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External merchandise trade statistics for August 2012
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     The Census and Statistics Department (C&SD) released today (September 25) the external merchandise trade statistics for August 2012.  In August 2012, the values of Hong Kong's total exports and imports of goods both recorded marginal year-on-year increases, at 0.6% and 0.9% respectively.

     In August 2012, the value of total exports of goods (comprising re-exports and domestic exports) increased by 0.6% over a year earlier to $311.7 billion, after a year-on-year decrease of 3.5% in July 2012.  Within this total, the value of re-exports increased by 0.7% to $306.2 billion in August 2012, whereas the value of domestic exports decreased by 7.2% to $5.5 billion.  Concurrently, the value of imports of goods increased by 0.9% over a year earlier to $347.7 billion in August 2012, after a year-on-year decrease of 1.8% in July 2012.  A visible trade deficit of $36.0 billion, equivalent to 10.4% of the value of imports of goods, was recorded in August 2012.

     For the first eight months of 2012 as a whole, the value of total exports of goods dropped slightly by 0.2% over the same period in 2011.  Within this total, the value of re-exports increased by 0.1%, whereas the value of domestic exports decreased by 15.6%.  Concurrently, the value of imports of goods increased by 0.9%.  A visible trade deficit of $297.8 billion, equivalent to 11.9% of the value of imports of goods, was recorded in the first eight months of 2012.

     Comparing the three-month period ending August 2012 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 1.5%.  Within this total, the value of re-exports decreased by 1.5%, whereas the value of domestic exports went up slightly by 0.5%.  Meanwhile, the value of imports of goods increased by 1.5%.

Analysis by country/territory

     Comparing August 2012 with August 2011, total exports to Asia as a whole grew by 4.8%.  In this region, increases were registered in the values of total exports to some major destinations, in particular Malaysia (+10.2%), the mainland of China (the Mainland) (+8.5%) and Japan (+4.8%).  On the other hand, decreases were recorded in the values of total exports to Taiwan (-24.5%) and India (-14.4%).

     Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular Germany (-19.9%), the United Kingdom (-19.8%) and the USA (-5.4%).

     Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular the Mainland (+7.5%) and Korea (+6.7%).  Concurrently, decreases were registered in the values of imports from most major suppliers, in particular Switzerland (-25.7%), India (-18.4%), Singapore (-12.1%), Thailand (-11.5%) and Japan (-5.6%).

     For the first eight months of 2012 as a whole, year-on-year decreases were registered in the values of total exports to some major destinations, in particular India (-18.4%), Germany (-16.7%), the United Kingdom (-10.9%), Taiwan (-9.1%) and Korea (-5.0%). Concurrently, year-on-year increases were registered in the value of total exports to Vietnam (+16.7%), Japan (+6.2%), the Mainland (+1.8%) and the USA (+1.3%).

     Over the same period of comparison, year-on-year increases were registered in the values of imports from Switzerland (+4.4%) and the Mainland (+3.9%).  However, year-on-year decreases were registered in the values of imports from most major suppliers, in particular Thailand (-13.4%), India (-6.6%) and Singapore (-6.1%).

Analysis by major commodity

     Comparing August 2012 with August 2011, 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 $6.4 billion or 8.3%) and "office machines and automatic data processing machines" (by $4.1 billion or 11.0%).  However, decreases were registered in the values of total exports of "articles of apparel and clothing accessories" (by $2.9 billion or -14.2%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.2 billion or -3.8%).

     Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $5.7 billion or 17.0%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $5.1 billion or 5.8%).  However, decreases were registered in the value of imports of "non-metallic mineral manufactures" (by $1.9 billion or -12.8%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $1.5 billion or -6.1%).

     For the first eight months of 2012 as a whole, year-on-year decreases were registered in the values of total exports of some principal commodity divisions, in particular "articles of apparel and clothing accessories" (by $10.5 billion or -8.3%) and "non-metallic mineral manufactures" (by $6.2 billion or -6.7%).  However, year-on-year increases were registered in the values of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $26.9 billion or 7.3%) and "office machines and automatic data processing machines" (by $16.0 billion or 6.2%).

     Over the same period of comparison, year-on-year 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 $50.0 billion or 14.8%) and "office machines and automatic data processing machines" (by $20.4 billion or 8.5%).  However, year-on-year decreases were registered in the values of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $25.1 billion or -3.7%) and "non-metallic mineral manufactures" (by $5.9 billion or -4.9%).

Commentary

     A Government spokesman noted that merchandise exports remained sluggish in August.  The small year-on-year increase in value terms mainly reflected the moderate pick-up in exports to the Mainland and Japan.  However, widespread weaknesses still prevailed across most major markets.

     The spokesman commented further that looking ahead, the persistently weak fundamentals of the advanced economies, including those relating to the debt crisis in the eurozone, will continue to cast a shadow over the global economic outlook.  As such, Hong Kong's external trading environment will likely remain difficult in the near term.  We need to stay vigilant.

Further information

     Table 1 at the annex presents the analysis of external merchandise trade statistics for August 2012.  Table 2 presents the original monthly trade statistics from January 2009 to August 2012, 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 2012 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 2012.

     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 2012 will be released in mid-October 2012.

     The August 2012 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in August 2012.  Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the August 2012 issue of "Hong Kong Merchandise Trade Statistics".  The two publications will be available in mid-October 2012.  Users can download them free of charge at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp230.jsp).

     Enquiries on merchandise trade statistics may be directed to Trade Analysis Section (1) of the C&SD (Tel.: 2582 5042).

Ends/Tuesday, September 25, 2012
Issued at HKT 16:30

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