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In June 2006, the values of Hong Kong's total exports and imports of goods both showed year-on-year increases. The Census and Statistics Department (C&SD) released today (July 25) the external merchandise trade statistics for June 2006.
In June 2006, the value of total exports of goods (comprising re-exports and domestic exports) increased by 6.7% over a year earlier to $202.2 billion, after a year-on-year decrease of 0.1% in May. Within this total, the value of re-exports increased by 6.2% to $190.4 billion in June, while the value of domestic exports increased by 16.5% to $11.8 billion. Concurrently, the value of imports of goods increased by 9.9% over a year earlier to $216.0 billion, after a year-on-year increase of 2.5% in May. A visible trade deficit of $13.8 billion, equivalent to 6.4% of the value of imports of goods, was recorded in June 2006.
For the first half of 2006 as a whole, the value of total exports of goods rose by 8.5% over the same period in 2005. Within this total, the value of re-exports increased by 7.5%, while the value of domestic exports increased by 28.6%. Concurrently, the value of imports of goods increased by 10.8%. A visible trade deficit of $80.1 billion, equivalent to 6.7% of the value of imports of goods, was recorded in the first half of 2006.
Comparing the second quarter of 2006 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods decreased by 1.0%. Within this total, the value of re-exports decreased by 0.6%, while the value of domestic exports went down by 7.8%. Meanwhile, the value of imports of goods decreased by 0.3%.
Analysis by country/territory
Comparing June 2006 with June 2005, increases were registered in the values of re-exports to some major destinations, in particular Korea (+13.5%) and the mainland of China (the Mainland) (+10.1%). However, decreases were registered in the values of re-exports to the Netherlands (-18.7%), France (-4.4%) and the United Kingdom (-4.2%). Concurrently, significant increases were registered in the values of domestic exports to many major destinations, in particular Italy (+347.6%), the United Kingdom (+205.4%), Germany (+180.3%) and the Netherlands (+158.9%). However, a decrease was registered in the value of domestic exports to Taiwan (-28.8%).
Over the same periods of comparison, increases were registered in the values of imports from most major suppliers, in particular Singapore (+18.0%), Taiwan (+13.3%), Korea (+11.8%), the Mainland (+11.4%) and Thailand (+7.6%).
For the first half of 2006 as a whole, year-on-year increases were registered in the values of re-exports to many major destinations, in particular the Mainland (+13.2%), Korea (+12.9%) and Japan (+3.5%). However, year-on-year decreases were registered in the values of re-exports to the Netherlands (-15.9%) and the United Kingdom (-4.8%). Concurrently, year-on-year increases were registered in the values of domestic exports to most major destinations, in particular Italy (+233.8%), the Netherlands (+190.6%), Germany (+176.3%), the United Kingdom (+127.3%) and Australia (+48.6%).
Over the same periods of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Singapore (+24.5%), Taiwan (+18.8%), Thailand (+17.8%), Korea (+16.2%) and Germany (+14.2%).
Analysis by major commodity
Comparing June 2006 with June 2005, increases were registered in the values of re-exports of many principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $6.8 billion or 18.4%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $1.6 billion or 5.8%). However, a decrease was registered in the value of re-exports of "clothing" (by $1.1 billion or 7.2%). Concurrently, increases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $1.9 billion or 55.0%) and "office machines and automatic data processing machines" (by $564 million or 65.7%). However, a decrease was registered in the value of domestic exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $664 million or 36.8%).
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 $7.7 billion or 17.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $1.6 billion or 6.5%) and "non-metallic mineral manufactures" (by $1.4 billion or 20.0%).
For the first half of 2006 as a whole, year-on-year increases were registered in the values of re-exports of many principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $43.7 billion or 21.6%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $26.3 billion or 19.0%). However, a year-on-year decrease was registered in the value of re-exports of "clothing" (by $8.0 billion or 10.5%). Concurrently, year-on-year increases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $11.3 billion or 71.3%) and "office machines and automatic data processing machines" (by $4.5 billion or 85.8%). However, a year-on-year decrease was registered in the value of domestic exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $1.4 billion or 16.3%).
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 $48.9 billion or 20.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $28.1 billion or 22.2%) and "petroleum, petroleum products and related materials" (by $8.4 billion or 38.2%).
Commentary
A Government Secretariat spokesman noted that merchandise exports rebounded to register a solid year-on-year growth in June. The Mainland market performed rather well, while the European market on the whole grew steadily. Yet the US market seemed to be affected by the weakening consumer sentiment there, and the Japanese market by the notable depreciation of its currency over the recent quarters.
The spokesman further pointed out that the external trading environment is currently beset with a range of uncertainties, including those stemming from the possible slowdown of the US economy and indeed the global economy amidst rising interest rates, stepping up of macroeconomic tightening in the Mainland, high oil prices, and persistent global trade imbalances. Hong Kong's trade performance going forward will depend on how these risk factors will evolve.
Further information
Table 1 at the annex presents the analysis of external merchandise trade figures in June 2006. Table 2 presents the original monthly trade figures from January 2003 to June 2006, and Table 3 gives the seasonally adjusted series for the same period.
The values of re-exports and domestic exports of goods to ten main destinations in June 2006 are shown in Table 4 and 5 respectively, whereas the values of imports of goods from ten main suppliers are given in Table 6.
Table 7, 8 and 9 show the values of re-exports, domestic exports and imports of ten principal commodity divisions for June 2006.
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 June 2006 will be released in late August 2006.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in merchandise trade statistics reports. The June 2006 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in June 2006. This publication is available around August 15, 2006. Users can download this publication free of charge at the "Statistical Bookstore, Hong Kong" (www.statisticalbookstore.gov.hk) of the C&SD. Print version of this publication is for sale at HK$71 per issue. Purchase can be done in person at the Publications Unit of the C&SD (19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel : 2582 3025) or through mail order by returning a completed order form which can be downloaded from the C&SD's website (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_publications/index.jsp). Print version of this publication is also available for sale online at the Statistical Bookstore and the Government Bookstore of the Information Services Department (www.isd.gov.hk/eng/bookorder.htm). Print versions if purchased online are offered a discount, at 85% of their original prices.
Enquiries on merchandise trade statistics may be directed to the C&SD (Tel: 2582 5042).
Ends/Tuesday, July 25, 2006
Issued at HKT 16:15
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