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The Census and Statistics Department (C&SD) released today (June 26) the external merchandise trade statistics for May 2007. In May 2007, the values of Hong Kong's total exports and imports of goods both showed distinct year-on-year increases of 12.1% and 11.1% respectively.
In May 2007, the value of total exports of goods (comprising re-exports and domestic exports) increased by 12.1% over a year earlier to $216.6 billion, after a year-on-year increase of 12.6% in April 2007. Within this total, the value of re-exports increased by 14.1% to $207.3 billion in May 2007, whereas the value of domestic exports decreased by 19.9% to $9.2 billion. Concurrently, the value of imports of goods increased by 11.1% over a year earlier to $230.9 billion in May 2007, after a year-on-year increase of 14.7% in April 2007. A visible trade deficit of $14.3 billion, equivalent to 6.2% of the value of imports of goods, was recorded in May 2007.
For the first five months of 2007 as a whole, the value of total exports of goods rose by 10.3% over the same period in 2006. Within this total, the value of re-exports increased by 12.7%, whereas the value of domestic exports decreased by 27.4%. Concurrently, the value of imports of goods increased by 10.5%. A visible trade deficit of $75.1 billion, equivalent to 6.9% of the value of imports of goods, was recorded in the first five months of 2007.
Comparing the three-month period ending May 2007 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased marginally by 0.2%. Within this total, the value of re-exports decreased by 0.9%, whereas the value of domestic exports went up by 17.5%. Meanwhile, the value of imports of goods increased by 3.1%.
Analysis by country/territory
Comparing May 2007 with May 2006, increases were registered in the values of total exports to most major destinations, in particular Taiwan (+18.8%), the mainland of China (the Mainland) (+16.7%), Germany (+12.5%), France (+10.1%) and the Netherlands (+9.7%).
Over the same period of comparison, distinct increases were registered in the values of imports from most major suppliers, in particular Singapore (+17.1%), the Mainland (+15.6%), the Philippines (+14.2%), Thailand (+10.8%) and Japan (+10.7%).
For the first five 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 (+14.3%), the United Kingdom (+8.4%), France (+8.0%), the Netherlands (+7.0%) and Taiwan (+6.6%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular the Philippines (+26.7%), Singapore (+18.2%), the United States of America (+14.1%), the Mainland (+12.9%) and Japan (+9.0%).
Analysis by major commodity
Comparing May 2007 with May 2006, significant increases were registered in the values of total exports of many principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $9.1 billion or 20.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.9 billion or 25.2%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $4.2 billion or 27.9%). Concurrently, a decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $3.0 billion or -13.4%).
Over the same period of comparison, increases were registered in the values of imports of many principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $10.3 billion or 20.6%), "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $5.0 billion or 44.5%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.1 billion or 11.9%).
For the first five 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 $38.9 billion or 18.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $20.9 billion or 15.3%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $16.3 billion or 23.1%). However, a year-on-year decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $11.1 billion or -9.8%).
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 $41.3 billion or 17.5%), "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $19.7 billion or 35.7%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $11.8 billion or 9.1%). However, a year-on-year decrease was registered in the value of imports of "office machines and automatic data processing machines" (by $4.6 billion or -4.6%).
Commentary
A government spokesman pointed out that merchandise exports remained robust and attained another month of broad-based growth in May. While the Mainland market continued to be the growth driver, exports to many other East Asian economies also grew distinctly. The recovery of the Japan and EU economies also saw steady growth in exports to these markets, offsetting the slack in the US market.
The spokesman believed that the near-term export outlook is still rather positive, as the external environment remained sanguine under a thriving Mainland economy and continued expansion in Japan and Europe. The spokesman added that the general weakness of the US dollar, particularly against the Asian currencies, should continue to render support to our export performance. Yet possible sharper-than-expected slow-down of the US economy, and further macro tightening in the Mainland, are areas to watch out which may potentially dampen the export growth momentum in the months ahead.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for May 2007. Table 2 presents the original monthly trade statistics from January 2004 to May 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 May 2007 are shown in Table 4, whereas the values of imports of goods from ten main suppliers are given in Table 5.
Table 6 and 7 show the values of total exports and imports of ten principal commodity divisions for May 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 May 2007 will be released in late July 2007.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in "Hong Kong Merchandise Trade Statistics". The May 2007 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in May 2007. This publication is available in mid-July 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/Tuesday, June 26, 2007
Issued at HKT 16:15
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