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In August 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 (C&SD) released today (September 25) the external merchandise trade statistics for August 2006.
In August 2006, the value of total exports of goods (comprising re-exports and domestic exports) increased by 9.9% over a year earlier to $226.2 billion, after a year-on-year increase of 10.7% in July. Within this total, the value of re-exports increased by 11.2% to $213.3 billion in August, while the value of domestic exports decreased by 8.4% to $13.0 billion. Concurrently, the value of imports of goods increased by 12.3% over a year earlier to $235.6 billion in August 2006, after a year-on-year increase of 11.4% in July. A visible trade deficit of $9.4 billion, equivalent to 4.0% of the value of imports of goods, was recorded in August 2006.
For the first eight months of 2006 as a whole, the value of total exports of goods rose by 9.0% over the same period in 2005. Within this total, the value of re-exports increased by 8.4%, while the value of domestic exports increased by 20.3%. Concurrently, the value of imports of goods increased by 11.1%. A visible trade deficit of $94.7 billion, equivalent to 5.7% of the value of imports of goods, was recorded in the first eight months of 2006.
Comparing the three-month period ending August 2006 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 5.7%. Within this total, the value of re-exports increased by 6.3%, while the value of domestic exports went down by 2.8%. Meanwhile, the value of imports of goods increased by 5.6%.
Analysis by country/territory
Comparing August 2006 with August 2005, increases were registered in the values of re-exports to most major destinations, in particular Singapore (+20.8%), the mainland of China (the Mainland) (+17.7%), the United Kingdom (+15.8%) and Korea (+10.8%). However, a decrease was registered in the value of re-exports to the Netherlands (-10.9%). Concurrently, decreases were registered in the values of domestic exports to many major destinations, in particular the United States of America (-25.7%). However, increases were registered in the values of domestic exports to the Netherlands (+82.7%), Australia (+73.2%), Japan (+28.8%) and Singapore (+24.4%).
Over the same periods of comparison, increases were registered in the values of imports from all major suppliers, in particular the Philippines (+42.7%), Malaysia (+26.4%), Singapore (+25.6%), Thailand (+20.4%) and Taiwan (+18.6%).
For the first eight months of 2006 as a whole, year-on-year increases were registered in the values of re-exports to most major destinations, in particular the Mainland (+14.3%), Korea (+12.9%), Japan (+3.1%) and Taiwan (+2.4%). However, a year-on-year decrease was registered in the value of re-exports to the Netherlands (-17.3%). Concurrently, year-on-year increases were registered in the values of domestic exports to most major destinations, in particular the Netherlands (+156.5%), Germany (+109.9%), the United Kingdom (+90.8%), Australia (+55.6%) and Japan (+34.1%).
Over the same periods of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Singapore (+24.2%), Taiwan (+19.9%), Thailand (+18.6%), Korea (+14.1%) and the Mainland (+12.9%).
Analysis by major commodity
Comparing August 2006 with August 2005, increases were registered in the values of re-exports of many principal commodity divisions, in particular "office machines and automatic data processing machines" (by $7.7 billion or 35.6%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $7.7 billion or 18.2%) and "clothing" (by $2.5 billion or 16.9%). Concurrently, decreases were registered in the values of domestic exports of some principal commodity divisions, in particular "clothing" (by $2.5 billion or -33.2%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $487 million or -26.9%). However, an increase was registered in the value of domestic exports of "office machines and automatic data processing machines" (by $1.2 billion or 124.0%).
Over the same periods of comparison, increases were registered in the values of imports of many principal commodity divisions, in particular "office machines and automatic data processing machines" (by $8.4 billion or 43.2%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $6.0 billion or 11.9%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $2.1 billion or 16.1%).
For the first eight 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 $60.7 billion or 21.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $25.2 billion or 12.7%) and "office machines and automatic data processing machines" (by $7.6 billion or 4.4%). Concurrently, year-on-year increases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $9.8 billion or 34.9%) and "office machines and automatic data processing machines" (by $6.8 billion or 90.3%). 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 $2.1 billion or 17.8%).
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 $63.0 billion or 18.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $28.7 billion or 15.9%) and "office machines and automatic data processing machines" (by $18.1 billion or 11.5%).
Commentary
A Government Secretariat spokesman noted that after the weakness in the second quarter, Hong Kong's external trade regained momentum lately, with merchandise exports recording growth of close to or in excess of 10% for two consecutive months. The strong export performance in July and August went in tandem with Mainland's thriving exports. The weakening of the US dollar over the past few months was another conducive factor underpinning the recent pick-up in Hong Kong's export performance.
The spokesman further pointed out that despite the better trade situation in recent months, the outlook continued to be overshadowed by a number of downside risks. They include a possible slow-down of the US economy, monetary tightening in some of Hong Kong's major trading partners, and lately the political uncertainties overhanging in some East Asian economies.
Further information
Table 1 at the annex presents the analysis of external merchandise trade figures in August 2006. Table 2 presents the original monthly trade figures from January 2003 to August 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 August 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 August 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 August 2006 will be released in late October 2006.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in merchandise trade statistics reports. The August 2006 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in August 2006. This publication is available around October 16, 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 (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 C&SD (Tel: 2582 5042).
Ends/Monday, September 25, 2006
Issued at HKT 16:15
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