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The Census and Statistics Department (C&SD) released today (November 24) the external merchandise trade statistics for October 2011. In October 2011, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 11.5% and 10.9% respectively.
In October 2011, the value of total exports of goods (comprising re-exports and domestic exports) increased by 11.5% over a year earlier to $305.7 billion, after a year-on-year decrease of 3.0% in September 2011. Within this total, the value of re-exports increased by 12.0% to $300.4 billion in October 2011, whereas the value of domestic exports decreased by 12.5% to $5.3 billion. Concurrently, the value of imports of goods increased by 10.9% over a year earlier to $328.8 billion in October 2011, after a year-on-year increase of 2.3% in September 2011. A visible trade deficit of $23.1 billion, equivalent to 7.0% of the value of imports of goods, was recorded in October 2011.
For the first ten months of 2011 as a whole, the value of total exports of goods rose by 11.3% over the same period in 2010. Within this total, the value of re-exports increased by 11.6%, whereas the value of domestic exports decreased by 1.7%. Concurrently, the value of imports of goods increased by 12.6%. A visible trade deficit of $334.4 billion, equivalent to 10.7% of the value of imports of goods, was recorded in the first ten months of 2011.
Comparing the three-month period ending October 2011 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 0.9%. Within this total, the value of re-exports decreased by 0.8%, while the value of domestic exports went down by 8.1%. Meanwhile, the value of imports of goods decreased by 0.7%.
Analysis by country/territory
Comparing October 2011 with October 2010, total exports to Asia as a whole grew by 13.7%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Vietnam (+42.9%), India (+30.8%), Korea (+20.6%), Taiwan (+18.3%) and the mainland of China (the Mainland) (+11.9%).
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 (+5.5%) and the USA (+2.0%). Concurrently, a decrease was registered in the value of total exports to the United Kingdom (-6.5%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Switzerland (+57.6%), Taiwan (+17.7%), Singapore (+13.5%), Japan (+11.7%) and the Mainland (+8.4%). Concurrently, a decrease was registered in the value of imports from Thailand (-9.7%).
For the first ten months of 2011 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular Thailand (+35.1%), India (+30.9%), Taiwan (+25.9%), Korea (+18.4%) and the Mainland (+9.6%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Switzerland (+55.9%), India (+23.3%), the USA (+15.8%), the Mainland (+11.9%) and Korea (+11.5%).
Analysis by major commodity
Comparing October 2011 with October 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 $6.7 billion or 14.0%), "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $6.0 billion or 28.3%) and "office machines and automatic data processing machines" (by $4.3 billion or 15.3%).
Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.5 billion or 20.4%), "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $6.7 billion or 34.1%) and "petroleum, petroleum products and related materials" (by $4.1 billion or 47.5%). However, decreases were registered in the values of imports of "plastics in primary forms" (by $0.9 billion or -13.9%), "articles of apparel and clothing accessories" (by $0.2 billion or -1.4%) and "textile yarn, fabrics, made-up articles and related products" (by $0.1 billion or -0.9%).
For the first ten 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 $61.0 billion or 14.7%), "office machines and automatic data processing machines" (by $51.3 billion or 18.9%) and "non-metallic mineral manufactures" (by $31.8 billion or 37.3%).
Over the same period of comparison, year-on-year 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 $65.3 billion or 17.6%), "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $41.8 billion or 23.8%) and "non-metallic mineral manufactures" (by $37.1 billion or 32.6%).
Commentary
A Government spokesman noted that the value of merchandise exports resumed positive year-on-year growth in October. The rebound was almost across-the-board, with particularly distinct turnaround seen in exports to the Mainland. Exports to the US, EU and Japan also reverted to modest growth, while those to some Asian markets re-accelerated to strong double-digit increases. However, the year-on-year growth in October has to be viewed in conjunction with the relatively low base of comparison a year earlier.
The spokesman commented further that looking ahead, the external environment will continue to be clouded by the rapidly evolving eurozone sovereign debt crisis and fragile fundamentals of the advanced economies. Against this background, Hong Kong's near-term export prospect remains highly uncertain. We need to stay vigilant to the external developments and closely monitor how they will impact on the Asian region as a whole and our trade performance going forward.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for October 2011. Table 2 presents the original monthly trade statistics from January 2008 to October 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 October 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 October 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 October 2011 will be released in mid-December 2011.
The October 2011 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in October 2011. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the October 2011 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-December 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, November 24, 2011
Issued at HKT 16:31
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