***************************************************
The Census and Statistics Department (C&SD) released today (July 28) the external merchandise trade statistics for June 2011. In June 2011, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 9.2% and 11.5% respectively.
In June 2011, the value of total exports of goods (comprising re-exports and domestic exports) increased by 9.2% over a year earlier to $292.2 billion, after a year-on-year increase of 10.1% in May 2011. Within this total, the value of re-exports increased by 9.6% to $286.7 billion in June 2011, whereas the value of domestic exports decreased by 5.8% to $5.6 billion. Concurrently, the value of imports of goods increased by 11.5% over a year earlier to $332.5 billion in June 2011, after a year-on-year increase of 13.0% in May 2011. A visible trade deficit of $40.3 billion, equivalent to 12.1% of the value of imports of goods, was recorded in June 2011.
For the first half of 2011 as a whole, the value of total exports of goods rose by 15.4% over the same period in 2010. Within this total, the value of re-exports increased by 15.6%, while the value of domestic exports increased by 6.2%. Concurrently, the value of imports of goods increased by 15.0%. A visible trade deficit of $200.4 billion, equivalent to 11.0% of the value of imports of goods, was recorded in the first half of 2011.
Comparing the second quarter of 2011 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods decreased by 9.4%. Within this total, the value of re-exports decreased by 9.4%, while the value of domestic exports went down by 10.4%. Meanwhile, the value of imports of goods decreased by 4.2%.
Analysis by country/territory
Comparing June 2011 with June 2010, total exports to Asia as a whole grew by 10.5%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Vietnam (+76.0%), India (+45.6%), Thailand (+36.0%), Taiwan (+27.7%) and the mainland of China (the Mainland) (+6.0%).
Apart from destinations in Asia, increases were also registered in the values of total exports to some major destinations in other regions, in particular the United Kingdom (+7.5%) and Germany (+7.1%).
Concurrently, decreases were registered in the values of total exports to some major destinations, in particular the USA (-5.2%).
Over the same period of comparison, significant increases were registered in the values of imports from some major suppliers, in particular Switzerland (+74.9%), India (+42.0%), the USA (+14.5%), the Mainland (+14.1%) and Malaysia (+5.3%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular Thailand (-8.9%), Taiwan (-2.3%) and Japan (-1.9%).
For the first half 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 (+44.4%), India (+36.6%), Taiwan (+25.2%), Korea (+20.9%) and the Mainland (+14.8%). However, a slight year-on-year decrease was registered in the value of total exports to the United Kingdom (-1.5%).
Over the same period of comparison, significant year-on-year increases were registered in the values of imports from all major suppliers, in particular Switzerland (+53.9%), India (+28.4%), the USA (+19.3%), Korea (+16.4%) and the Mainland (+15.3%).
Analysis by major commodity
Comparing June 2011 with June 2010, increases were registered in the values of total exports of many principal commodity divisions, in particular "office machines and automatic data processing machines" (by $7.6 billion or 28.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.4 billion or 8.4%) and "non-ferrous metals" (by $4.2 billion or 107.2%). However, decreases were registered in the values of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $2.2 billion or -2.9%), "textile yarn, fabrics, made-up articles and related products" (by $1.0 billion or -11.4%) and "plastics in primary forms" (by $0.3 billion or -4.8%).
Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.7 billion or 15.4%), "office machines and automatic data processing machines" (by $5.3 billion or 19.9%) and "non-metallic mineral manufactures" (by $5.2 billion or 40.0%). However, decreases were registered in the values of imports of "plastics in primary forms" (by $1.7 billion or -21.6%) and "textile yarn, fabrics, made-up articles and related products" (by $1.1 billion or -13.0%).
For the first half 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 $39.5 billion or 9.8%), "office machines and automatic data processing machines" (by $37.9 billion or 25.0%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $33.2 billion or 14.3%).
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 $43.5 billion or 9.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $33.5 billion or 16.1%) and "office machines and automatic data processing machines" (by $26.0 billion or 17.4%).
Commentary
A Government spokesman noted that merchandise exports expanded further in value terms in June 2011 over a year earlier. Among the major markets, more notable increases were recorded in exports to India, Taiwan, Korea and Vietnam, and exports to Japan also rebounded. However, exports to the US fell further, and those to the Mainland and the EU saw only moderate increases.
The spokesman commented further that the performance of merchandise exports in the past few months was to some extent affected by the disruptions to global supply chains caused by the Japan incident. This dampening effect should gradually fade out in the coming months. However, the external trading environment remains challenging going forward, particularly in view of the feeble economic recovery of the US and the uncertainty about its national debt ceiling, the lingering sovereign debt problem in the eurozone, and the policy tightening in Asia.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for June 2011. Table 2 presents the original monthly trade statistics from January 2008 to June 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 June 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 June 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 June 2011 will be released in mid-August 2011.
The June 2011 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in June 2011. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the June 2011 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-August 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, July 28, 2011
Issued at HKT 16:31
NNNN
