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In July 2006, 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 (August 25) the external merchandise trade statistics for July 2006.
In July 2006, the value of total exports of goods (comprising re-exports and domestic exports) increased by 10.7% over a year earlier to $219.6 billion, after a year-on-year increase of 6.7% in June. Within this total, the value of re-exports increased by 10.2% to $205.6 billion in July, while the value of domestic exports increased by 18.2% to $13.9 billion. Concurrently, the value of imports of goods increased by 11.4% over a year earlier to $224.7 billion in July 2006, after a year-on-year increase of 9.9% in June. A visible trade deficit of $5.2 billion, equivalent to 2.3% of the value of imports of goods, was recorded in July 2006.
For the first seven months of 2006 as a whole, the value of total exports of goods rose by 8.9% over the same period in 2005. Within this total, the value of re-exports increased by 7.9%, while the value of domestic exports increased by 26.6%. Concurrently, the value of imports of goods increased by 10.9%. A visible trade deficit of $85.2 billion, equivalent to 6.0% of the value of imports of goods, was recorded in the first seven months of 2006.
Comparing the three-month period ending July 2006 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 0.6%. Within this total, the value of re-exports decreased by 0.3%, while the value of domestic exports went down by 5.0%. Meanwhile, the value of imports of goods increased by 0.6%.
Analysis by country/territory
Comparing July 2006 with July 2005, increases were registered in the values of re-exports to many major destinations, in particular the mainland of China (the Mainland) (+16.4%), Korea (+15.4%), Singapore (+11.4%) and Taiwan (+9.8%). However, a decrease was registered in the value of re-exports to the Netherlands (-29.1%). Concurrently, significant increases were registered in the values of domestic exports to most major destinations, in particular Italy (+264.3%), Germany (+132.0%), the Netherlands (+129.8%), the United Kingdom (+122.6%) and Australia (+73.8%).
Over the same periods of comparison, increases were registered in the values of imports from all major suppliers, in particular Taiwan (+26.3%), Singapore (+21.1%), Thailand (+20.7%), the Mainland (+12.1%) and the United States of America (+9.7%).
For the first seven months 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 (+13.7%), Korea (+13.3%) and Japan (+2.8%). However, year-on-year decreases were registered in the values of re-exports to the Netherlands (-18.2%) and the United Kingdom (-3.7%). Concurrently, year-on-year increases were registered in the values of domestic exports to most major destinations, in particular Italy (+238.9%), the Netherlands (+176.0%), Germany (+168.2%), the United Kingdom (+127.4%) and Australia (+52.6%).
Over the same periods of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Singapore (+24.0%), Taiwan (+20.1%), Thailand (+18.3%), Korea (+14.4%) and the Mainland (+13.5%).
Analysis by major commodity
Comparing July 2006 with July 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 $9.3 billion or 26.8%), "office machines and automatic data processing machines" (by $2.6 billion or 11.7%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $1.0 billion or 3.3%). Concurrently, increases were registered in the values of domestic exports of many principal commodity divisions, in particular "office machines and automatic data processing machines" (by $1.0 billion or 82.5%) and "clothing" (by $1.0 billion or 19.8%). However, a decrease was registered in the value of domestic exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $255 million or 15.4%).
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 $7.9 billion or 18.9%), "office machines and automatic data processing machines" (by $4.0 billion or 19.3%) and "plastics in primary forms" (by $2.0 billion or 31.0%).
For the first seven months 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 $53.0 billion or 22.3%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $27.3 billion or 16.3%). However, a year-on-year decrease was registered in the value of re-exports of "clothing" (by $7.1 billion or 7.6%). Concurrently, year-on-year increases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $12.3 billion or 59.2%) and "office machines and automatic data processing machines" (by $5.5 billion or 85.1%). 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 $1.6 billion or 16.2%).
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 $56.9 billion or 20.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $29.7 billion or 19.5%) and "office machines and automatic data processing machines" (by $9.8 billion or 7.1%).
Commentary
A Government Secretariat spokesman noted that merchandise exports showed a faster increase in July. The Mainland market continued to display strength, and many other East Asian markets also fared well. Exports to the US showed a moderate rebound, but those to the EU and Japan were slack.
The spokesman further pointed out that export performance in the coming months will hinge on how a number of risk factors play out. They include particularly the run-up of oil prices, possible slow-down of US economic growth as well as exchange rate fluctuations.
Further information
Table 1 at the annex presents the analysis of external merchandise trade figures in July 2006. Table 2 presents the original monthly trade figures from January 2003 to July 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 July 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 July 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 July 2006 will be released in late September 2006.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in merchandise trade statistics reports. The July 2006 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in July 2006. This publication is available around September 15, 2006. Users can download this publication free of charge at the "Statistical Bookstore, Hong Kong" (www.statisticalbookstore.gov.hk) of the Census and Statistics Department (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 (Address : 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 Census and Statistics Department (Tel.: 2582 5042).
Ends/Friday, August 25, 2006
Issued at HKT 16:15
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