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The Census and Statistics Department (C&SD) released today (June 28) the external merchandise trade statistics for May 2011. In May 2011, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 10.1% and 13.0% respectively.
In May 2011, the value of total exports of goods (comprising re exports and domestic exports) increased by 10.1% over a year earlier to $279.9 billion, after a year-on-year increase of 4.1% in April 2011. Within this total, the value of re exports increased by 10.3% to $273.8 billion in May 2011, while the value of domestic exports increased by 2.4% to $6.1 billion. Concurrently, the value of imports of goods increased by 13.0% over a year earlier to $315.6 billion in May 2011, after a year-on-year increase of 6.1% in April 2011. A visible trade deficit of $35.7 billion, equivalent to 11.3% of the value of imports of goods, was recorded in May 2011.
For the first five months of 2011 as a whole, the value of total exports of goods rose by 17.0% over the same period in 2010. Within this total, the value of re exports increased by 17.2%, while the value of domestic exports increased by 9.0%. Concurrently, the value of imports of goods increased by 15.8%. A visible trade deficit of $159.3 billion, equivalent to 10.7% of the value of imports of goods, was recorded in the first five months of 2011.
Comparing the three-month period ending May 2011 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 2.8%. Within this total, the value of re exports decreased by 2.8%, while the value of domestic exports went down by 0.7%. Meanwhile, the value of imports of goods increased slightly by 0.1%.
Analysis by country/territory
Comparing May 2011 with May 2010, total exports to Asia as a whole grew by 11.0%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Taiwan (+40.6%), Vietnam (+37.2%), Thailand (+35.4%), Korea (+25.1%) and the mainland of China (the Mainland) (+8.8%). On the other hand, decreases were recorded in the values of total exports to Japan (-6.1%) and Indonesia (-3.3%).
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 (+24.1%).
Concurrently, decreases were registered in the values of total exports to some major destinations, in particular the United Kingdom (-7.4%) and the USA (-2.4%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Switzerland (+124.2%), India (+39.2%), the USA (+32.4%), Malaysia (+18.8%) and the Mainland (+10.3%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular Japan (-4.2%), Thailand (-4.0%) and Taiwan (-1.4%).
For the first five 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 (+46.4%), India (+34.6%), Taiwan (+28.3%), Germany (+20.8%), Korea (+20.8%) and the Mainland (+16.8%). Concurrently, a year-on-year decrease was registered in the value of total exports to the United Kingdom (-3.7%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Switzerland (+49.6%), India (+25.5%), Korea (+20.7%), the USA (+20.4%) and the Mainland (+15.6%).
Analysis by major commodity
Comparing May 2011 with May 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 $6.5 billion or 9.2%), "office machines and automatic data processing machines" (by $6.0 billion or 23.4%) and "non-metallic mineral manufactures" (by $4.9 billion or 63.0%). However, decreases were registered in the values of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $10.9 billion or -21.8%) and "plastics in primary forms" (by $0.3 billion or -5.2%).
Over the same period of comparison, 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 $7.0 billion or 8.8%), "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $6.1 billion or 34.2%) and "non-metallic mineral manufactures" (by $5.2 billion or 51.2%). However, decreases were registered in the values of imports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.2 billion or -7.9%) and "textile yarn, fabrics, made-up articles and related products" (by $0.5 billion or -6.1%).
For the first five 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 "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $41.7 billion or 12.7%), "office machines and automatic data processing machines" (by $30.4 billion or 24.2%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $28.7 billion or 16.0%).
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 $42.1 billion or 11.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $26.7 billion or 16.2%) and "office machines and automatic data processing machines" (by $20.6 billion or 16.8%).
Commentary
A Government spokesman notes that merchandise exports rebounded in May 2011, supported by the solid performance of many Asian and emerging markets. Yet many advanced markets, including Japan, the US and the EU, showed a weaker performance.
The spokesman comments further that looking ahead, the further expansion of the Asian and emerging markets should continue to support Hong Kong's export performance. However, the level of uncertainty in the external environment has increased of late. While the disruptions to supply chains caused by the Japan incident may continue to affect trade flows in the coming months, we also need to stay alert to the sovereign debt problem in the eurozone, the unsteady recovery in the US, policy tightening in Asia, and geopolitical tensions in the Middle East and North Africa.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for May 2011. Table 2 presents the original monthly trade statistics from January 2008 to May 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 May 2011 are shown in Table 4, whereas the values of imports of goods from ten main suppliers are given in Table 5.
Tables 6 and 7 show the values of total exports and imports of ten principal commodity divisions for May 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 May 2011 will be released in mid-July 2011.
The May 2011 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in May 2011. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the May 2011 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-July 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/Tuesday, June 28, 2011
Issued at HKT 16:31
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