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The Census and Statistics Department (C&SD) released today (May 28) the external merchandise trade statistics for April 2007. In April 2007, the values of Hong Kong's total exports and imports of goods both showed distinct year-on-year increases of 12.6% and 14.7% respectively.
In April 2007, the value of total exports of goods (comprising re-exports and domestic exports) increased by 12.6% over a year earlier to $212.6 billion, after a year-on-year increase of 6.9% in March 2007. Within this total, the value of re-exports increased by 14.3% to $204.0 billion in April 2007, whereas the value of domestic exports decreased by 16.1% to $8.6 billion. Concurrently, the value of imports of goods increased by 14.7% over a year earlier to $233.2 billion in April 2007, after a year-on-year increase of 11.1% in March 2007. A visible trade deficit of $20.6 billion, equivalent to 8.8% of the value of imports of goods, was recorded in April 2007.
For the first four months of 2007 as a whole, the value of total exports of goods rose by 10.0% over the same period in 2006. Within this total, the value of re-exports increased by 12.5%, whereas the value of domestic exports decreased by 29.3%. Concurrently, the value of imports of goods increased by 10.5%. A visible trade deficit of $60.8 billion, equivalent to 7.1% of the value of imports of goods, was recorded in the first four months of 2007.
Comparing the three-month period ending April 2007 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 4.7%. Within this total, the value of re-exports increased by 4.3%, while the value of domestic exports increased by 13.1%. Meanwhile, the value of imports of goods increased by 7.0%.
Analysis by country/territory
Comparing April 2007 with April 2006, increases were registered in the values of total exports to most major destinations, in particular the mainland of China (the Mainland) (+14.9%), the Netherlands (+13.0%), the United Kingdom (+12.9%), France (+12.5%) and the United States of America (+7.8%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Singapore (+34.9%), the Mainland (+17.6%), Thailand (+16.4%), the United States of America (+15.4%) and India (+14.7%).
For the first four months of 2007 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular the Mainland (+13.7%), the United Kingdom (+11.9%), France (+7.5%), the Netherlands (+6.3%) and Taiwan (+4.6%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Singapore (+18.5%), India (+18.3%), the United States of America (+16.0%), the Mainland (+12.2%) and Thailand (+9.4%).
Analysis by major commodity
Comparing April 2007 with April 2006, increases were registered in the values of total exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $7.8 billion or 18.1%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.1 billion or 21.8%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $4.1 billion or 27.5%). Concurrently, a decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $2.5 billion or -11.1%).
Over the same period of comparison, significant 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 $9.4 billion or 19.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.2 billion or 19.4%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $4.1 billion or 34.5%).
For the first four months of 2007 as a whole, significant year-on-year increases were registered in the values of total exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $30.8 billion or 18.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $14.1 billion or 12.9%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $12.2 billion or 21.8%). However, a year-on-year decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $8.1 billion or -9.0%).
Over the same period 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 $32.4 billion or 17.6%), "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $14.7 billion or 33.6%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $9.1 billion or 8.8%). However, a year-on-year decrease was registered in the value of imports of "office machines and automatic data processing machines" (by $4.2 billion or -5.1%).
Commentary
A government spokesman noted that merchandise exports resumed a double-digit growth in April, after some relapse in March. The Mainland market continued to be the key export growth driver in April's trade. But exports to the US and EU also picked up, thereby adding momentum to overall export performance and rendering a more broad-based export growth in April.
The trade prospects in the near term will continue to hinge on the global economic situation, in particular the demand in the US. Also of crucial significance to Hong Kong's trade outlook is continued strength in the Mainland economy and its vibrant trade flows.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for April 2007. Table 2 presents the original monthly trade statistics from January 2004 to April 2007, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to ten main destinations for April 2007 are shown in Table 4, whereas the values of imports of goods from ten main suppliers are given in Table 5.
Tables 6 and 7 show the values of total exports and imports of ten principal commodity divisions for April 2007.
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 April 2007 will be released in late June 2007.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in "Hong Kong Merchandise Trade Statistics". The April 2007 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in April 2007. This publication is available in mid-June 2007. Users can download this publication free of charge at the Website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/index.jsp). Print version of this publication is available for sale at HK$92 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 (www.statisticalbookstore.gov.hk) and the Government Bookstore of the Information Services Department (www.bookstore.gov.hk). Print versions if purchased online are offered a discount, at 85% of their original prices.
Enquiries on merchandise trade statistics may be directed to Trade Analysis Section of the C&SD (Tel: 2582 5042).
Ends/Monday, May 28, 2007
Issued at HKT 16:15
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