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The Census and Statistics Department (C&SD) released today (September 27) the external merchandise trade statistics for August 2011. In August 2011, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 6.8% and 14.1% respectively.
In August 2011, the value of total exports of goods (comprising re-exports and domestic exports) increased by 6.8% over a year earlier to $309.9 billion, after a year-on-year increase of 9.3% in July 2011. Within this total, the value of re-exports increased by 7.1% to $304.0 billion in August 2011, whereas the value of domestic exports decreased by 4.3% to $5.9 billion. Concurrently, the value of imports of goods increased by 14.1% over a year earlier to $344.7 billion in August 2011, after a year-on-year increase of 10.2% in July 2011. A visible trade deficit of $34.8 billion, equivalent to 10.1% of the value of imports of goods, was recorded in August 2011.
For the first eight months of 2011 as a whole, the value of total exports of goods rose by 13.3% over the same period in 2010. Within this total, the value of re-exports increased by 13.6%, while the value of domestic exports increased by 2.0%. Concurrently, the value of imports of goods increased by 14.3%. A visible trade deficit of $271.1 billion, equivalent to 10.9% of the value of imports of goods, was recorded in the first eight months of 2011.
Comparing the three-month period ending August 2011 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 1.5%. Within this total, the value of re-exports increased by 1.9%, whereas the value of domestic exports went down by 18.8%. Meanwhile, the value of imports of goods increased by 2.5%.
Analysis by country/territory
Comparing August 2011 with August 2010, total exports to Asia as a whole grew by 7.3%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Taiwan (+41.0%), Vietnam (+34.9%), Thailand (+31.4%), Korea (+18.6%) and Japan (+12.3%). The value of total exports to the mainland of China (the Mainland) also rose by 3.4%.
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 (+13.4%) and the United Kingdom (+1.2%). Concurrently, a decrease was registered in the value of total exports to the USA (-3.9%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Switzerland (+63.9%), India (+28.4%), the USA (+23.8%), Thailand (+17.5%) and the Mainland (+11.3%). Concurrently, a decrease was registered in the value of imports from Malaysia (-6.7%).
For the first eight months of 2011 as a whole, year-on-year increases were registered in the values of total exports to all major destinations, in particular Thailand (+42.8%), India (+34.9%), Taiwan (+27.1%), Korea (+19.4%) and the Mainland (+11.7%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Switzerland (+56.4%), India (+26.6%), the USA (+18.5%), Korea (+14.6%) and the Mainland (+14.1%).
Analysis by major commodity
Comparing August 2011 with August 2010, increases were registered in the values of total exports of some principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $7.5 billion or 14.7%), "office machines and automatic data processing machines" (by $3.2 billion or 9.6%) and "non-ferrous metals" (by $2.5 billion or 54.8%). However, decreases were registered in the values of total exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $1.6 billion or -2.0%) and "articles of apparel and clothing accessories" (by $0.7 billion or -3.5%).
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 $9.7 billion or 23.0%), "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $5.0 billion or 26.6%) and "non-metallic mineral manufactures" (by $3.7 billion or 32.8%). However, decreases were registered in the values of imports of "plastics in primary forms" (by $0.8 billion or -11.8%) and "textile yarn, fabrics, made-up articles and related products" (by $0.2 billion or -2.8%).
For the first eight 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 $50.1 billion or 15.6%), "office machines and automatic data processing machines" (by $46.6 billion or 22.1%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $32.9 billion or 5.9%).
Over the same period of comparison, year-on-year increases were registered in the values of imports of all principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $51.6 billion or 18.0%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $42.5 billion or 6.7%) and "office machines and automatic data processing machines" (by $32.5 billion or 15.7%).
Commentary
A Government spokesman noted that the value of merchandise exports grew only moderately in August 2011 over a year earlier, mainly reflecting the weaker performance of the global economy in recent months. Exports to some Asian markets, such as Taiwan, Korea, Vietnam and Thailand, continued to see strong double-digit growth and the Japanese market also recovered somewhat. However, exports to the US fell for a fourth straight month and those to the Mainland showed a modest growth.
The spokesman commented further that the external environment has become increasingly challenging of late, due to the stalling recovery in the advanced economies and deepening sovereign debt crisis in the eurozone. Although the Asian region as a whole is still rather resilient, we need to stay alert to the significant downside risks to the global economy going forward.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for August 2011. Table 2 presents the original monthly trade statistics from January 2008 to August 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 August 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 August 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 August 2011 will be released in mid-October 2011.
The August 2011 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in August 2011. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the August 2011 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-October 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, September 27, 2011
Issued at HKT 16:30
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