by $5.6 billion or 56.6%).
Over the same period of comparison, 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 $15.6 billion or 19.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $9.1 billion or 28.5%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $5.7 billion or 33.9%).
For the first quarter of 2011 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 $41.6 billion or 22.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $35.4 billion or 36.6%) and "office machines and automatic data processing machines" (by $24.8 billion or 34.9%).
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 $40.2 billion or 19.1%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $26.8 billion or 29.5%) and "office machines and automatic data processing machines" (by $17.7 billion or 25.2%).
Commentary
A Government spokesman notes that merchandise exports grew robustly across major markets in March 2011. While the Asian markets as a whole remained strong, exports to the US and EU also recorded double-digit growth in value terms over a year earlier.
The spokesman comments further that looking ahead, the vibrant performance of the Asian economies and the sustained recovery in the US and EU should continue to render support for Hong Kong's export performance. However, the various uncertainties in the external environment remain challenging. In addition, even though exports to Japan grew notably in the month despite the earthquake on March 11, the impact of the incident on regional trade flows may become more discernible in the trade figures for the coming months.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for March 2011. Table 2 presents the original monthly trade statistics from January 2008 to March 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 March 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 March 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 March 2011 will be released in mid-May 2011.
The March 2011 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in March 2011. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the March 2011 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-May 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 (1) of the C&SD (Tel.: 2582 5042).
Ends/Thursday, April 28, 2011
Issued at HKT 16:30
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