External Merchandise Trade Statistics for August 2005
***************************************************** In August 2005, the values of Hong Kong's total exports and imports of goods both showed distinct year-on-year increases. The Census and Statistics Department released today (September 27) the external merchandise trade statistics for August 2005.
2. In August 2005, the value of total exports of goods (comprising re-exports and domestic exports) increased by 12.7% over a year earlier to $205.9 billion, after a year-on-year increase of 8.1% in July. Within this total, the value of re-exports increased by 12.4% to $191.8 billion in August, while the value of domestic exports increased by 16.9% to $14.1 billion. Concurrently, the value of imports of goods increased by 12.9% over a year earlier to $209.9 billion in August 2005, after a year-on-year increase of 6.5% in July. A visible trade deficit of $3.9 billion, equivalent to 1.9% of the value of imports of goods, was recorded in August 2005.
3. For the first eight months of 2005 as a whole, the value of total exports of goods rose by 11.3% 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 1.9%. Concurrently, the value of imports of goods increased by 9.3%. A visible trade deficit of $58.1 billion, equivalent to 3.9% of the value of imports of goods, was recorded in the first eight months of 2005.
4. Comparing the three-month period ending August 2005 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 5.1%. Within this total, the value of re-exports increased by 4.6%, while the value of domestic exports went up by 13.8%. Meanwhile, the value of imports of goods increased by 4.0%.
Analysis by country/territory
5. Comparing August 2005 with August 2004, increases were registered in the values of re-exports to most major destinations, in particular the Netherlands (+27.7%), Taiwan (+18.0%), the mainland of China (the Mainland) (+15.7%), the Republic of Korea (+12.9%) and Germany (+11.7%). Concurrently, increases were registered in the values of domestic exports to most major destinations, in particular the Netherlands (+89.0%), Japan (+69.1%), Australia (+50.1%), the Mainland (+30.6%) and Germany (+17.9%).
6. Over the same periods of comparison, increases were registered in the values of imports from most major suppliers, in particular Singapore (+36.3%), Thailand (+28.8%), the Mainland (+19.2%), the Philippines (+14.7%) and Taiwan (+13.5%).
7. For the first eight months of 2005 as a whole, year-on-year increases were registered in the values of re-exports to all major destinations, in particular the Netherlands (+31.0%), France (+21.5%), Germany (+21.3%), the United Kingdom (+14.3%) and the Mainland (+12.9%). Concurrently, year-on-year decreases were registered in the values of domestic exports to some major destinations, in particular Germany (-44.5%) and the United Kingdom (-41.0%). However, significant year-on-year increases were registered in the values of domestic exports to Australia (+63.1%), Japan (+42.4%) and the Netherlands (+40.7%).
8. Over the same periods of comparison, year-on-year increases were registered in the values of imports from many major suppliers, in particular Thailand (+18.9%), Singapore (+16.3%), the Mainland (+14.1%), the Philippines (+14.1%) and the United States of America (+8.9%).
Analysis by major commodity
9. Comparing August 2005 with August 2004, increases were registered in the values of re-exports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $10.2 billion or 31.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.6 billion or 17.7%) and "office machines and automatic data processing machines" (by $1.1 billion or 5.3%). Concurrently, increases were registered in the values of domestic exports of many principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $751 million or 70.8%), "office machines and automatic data processing machines" (by $634 million or 175.8%) and "clothing" (by $525 million or 7.6%).
10. Over the same periods of comparison, 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 $12.6 billion or 33.0%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.4 billion or 23.3%) and "plastics in primary forms" (by $1.3 billion or 23.8%).
11. For the first eight 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 $36.3 billion or 26.5%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $34.2 billion or 13.9%) and "clothing" (by $24.3 billion or 28.9%). Concurrently, year-on-year decreases were registered in the values of domestic exports of some principal commodity divisions, in particular "clothing" (by $11.0 billion or 28.1%). However, year-on-year increases were registered in the values of domestic exports of "office machines and automatic data processing machines" (by $4.4 billion or 138.0%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $3.7 billion or 43.9%).
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 $35.8 billion or 12.1%), "office machines and automatic data processing machines" (by $20.3 billion or 14.8%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $14.0 billion or 8.4%).
Commentary
13. A Government Secretariat spokesman noted that merchandise exports rose distinctly in August, with more notable increases recorded in such major markets as the Mainland and the EU as well as in some of the East Asian economies. On a seasonally adjusted basis, the value of total exports of goods also increased markedly in the three-month period ending August compared with the preceding three months.
14. The spokesman further pointed out that Hong Kong's external trade is expected to continue to grow solidly in the rest of 2005, supported by the continued expansion of the global economy and the Mainland's strong trade flows. However, surging oil prices and higher interest rates in the US may increasingly weigh on the global and regional demand, which in turn may contain the growth of Hong Kong's exports. The dampening effect on the US economy arising from the disruptions caused by Hurricane Katrina and lately Hurricane Rita is another area of concern.
Further information
15. Table 1 at the annex presents the analysis of external merchandise trade figures in August 2005. Table 2 presents the original monthly trade figures from January 2002 to August 2005, and 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 August 2005 are shown in Table 4 and 5 respectively, whereas the values of imports of goods from ten main suppliers are given in Table 6.
17. Table 7, 8 and 9 show the values of re-exports, domestic exports and imports of ten principal commodity divisions for August 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 August 2005 will be released in late October 2005.
19. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in merchandise trade statistics reports. The August 2005 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in August 2005. This publication will be on sale at HK$65 per issue around 17 October 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).
***************************************************** In August 2005, the values of Hong Kong's total exports and imports of goods both showed distinct year-on-year increases. The Census and Statistics Department released today (September 27) the external merchandise trade statistics for August 2005.
2. In August 2005, the value of total exports of goods (comprising re-exports and domestic exports) increased by 12.7% over a year earlier to $205.9 billion, after a year-on-year increase of 8.1% in July. Within this total, the value of re-exports increased by 12.4% to $191.8 billion in August, while the value of domestic exports increased by 16.9% to $14.1 billion. Concurrently, the value of imports of goods increased by 12.9% over a year earlier to $209.9 billion in August 2005, after a year-on-year increase of 6.5% in July. A visible trade deficit of $3.9 billion, equivalent to 1.9% of the value of imports of goods, was recorded in August 2005.
3. For the first eight months of 2005 as a whole, the value of total exports of goods rose by 11.3% 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 1.9%. Concurrently, the value of imports of goods increased by 9.3%. A visible trade deficit of $58.1 billion, equivalent to 3.9% of the value of imports of goods, was recorded in the first eight months of 2005.
4. Comparing the three-month period ending August 2005 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 5.1%. Within this total, the value of re-exports increased by 4.6%, while the value of domestic exports went up by 13.8%. Meanwhile, the value of imports of goods increased by 4.0%.
Analysis by country/territory
5. Comparing August 2005 with August 2004, increases were registered in the values of re-exports to most major destinations, in particular the Netherlands (+27.7%), Taiwan (+18.0%), the mainland of China (the Mainland) (+15.7%), the Republic of Korea (+12.9%) and Germany (+11.7%). Concurrently, increases were registered in the values of domestic exports to most major destinations, in particular the Netherlands (+89.0%), Japan (+69.1%), Australia (+50.1%), the Mainland (+30.6%) and Germany (+17.9%).
6. Over the same periods of comparison, increases were registered in the values of imports from most major suppliers, in particular Singapore (+36.3%), Thailand (+28.8%), the Mainland (+19.2%), the Philippines (+14.7%) and Taiwan (+13.5%).
7. For the first eight months of 2005 as a whole, year-on-year increases were registered in the values of re-exports to all major destinations, in particular the Netherlands (+31.0%), France (+21.5%), Germany (+21.3%), the United Kingdom (+14.3%) and the Mainland (+12.9%). Concurrently, year-on-year decreases were registered in the values of domestic exports to some major destinations, in particular Germany (-44.5%) and the United Kingdom (-41.0%). However, significant year-on-year increases were registered in the values of domestic exports to Australia (+63.1%), Japan (+42.4%) and the Netherlands (+40.7%).
8. Over the same periods of comparison, year-on-year increases were registered in the values of imports from many major suppliers, in particular Thailand (+18.9%), Singapore (+16.3%), the Mainland (+14.1%), the Philippines (+14.1%) and the United States of America (+8.9%).
Analysis by major commodity
9. Comparing August 2005 with August 2004, increases were registered in the values of re-exports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $10.2 billion or 31.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.6 billion or 17.7%) and "office machines and automatic data processing machines" (by $1.1 billion or 5.3%). Concurrently, increases were registered in the values of domestic exports of many principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $751 million or 70.8%), "office machines and automatic data processing machines" (by $634 million or 175.8%) and "clothing" (by $525 million or 7.6%).
10. Over the same periods of comparison, 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 $12.6 billion or 33.0%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.4 billion or 23.3%) and "plastics in primary forms" (by $1.3 billion or 23.8%).
11. For the first eight 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 $36.3 billion or 26.5%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $34.2 billion or 13.9%) and "clothing" (by $24.3 billion or 28.9%). Concurrently, year-on-year decreases were registered in the values of domestic exports of some principal commodity divisions, in particular "clothing" (by $11.0 billion or 28.1%). However, year-on-year increases were registered in the values of domestic exports of "office machines and automatic data processing machines" (by $4.4 billion or 138.0%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $3.7 billion or 43.9%).
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 $35.8 billion or 12.1%), "office machines and automatic data processing machines" (by $20.3 billion or 14.8%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $14.0 billion or 8.4%).
Commentary
13. A Government Secretariat spokesman noted that merchandise exports rose distinctly in August, with more notable increases recorded in such major markets as the Mainland and the EU as well as in some of the East Asian economies. On a seasonally adjusted basis, the value of total exports of goods also increased markedly in the three-month period ending August compared with the preceding three months.
14. The spokesman further pointed out that Hong Kong's external trade is expected to continue to grow solidly in the rest of 2005, supported by the continued expansion of the global economy and the Mainland's strong trade flows. However, surging oil prices and higher interest rates in the US may increasingly weigh on the global and regional demand, which in turn may contain the growth of Hong Kong's exports. The dampening effect on the US economy arising from the disruptions caused by Hurricane Katrina and lately Hurricane Rita is another area of concern.
Further information
15. Table 1 at the annex presents the analysis of external merchandise trade figures in August 2005. Table 2 presents the original monthly trade figures from January 2002 to August 2005, and 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 August 2005 are shown in Table 4 and 5 respectively, whereas the values of imports of goods from ten main suppliers are given in Table 6.
17. Table 7, 8 and 9 show the values of re-exports, domestic exports and imports of ten principal commodity divisions for August 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 August 2005 will be released in late October 2005.
19. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in merchandise trade statistics reports. The August 2005 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in August 2005. This publication will be on sale at HK$65 per issue around 17 October 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/Tuesday, September 27, 2005
Issued at HKT 16:17
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