External Merchandise Trade Statistics for September 2005
******************************************************** Content of the press release
In September 2005, the values of Hong Kong's total exports and imports of goods both continued to show distinct year-on-year increases. The Census and Statistics Department released today (October 27) the external merchandise trade statistics for September 2005.
2. In September 2005, the value of total exports of goods (comprising re-exports and domestic exports) increased by 17.0% over a year earlier to $210.2 billion, after a year-on-year increase of 12.7% in August. Within this total, the value of re-exports increased by 16.5% to $195.8 billion in September, while the value of domestic exports increased by 24.2% to $14.4 billion. Concurrently, the value of imports of goods increased by 15.1% over a year earlier to $214.4 billion in September 2005, after a year-on-year increase of 12.9% in August. A visible trade deficit of $4.2 billion, equivalent to 2.0% of the value of imports of goods, was recorded in September 2005.
3. For the first nine months of 2005 as a whole, the value of total exports of goods rose by 12.0% over the same period in 2004. Within this total, the value of re-exports increased by 12.7%, while the value of domestic exports increased by 1.4%. Concurrently, the value of imports of goods increased by 10.0%. A visible trade deficit of $62.2 billion, equivalent to 3.6% of the value of imports of goods, was recorded in the first nine months of 2005.
4. Comparing the third quarter of 2005 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 1.7%. Within this total, the value of re-exports increased by 0.5%, while the value of domestic exports went up by 22.6%. Meanwhile, the value of imports of goods increased by 1.4%.
Analysis by country/territory
5. Comparing September 2005 with September 2004, increases were registered in the values of re-exports to all major destinations, in particular France (+33.4%), Japan (+22.6%), the Netherlands (+19.8%), the mainland of China (the Mainland) (+19.0%) and Germany (+13.8%). Concurrently, significant increases were registered in the values of domestic exports to most major destinations, in particular Australia (+100.7%), the Netherlands (+92.5%), Germany (+49.3%), Japan (+48.7%) and the United Kingdom (+34.4%).
6. Over the same periods of comparison, increases were registered in the values of imports from all major suppliers, in particular India (+66.8%), Thailand (+44.8%), Germany (+32.1%), Singapore (+30.8%) and Malaysia (+18.3%).
7. For the first nine 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 (+29.7%), France (+22.7%), Germany (+20.4%), the Mainland (+13.6%) and the United Kingdom (+12.6%). Concurrently, year-on-year increases were registered in the values of domestic exports to many major destinations, in particular Australia (+67.7%), the Netherlands (+46.0%), Japan (+43.1%) and Singapore (+31.6%). However, a significant year-on-year decrease was registered in the value of domestic exports to Germany (-34.8%).
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 (+23.9%), Thailand (+22.1%), Singapore (+18.1%), the Mainland (+14.5%) and the United States of America (+9.7%).
Analysis by major commodity
9. Comparing September 2005 with September 2004, increases were registered in the values of re-exports of all principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.5 billion or 32.7%), "office machines and automatic data processing machines" (by $7.0 billion or 32.6%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $5.0 billion or 15.0%). Concurrently, increases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $1.3 billion or 19.7%), "office machines and automatic data processing machines" (by $758 million or 168.9%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $325 million or 27.9%).
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 $8.1 billion or 35.1%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $7.4 billion or 18.3%) and "office machines and automatic data processing machines" (by $4.7 billion or 22.8%).
11. For the first nine 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 $43.3 billion or 27.4%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $39.2 billion or 14.1%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $31.6 billion or 15.8%). Concurrently, year-on-year increases were registered in the values of domestic exports of many principal commodity divisions, in particular "office machines and automatic data processing machines" (by $5.1 billion or 141.8%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $4.0 billion or 42.0%). However, a year-on-year decrease was registered in the value of domestic exports of "clothing" (by $9.7 billion or -21.4%).
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 $43.2 billion or 12.8%), "office machines and automatic data processing machines" (by $25.1 billion or 16.0%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $22.1 billion or 11.7%).
Commentary
13. A Government Secretariat spokesman noted that merchandise exports grew significantly further in September 2005 over a year earlier. The strong performance was broad-based, with exports to such major markets as the Mainland, the US, the EU and Japan, all showing double-digit growth. On a seasonally adjusted basis, the value of total exports of goods grew further in the third quarter of 2005 over the second quarter.
14. The spokesman further pointed out that the near-term outlook for Hong Kong's external trade remains fairly favourable, on the back of the continuous expansion of the global economy and the sustained strong growth in the Mainland's trade flows. Yet there are still a number of downside risks in the external environment, including the possible dampening impacts of the earlier surge in international oil prices and higher interest rates on the global economy, the lingering protectionist threats from the US and EU against the Mainland's exports, as well as the recent strengthening of the US dollar. It is also worth noting that there was a visibly faster growth in domestic exports of clothing in the more recent months. Conceivably, some local manufacturers have enlarged their clothing production in Hong Kong, in view of the safeguard measures imposed by the US and EU on certain clothing items from the Mainland. Concurrently, domestic exports of non-clothing items taken together also performed well. This trend, if continued, should help create additional jobs for the local manufacturing workers.
Further information
15. Table 1 at the annex presents the analysis of external merchandise trade figures in September 2005. Table 2 presents the original monthly trade figures from January 2002 to September 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 September 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 September 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 September 2005 will be released in late November 2005.
19. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in merchandise trade statistics reports. The September 2005 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in September 2005. This publication will be on sale at HK$65 per issue around 16 November 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).
******************************************************** Content of the press release
In September 2005, the values of Hong Kong's total exports and imports of goods both continued to show distinct year-on-year increases. The Census and Statistics Department released today (October 27) the external merchandise trade statistics for September 2005.
2. In September 2005, the value of total exports of goods (comprising re-exports and domestic exports) increased by 17.0% over a year earlier to $210.2 billion, after a year-on-year increase of 12.7% in August. Within this total, the value of re-exports increased by 16.5% to $195.8 billion in September, while the value of domestic exports increased by 24.2% to $14.4 billion. Concurrently, the value of imports of goods increased by 15.1% over a year earlier to $214.4 billion in September 2005, after a year-on-year increase of 12.9% in August. A visible trade deficit of $4.2 billion, equivalent to 2.0% of the value of imports of goods, was recorded in September 2005.
3. For the first nine months of 2005 as a whole, the value of total exports of goods rose by 12.0% over the same period in 2004. Within this total, the value of re-exports increased by 12.7%, while the value of domestic exports increased by 1.4%. Concurrently, the value of imports of goods increased by 10.0%. A visible trade deficit of $62.2 billion, equivalent to 3.6% of the value of imports of goods, was recorded in the first nine months of 2005.
4. Comparing the third quarter of 2005 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 1.7%. Within this total, the value of re-exports increased by 0.5%, while the value of domestic exports went up by 22.6%. Meanwhile, the value of imports of goods increased by 1.4%.
Analysis by country/territory
5. Comparing September 2005 with September 2004, increases were registered in the values of re-exports to all major destinations, in particular France (+33.4%), Japan (+22.6%), the Netherlands (+19.8%), the mainland of China (the Mainland) (+19.0%) and Germany (+13.8%). Concurrently, significant increases were registered in the values of domestic exports to most major destinations, in particular Australia (+100.7%), the Netherlands (+92.5%), Germany (+49.3%), Japan (+48.7%) and the United Kingdom (+34.4%).
6. Over the same periods of comparison, increases were registered in the values of imports from all major suppliers, in particular India (+66.8%), Thailand (+44.8%), Germany (+32.1%), Singapore (+30.8%) and Malaysia (+18.3%).
7. For the first nine 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 (+29.7%), France (+22.7%), Germany (+20.4%), the Mainland (+13.6%) and the United Kingdom (+12.6%). Concurrently, year-on-year increases were registered in the values of domestic exports to many major destinations, in particular Australia (+67.7%), the Netherlands (+46.0%), Japan (+43.1%) and Singapore (+31.6%). However, a significant year-on-year decrease was registered in the value of domestic exports to Germany (-34.8%).
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 (+23.9%), Thailand (+22.1%), Singapore (+18.1%), the Mainland (+14.5%) and the United States of America (+9.7%).
Analysis by major commodity
9. Comparing September 2005 with September 2004, increases were registered in the values of re-exports of all principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.5 billion or 32.7%), "office machines and automatic data processing machines" (by $7.0 billion or 32.6%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $5.0 billion or 15.0%). Concurrently, increases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $1.3 billion or 19.7%), "office machines and automatic data processing machines" (by $758 million or 168.9%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $325 million or 27.9%).
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 $8.1 billion or 35.1%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $7.4 billion or 18.3%) and "office machines and automatic data processing machines" (by $4.7 billion or 22.8%).
11. For the first nine 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 $43.3 billion or 27.4%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $39.2 billion or 14.1%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $31.6 billion or 15.8%). Concurrently, year-on-year increases were registered in the values of domestic exports of many principal commodity divisions, in particular "office machines and automatic data processing machines" (by $5.1 billion or 141.8%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $4.0 billion or 42.0%). However, a year-on-year decrease was registered in the value of domestic exports of "clothing" (by $9.7 billion or -21.4%).
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 $43.2 billion or 12.8%), "office machines and automatic data processing machines" (by $25.1 billion or 16.0%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $22.1 billion or 11.7%).
Commentary
13. A Government Secretariat spokesman noted that merchandise exports grew significantly further in September 2005 over a year earlier. The strong performance was broad-based, with exports to such major markets as the Mainland, the US, the EU and Japan, all showing double-digit growth. On a seasonally adjusted basis, the value of total exports of goods grew further in the third quarter of 2005 over the second quarter.
14. The spokesman further pointed out that the near-term outlook for Hong Kong's external trade remains fairly favourable, on the back of the continuous expansion of the global economy and the sustained strong growth in the Mainland's trade flows. Yet there are still a number of downside risks in the external environment, including the possible dampening impacts of the earlier surge in international oil prices and higher interest rates on the global economy, the lingering protectionist threats from the US and EU against the Mainland's exports, as well as the recent strengthening of the US dollar. It is also worth noting that there was a visibly faster growth in domestic exports of clothing in the more recent months. Conceivably, some local manufacturers have enlarged their clothing production in Hong Kong, in view of the safeguard measures imposed by the US and EU on certain clothing items from the Mainland. Concurrently, domestic exports of non-clothing items taken together also performed well. This trend, if continued, should help create additional jobs for the local manufacturing workers.
Further information
15. Table 1 at the annex presents the analysis of external merchandise trade figures in September 2005. Table 2 presents the original monthly trade figures from January 2002 to September 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 September 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 September 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 September 2005 will be released in late November 2005.
19. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in merchandise trade statistics reports. The September 2005 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in September 2005. This publication will be on sale at HK$65 per issue around 16 November 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/Thursday, October 27, 2005
Issued at HKT 16:15
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