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The Census and Statistics Department (C&SD) released today (December 29) the external merchandise trade statistics for November 2011. In November 2011, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 2.0% and 8.8% respectively.
In November 2011, the value of total exports of goods (comprising re-exports and domestic exports) increased by 2.0% over a year earlier to $278.6 billion, after a year-on-year increase of 11.5% in October 2011. Within this total, the value of re-exports increased by 2.5% to $273.4 billion in November 2011, whereas the value of domestic exports decreased by 19.0% to $5.1 billion. Concurrently, the value of imports of goods increased by 8.8% over a year earlier to $322.7 billion in November 2011, after a year-on-year increase of 10.9% in October 2011. A visible trade deficit of $44.1 billion, equivalent to 13.7% of the value of imports of goods, was recorded in November 2011.
For the first eleven months of 2011 as a whole, the value of total exports of goods rose by 10.4% over the same period in 2010. Within this total, the value of re-exports increased by 10.7%, whereas the value of domestic exports decreased by 3.4%. Concurrently, the value of imports of goods increased by 12.2%. A visible trade deficit of $378.5 billion, equivalent to 11.0% of the value of imports of goods, was recorded in the first eleven months of 2011.
Comparing the three-month period ending November 2011 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 6.1%. Within this total, the value of re-exports decreased by 6.0%, while the value of domestic exports went down by 10.1%. Meanwhile, the value of imports of goods decreased by 4.8%.
Analysis by country/territory
Comparing November 2011 with November 2010, total exports to Asia as a whole grew by 4.4%. In this region, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+42.8%), Taiwan (+36.5%), India (+9.1%), Malaysia (+7.6%) and the mainland of China (the Mainland) (+2.5%).
Apart from destinations in Asia, increase was also registered in the value of total exports to Germany (+1.1%). Concurrently, decreases were registered in the values of total exports to some major destinations, in particular the United Kingdom (-8.3%) and the USA (-7.5%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular the USA (+41.9%), Switzerland (+39.7%), India (+23.2%), Korea (+22.4%) and the Mainland (+3.3%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular Thailand (-35.4%), Malaysia (-3.8%) and Japan (-0.9%).
For the first eleven months of 2011 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular Vietnam (+36.9%), India (+29.0%), Taiwan (+26.8%), Korea (+16.4%) and the Mainland (+8.9%). Concurrently, year-on-year decreases were registered in the values of total exports to the United Kingdom (-1.0%) and the USA (-0.4%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Switzerland (+54.0%), India (+23.3%), the USA (+18.3%), Korea (+12.4%) and the Mainland (+11.1%).
Analysis by major commodity
Comparing November 2011 with November 2010, increases were registered in the values of total exports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $14.9 billion or 20.8%), "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $2.9 billion or 13.8%) and "non-metallic mineral manufactures" (by $2.5 billion or 29.2%). However, decreases were registered in the values of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.7 billion or -11.4%), "office machines and automatic data processing machines" (by $8.7 billion or -28.7%) and "articles of apparel and clothing accessories" (by $1.1 billion or -7.2%).
Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $11.4 billion or 14.4%), "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $3.8 billion or 17.9%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.8 billion or 6.4%). However, decreases were registered in the values of imports of "office machines and automatic data processing machines" (by $5.5 billion or -19.2%), "textile yarn, fabrics, made-up articles and related products" (by $1.0 billion or -12.3%) and "articles of apparel and clothing accessories" (by $0.6 billion or -5.4%).
For the first eleven months of 2011 as a whole, year-on-year 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 $55.3 billion or 11.9%), "office machines and automatic data processing machines" (by $42.5 billion or 14.1%) and "electrical machinery, apparatus and appliances, and electrical parts thereof " (by $37.3 billion or 4.7%).
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 $68.1 billion or 16.4%), "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $45.6 billion or 23.2%) and "electrical machinery, apparatus and appliances, and electrical parts thereof " (by $42.0 billion or 4.7%).
Commentary
A Government spokesman noted that merchandise exports weakened again in November, showing only a modest year-on-year increase in value terms. With Europe being on the brink of recession, Asian economies including Hong Kong saw a weakening demand for their exports and also a fall in intra-regional trade flows that were associated with the global supply chains.
The spokesman commented further that looking ahead, Hong Kong's exports will continue to face strong headwinds, due to the deepening eurozone sovereign debt crisis and the unsteady economic situations in the advanced markets. We need to stay vigilant to these external developments.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for November 2011. Table 2 presents the original monthly trade statistics from January 2008 to November 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 November 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 November 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 November 2011 will be released in mid-January 2012.
The November 2011 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in November 2011. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the November 2011 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-January 2012. 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, December 29, 2011
Issued at HKT 16:35
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