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The Census and Statistics Department (C&SD) released today (July 26) the external merchandise trade statistics for June 2007. In June 2007, the values of Hong Kong's total exports and imports of goods both showed distinct year-on-year increases of 11.1% and 13.0% respectively.
In June 2007, the value of total exports of goods (comprising re-exports and domestic exports) increased by 11.1% over a year earlier to $224.7 billion, after a year-on-year increase of 12.1% in May 2007. Within this total, the value of re-exports increased by 13.0% to $215.0 billion in June 2007, whereas the value of domestic exports decreased by 18.4% to $9.6 billion. Concurrently, the value of imports of goods increased by 13.0% over a year earlier to $244.1 billion in June 2007, after a year-on-year increase of 11.1% in May 2007. A visible trade deficit of $19.4 billion, equivalent to 8.0% of the value of imports of goods, was recorded in June 2007.
For the first half of 2007 as a whole, the value of total exports of goods rose by 10.4% 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 25.8%. Concurrently, the value of imports of goods increased by 10.9%. A visible trade deficit of $94.6 billion, equivalent to 7.1% of the value of imports of goods, was recorded in the first half of 2007.
Comparing the second quarter of 2007 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 2.8%. Within this total, the value of re-exports increased by 2.3%, while the value of domestic exports went up by 13.1%. Meanwhile, the value of imports of goods increased by 4.2%.
Analysis by country/territory
Comparing June 2007 with June 2006, increases were registered in the values of total exports to most major destinations, in particular the Netherlands (+16.2%), the mainland of China (the Mainland) (+16.1%), Germany (+13.5%), Singapore (+11.8%) and Taiwan (+8.7%).
Over the same period of comparison, significant increases were registered in the values of imports from all major suppliers, in particular Singapore (+27.8%), the Philippines (+18.2%), the Mainland (+16.5%), the United States of America (+15.9%) and Germany (+14.2%).
For the first half 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 (+14.7%), the Netherlands (+8.6%), France (+7.5%), Taiwan (+6.9%) and the United Kingdom (+6.4%).
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 (+25.1%), Singapore (+19.9%), the United States of America (+14.4%), the Mainland (+13.6%) and Japan (+8.7%).
Analysis by major commodity
Comparing June 2007 with June 2006, significant 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 $9.7 billion or 21.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.1 billion or 17.2%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $4.4 billion or 27.8%). Concurrently, a decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $1.2 billion or -5.7%).
Over the same period 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 $10.1 billion or 19.4%), "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $4.9 billion or 39.3%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.0 billion or 11.1%).
For the first half 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 $48.5 billion or 19.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $26.0 billion or 15.6%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $20.7 billion or 24.0%). However, a year-on-year decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $12.3 billion or -9.1%).
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 $51.4 billion or 17.9%), "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $24.5 billion or 36.3%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $14.9 billion or 9.5%).
Commentary
A government spokesman pointed out that merchandise exports sustained another month of double-digit growth in June, as the global trading environment remained largely favourable despite the softness of the US economy. The further weakening of the Hong Kong dollar along with the US dollar in recent months also helped export competitiveness.
The spokesman further pointed out that the near-term outlook will hinge on how the Mainland economy would be affected by further tightening measures, whether a soft landing of the US economy is likely, and if the economies in Europe and Asia could maintain its current growth pace. The exchange rate movements are also relevant factors to watch out.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for June 2007. Table 2 presents the original monthly trade statistics from January 2004 to June 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 June 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 June 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 June 2007 will be released in late August 2007.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in "Hong Kong Merchandise Trade Statistics". The June 2007 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in June 2007. This publication is available in mid-August 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/Thursday, July 26, 2007
Issued at HKT 16:15
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