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The Census and Statistics Department (C&SD) released today (August 27) the external merchandise trade statistics for July 2007. In July 2007, the values of Hong Kong's total exports and imports of goods recorded year-on-year increases of 8.6% and 9.8% respectively.
In July 2007, the value of total exports of goods (comprising re-exports and domestic exports) increased by 8.6% over a year earlier to $238.5 billion, after a year-on-year increase of 11.1% in June 2007. Within this total, the value of re-exports increased by 10.9% to $228.1 billion in July 2007, whereas the value of domestic exports decreased by 25.1% to $10.5 billion. Concurrently, the value of imports of goods increased by 9.8% over a year earlier to $246.7 billion in July 2007, after a year-on-year increase of 13.0% in June 2007. A visible trade deficit of $8.2 billion, equivalent to 3.3% of the value of imports of goods, was recorded in July 2007.
For the first seven months of 2007 as a whole, the value of total exports of goods rose by 10.1% over the same period in 2006. Within this total, the value of re-exports increased by 12.4%, whereas the value of domestic exports decreased by 25.7%. Concurrently, the value of imports of goods increased by 10.7%. A visible trade deficit of $102.7 billion, equivalent to 6.5% of the value of imports of goods, was recorded in the first seven months of 2007 as a whole.
Comparing the three-month period ending July 2007 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased marginally by 0.1%. Within this total, the value of re-exports decreased marginally by 0.1%, whereas the value of domestic exports went up by 0.6%. Meanwhile, the value of imports of goods decreased by 0.6%.
Analysis by country/territory
Comparing July 2007 with July 2006, significant increases were registered in the values of total exports to many major destinations, in particular Germany (+20.1%), France (+18.6%), the mainland of China (the Mainland) (+13.3%) and the Netherlands (+12.7%).
Over the same period of comparison, significant increases were registered in the values of imports from most major suppliers, in particular India (+49.9%), Singapore (+22.3%), Malaysia (+13.7%), Korea (+13.0%) and the Mainland (+10.4%).
For the first seven 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 (+14.4%), France (+9.3%), the Netherlands (+9.2%), Germany (+7.2%) and Taiwan (+6.5%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular India (+25.3%), Singapore (+20.2%), the Mainland (+13.1%), the United States of America (+11.7%) and Japan (+7.8%).
Analysis by major commodity
Comparing July 2007 with July 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 $9.5 billion or 20.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.7 billion or 15.7%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $4.6 billion or 26.0%). Concurrently, a significant decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $3.7 billion or -13.5%).
Over the same period of comparison, significant 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 $12.2 billion or 24.5%), "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $5.0 billion or 37.2%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.6 billion or 9.7%). However, a significant decrease was registered in the value of imports of "office machines and automatic data processing machines" (by $2.8 billion or -11.6%).
For the first seven 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 $58.0 billion or 19.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $30.6 billion or 15.6%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $25.3 billion or 24.3%). However, a year-on-year decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $16.0 billion or -9.9%).
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 $63.7 billion or 18.8%), "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $29.5 billion or 36.5%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $17.6 billion or 9.6%).
Commentary
A Government spokesman pointed out that merchandise exports grew solidly further in July. The Mainland's vibrant trade flows on the back of a buoyant economy, together with the fairly strong performance of the EU as well as the emerging markets, had more than offset the softness of the US market.
The spokesman believed that the external trading environment is still largely positive and should be conducive to Hong Kong's exports going forward, yet it is subject to the uncertainties arising from the recent financial market turmoil originating from the US sub-prime mortgage market and the weak US property market. The effects of the Mainland's cut in export tax rebate and tightening measures on processing trade, as well as exchange rate movements, are also areas to watch.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for July 2007. Table 2 presents the original monthly trade statistics from January 2004 to July 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 July 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 July 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 July 2007 will be released in late September 2007.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in "Hong Kong Merchandise Trade Statistics". The July 2007 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in July 2007. This publication is available in mid-September 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, August 27, 2007
Issued at HKT 16:15
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