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Content of the press release
In July 2005, the values of Hong Kong's total exports and imports of goods both showed year-on-year increases. The Census and Statistics Department released today (August 26) the external merchandise trade statistics for July 2005.
2. In July 2005, the value of total exports of goods (comprising re-exports and domestic exports) increased by 8.1% over a year earlier to $198.4 billion, after a year-on-year increase of 12.6% in June. Within this total, the value of re-exports increased by 8.6% to $186.6 billion in July, while the value of domestic exports increased by 0.5% to $11.8 billion. Concurrently, the value of imports of goods increased by 6.5% over a year earlier to $201.6 billion in July 2005, after a year-on-year increase of 10.5% in June. A visible trade deficit of $3.2 billion, equivalent to 1.6% of the value of imports of goods, was recorded in July 2005.
3. For the first seven months of 2005 as a whole, the value of total exports of goods rose by 11.0% over the same period in 2004. Within this total, the value of re-exports increased by 12.1%, while the value of domestic exports decreased by 5.3%. Concurrently, the value of imports of goods increased by 8.7%. A visible trade deficit of $54.1 billion, equivalent to 4.2% of the value of imports of goods, was recorded in the first seven months of 2005.
4. Comparing the three-month period ending July 2005 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 11.1%. Within this total, the value of re-exports increased by 11.0%, while the value of domestic exports went up by 13.1%. Meanwhile, the value of imports of goods increased by 9.2%.
Analysis by country/territory
5. Comparing July 2005 with July 2004, increases were registered in the values of re-exports to most major destinations, in particular the Netherlands (+42.6%), France (+29.9%), Germany (+21.5%), the United Kingdom (+14.1%) and the United States of America (+7.1%). Concurrently, increases were registered in the values of domestic exports to many major destinations, in particular Japan (+96.0%), the Netherlands (+61.4%) and Australia (+56.8%). However, significant decreases were registered in the values of domestic exports to the United Kingdom (-56.7%) and Germany (-52.6%).
6. Over the same periods of comparison, increases were registered in the values of imports from most major suppliers, in particular Thailand (+22.9%), India (+18.2%), Malaysia (+14.9%), Singapore (+13.7%) and Germany (+11.5%).
7. For the first seven months of 2005 as a whole, year-on-year increases were registered in the values of re-exports to most major destinations, in particular the Netherlands (+31.5%), France (+23.7%), Germany (+22.9%), the United Kingdom (+17.5%) and the mainland of China (the Mainland) (+12.4%). Concurrently, year-on-year decreases were registered in the values of domestic exports to some major destinations, in particular Germany (-55.1%) and the United Kingdom (-49.8%). However, significant year-on-year increases were registered in the values of domestic exports to Australia (+65.4%), Japan (+38.6%) and Singapore (+35.6%).
8. Over the same periods of comparison, year-on-year increases were registered in the values of imports from many major suppliers, in particular India (+18.5%), Thailand (+17.3%), Singapore (+13.4%), the Mainland (+13.3%) and the United States of America (+9.0%).
Analysis by major commodity
9. Comparing July 2005 with July 2004, increases were registered in the values of re-exports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.8 billion or 25.8%), "clothing" (by $4.0 billion or 29.9%) and "office machines and automatic data processing machines" (by $3.8 billion or 20.0%). Concurrently, increases were registered in the values of domestic exports of many principal commodity divisions, in particular and "office machines and automatic data processing machines" (by $894 million or 237.7%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $563 million or 51.7%). However, a decrease was registered in the value of domestic exports of "clothing" (by $1.5 billion or -23.9%).
10. Over the same periods 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 $4.0 billion or 18.8%), "office machines and automatic data processing machines" (by $2.1 billion or 11.5%) and "plastics in primary forms" (by $1.4 billion or 27.8%).
11. For the first seven months of 2005 as a whole, year-on-year increases were registered in the values of re-exports of most principal commodity divisions, in particular "office machines and automatic data processing machines" (by $35.3 billion or 30.4%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $24.0 billion or 11.2%) and "clothing" (by $23.3 billion or 33.2%). Concurrently, year-on-year decreases were registered in the values of domestic exports of some principal commodity divisions, in particular "clothing" (by $11.5 billion or -35.7%). However, year-on-year increases were registered in the values of domestic exports of "office machines and automatic data processing machines" (by $3.7 billion or 132.1%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $2.9 billion or 40.0%).
12. Over the same periods of comparison, year-on-year increases were registered in the values of imports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $23.2 billion or 9.0%), "office machines and automatic data processing machines" (by $20.3 billion or 17.3%) and "non-metallic mineral manufactures" (by $10.2 billion or 25.7%).
Commentary
13. A government spokesman noted that merchandise exports grew solidly in July, supported by continued steady to strong growth in the Mainland, the US and the EU markets. On a seasonally adjusted basis, the value of total exports of goods increased markedly in the three-month period ending July compared with the preceding three months.
14. The government spokesman further pointed out that the near-term outlook for exports remains fairly positive, as economic growth in the US and the Mainland is still relatively robust. However, soaring oil prices are posing a key downside risk to global and regional demand. This may have some dampening effect on Hong Kong's export growth in the period ahead. Also, protectionist sentiment in the US and the EU against Mainland's products continues to constitute a source of uncertainty to the trading environment.
Further information
15. Table 1(text version of table 1) at the annex presents the analysis of external merchandise trade figures in July 2005. Table 2(text version of table 2) presents the original monthly trade figures from January 2002 to July 2005, and Table 3(text version of table 3) gives the seasonally adjusted series for the same period.
16. The values of re-exports and domestic exports of goods to ten main destinations in July 2005 are shown in Table 4(text version of table 4) and Table 5(text version of table 5) respectively, whereas the values of imports of goods from ten main suppliers are given in Table 6(text version of table 6).
17. Table 7(text version of table 7), Table 8(text version of table 8) and Table 9(text version of table 9) show the values of re-exports, domestic exports and imports of ten principal commodity divisions for July 2005.
18. 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 July 2005 will be released in late September 2005.
19. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in merchandise trade statistics reports. The July 2005 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in July 2005. This publication will be on sale at HK$65 per issue around September 14, 2005. Both print version and download version of the publication can be purchased online at the "Statistical Bookstore, Hong Kong" (http://www.statisticalbookstore.gov.hk). Download version of the publication can be purchased at 75% of its original price exclusively at the online Statistical Bookstore. Print version if purchased online is also offered a discount, at 85% of its original price at the Statistical Bookstore as well as the Government Bookstore (http://www.isd.gov.hk/eng/bookorder.htm). For purchase of print version, this can be done through mail order by returning a completed order form which can be downloaded from the C&SD's website (http://www.info.gov.hk/censtatd/eng/prod_serv/forms_index.html). Purchase can also be made in person at the Publications Unit of the C&SD (Address: 19/F, Wanchai Tower, 12 Harbour Road, Wan Chai; Tel.: 2582 3025).
20. Enquiries on merchandise trade statistics may be directed to the Census and Statistics Department (Tel.: 2582 5042).
Ends/Friday, August 26, 2005
Issued at HKT 16:17
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