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The Census and Statistics Department (C&SD) released today (May 26) the external merchandise trade statistics for April 2011. In April 2011, the values of Hong Kongˇ¦s total exports and imports of goods both recorded year-on-year increases, at 4.1% and 6.1% respectively.
In April 2011, the value of total exports of goods (comprising re exports and domestic exports) increased by 4.1% over a year earlier to $252.0 billion, after a year-on-year increase of 21.5% in March 2011. Within this total, the value of re exports increased by 4.0% to $246.1 billion in April 2011, while the value of domestic exports increased by 7.7% to $6.0 billion. Concurrently, the value of imports of goods increased by 6.1% over a year earlier to $294.5 billion in April 2011, after a year-on-year increase of 18.8% in March 2011. A visible trade deficit of $42.4 billion, equivalent to 14.4% of the value of imports of goods, was recorded in April 2011.
For the first four months of 2011 as a whole, the value of total exports of goods rose by 19.0% over the same period in 2010. Within this total, the value of re exports increased by 19.1%, while the value of domestic exports increased by 10.9%. Concurrently, the value of imports of goods increased by 16.6%. A visible trade deficit of $123.4 billion, equivalent to 10.6% of the value of imports of goods, was recorded in the first four months of 2011.
Comparing the three-month period ending April 2011 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 5.0%. Within this total, the value of re exports increased by 5.0%, while the value of domestic exports went up by 4.3%. Meanwhile, the value of imports of goods increased by 4.3%.
Analysis by country/territory
Comparing April 2011 with April 2010, total exports to Asia as a whole grew by 1.9%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Taiwan (+33.8%), Thailand (+29.1%), India (+13.6%) and Singapore (+12.7%). On the other hand, decreases were recorded in the values of total exports to the mainland of China (the Mainland) (-2.0%) and Japan (-0.4%).
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 (+30.1%) and the USA (+0.1%).
Concurrently, decreases were registered in the values of total exports to some major destinations, in particular the United Kingdom (-7.2%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Germany (+20.4%), India (+19.7%), the USA (+11.7%), Korea (+11.5%) and the Mainland (+6.0%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular Japan (-9.8%), Singapore (-8.3%), Thailand (-5.0%) and Taiwan (-3.5%).
For the first four 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 (+49.3%), India (+38.3%), Taiwan (+25.3%), Singapore (+21.0%) and the Mainland (+19.1%). Concurrently, a year-on-year decrease was registered in the value of total exports to the United Kingdom (-2.7%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Korea (+23.9%), India (+22.4%), the USA (+17.3%), the Mainland (+17.1%) and Thailand (+17.1%).
Analysis by major commodity
Comparing April 2011 with April 2010, increases were registered in the values of total exports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.4 billion or 13.6%), "non-metallic mineral manufactures" (by $3.0 billion or 39.6%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $2.3 billion or 13.7%). However, decreases were registered in the values of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $6.4 billion or -8.5%) and "office machines and automatic data processing machines" (by $0.4 billion or -1.5%).
Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $4.1 billion or 25.7%), "non-metallic mineral manufactures" (by $3.9 billion or 36.9%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.2 billion or 9.8%). However, a decrease was registered in the value of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $5.2 billion or -6.2%).
For the first four months of 2011 as a whole, year-on-year increases were registered in the values of total exports of all principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $39.8 billion or 30.9%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $35.2 billion or 13.6%) and "office machines and automatic data processing machines" (by $24.3 billion or 24.5%).
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 $35.0 billion or 11.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $30.0 billion or 24.2%) and "office machines and automatic data processing machines" (by $18.0 billion or 18.5%).
Commentary
A Government spokesman notes that merchandise exports slowed considerably in April 2011. The declines in exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" and "office machines and automatic data processing machines" posed a notable drag to the overall export performance in that month. This was conceivably due partly to the disruptions to the regional supply chains caused by the Japan incident. More observations in the coming months will be needed to ascertain the underlying trend of Hong Kong's export growth.
The spokesman comments further that while the still-strong economic conditions in many Asian markets will continue to support Hong Kong's external trade going forward, we need to stay vigilant to the downside risks in the external environment, including notably the repercussions from the Japan incident, recent deterioration of sovereign debt problems in certain European countries, policy tightening in Asia, and political unrest in part of North Africa and Middle East.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for April 2011. Table 2 presents the original monthly trade statistics from January 2008 to April 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 April 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 April 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 April 2011 will be released in mid-June 2011.
The April 2011 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in April 2011. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the April 2011 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-June 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, May 26, 2011
Issued at HKT 16:34
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