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The Census and Statistics Department (C&SD) released today (January 24) the external merchandise trade statistics for December 2007. In December 2007, the values of Hong Kong”¦s total exports and imports of goods recorded year-on-year increases of 8.2% and 10.3% respectively.
In December 2007, the value of total exports of goods (comprising re-exports and domestic exports) increased by 8.2% over a year earlier to $232.3 billion, after a year-on-year increase of 6.6% in November 2007. Within this total, the value of re-exports increased by 8.3% to $223.2 billion in December 2007, while the value of domestic exports increased by 6.5% to $9.1 billion. Concurrently, the value of imports of goods increased by 10.3% over a year earlier to $259.7 billion in December 2007, after a year-on-year increase of 9.3% in November 2007. A visible trade deficit of $27.4 billion, equivalent to 10.6% of the value of imports of goods, was recorded in December 2007.
For 2007 as a whole, the value of total exports of goods rose by 9.2% over 2006. Within this total, the value of re-exports increased by 10.8%, whereas the value of domestic exports decreased by 18.9%. Concurrently, the value of imports of goods increased by 10.3%. A visible trade deficit of $180.5 billion, equivalent to 6.3% of the value of imports of goods, was recorded in 2007.
Comparing the fourth quarter of 2007 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 3.8%. Within this total, the value of re-exports increased by 3.9%, while the value of domestic exports went up by 0.7%. Meanwhile, the value of imports of goods increased by 5.3%.
Analysis by country/territory
Comparing December 2007 with December 2006, exports to Asia as a whole grew by 9.4%. In this region, strong increases were registered in the values of total exports to some major destinations, in particular India (+101.3%), Indonesia (+30.7%), Thailand (+19.8%), Malaysia (+10.6%) and the mainland of China (the Mainland) (+8.4%).
Apart from destinations in Asia, distinct increases were also registered in the values of total exports to other major destinations, in particular the Netherlands (+11.6%) and France (+10.5%).
Concurrently, decreases were registered in the values of total exports to some major destinations, in particular Taiwan (-5.2%).
Over the same period of comparison, distinct increases were registered in the values of imports from most major suppliers, in particular Singapore (+23.5%), the USA (+18.6%), Germany (+13.8%) and the Mainland (+9.6%). Concurrently, decreases were registered in the value of imports form some major suppliers, in particular Korea (-12.6%).
For 2007 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular the Mainland (+13.2%), the Netherlands (+8.2%), Germany (+7.2%) and France (+6.7%).
Over the same period of comparison, distinct year-on-year increases were registered in the values of imports from most major suppliers, in particular Singapore (+18.2%), the Philippines (+17.0%), the USA (+12.3%) and the Mainland (+11.5%).
Analysis by major commodity
Comparing December 2007 with December 2006, distinct increases were registered in the values of total exports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $9.1 billion or 27.9%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $5.9 billion or 12.2%). Concurrently, a significant decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $7.6 billion or -25.4%).
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 $8.4 billion or 14.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.8 billion or 18.1%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $4.1 billion or 28.9%). However, a significant decrease was registered in the value of imports of "office machines and automatic data processing machines" (by $8.7 billion or -28.5%).
For 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 $97.5 billion or 17.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $73.4 billion or 20.2%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $43.0 billion or 21.4%). However, a significant year-on-year decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $50.5 billion or -16.2%).
Over the same period of comparison, significant 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 $112.1 billion or 17.8%), "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $49.0 billion or 31.4%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $45.7 billion or 13.5%). However, a distinct year-on-year decrease was registered in the value of imports of "office machines and automatic data processing machines" (by $32.2 billion or -11.4%).
Commentary
A Government spokesman stated that merchandise exports rose further in December, despite the heightened uncertainty in the trading environment. The Mainland and the EU markets continued to hold up well, while the US market was still soft. The spokesman also noted the strong performance in a number of emerging markets, such as India, Vietnam, Indonesia, Thailand, the Philippines and the United Arab Emirates.
With global economic prospects being overshadowed by the ongoing financial market turmoil and the weakness of the US economy, the spokesman said that the trade outlook for the coming quarters was subject to a large degree of uncertainty. Nevertheless, the growth momentum for a number of emerging markets, particularly the Mainland, remained fairly robust, and this should continue to render support to Hong Kong”¦s export performance.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for December 2007. Table 2 presents the original monthly trade statistics from January 2004 to December 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 December 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 December 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 December 2007 will be released in late February 2008.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in "Hong Kong Merchandise Trade Statistics". The December 2007 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in December 2007. This publication is available in mid-February 2008. 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 Government Bookstore of the Information Services Department (www.bookstore.gov.hk).
Enquiries on merchandise trade statistics may be directed to Trade Analysis Section of the C&SD (Tel.: 2582 5042).
Ends/Thursday, January 24, 2008
Issued at HKT 16:15
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