***************************************************
The Census and Statistics Department (C&SD) released today (July 24) the external merchandise trade statistics for June 2008. In June 2008, the value of Hong Kong's total exports of goods decreased slightly by 0.6%, whereas the value of imports of goods increased by 1.3% over a year earlier.
In June 2008, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 0.6% over a year earlier to $223.2 billion, after a year-on-year increase of 10.3% in May 2008. Within this total, the value of re-exports increased marginally by 0.2% to $215.5 billion in June 2008, whereas the value of domestic exports decreased by 20.2% to $7.7 billion. Concurrently, the value of imports of goods grew by 1.3% over a year earlier to $247.2 billion in June 2008, after a year-on-year increase of 15.4% in May 2008. A visible trade deficit of $24.0 billion, equivalent to 9.7% of the value of imports of goods, was recorded in June 2008.
For the first half of 2008 as a whole, the value of total exports of goods rose by 9.1% over the same period in 2007. Within this total, the value of re-exports increased by 9.8%, whereas the value of domestic exports decreased by 7.8%. Concurrently, the value of imports of goods increased by 10.3%. A visible trade deficit of $119.3 billion, equivalent to 8.1% of the value of imports of goods, was recorded in the first half of 2008.
Comparing the second quarter of 2008 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 2.1%. Within this total, the value of re-exports increased by 2.5%, whereas the value of domestic exports went down by 6.4%. Meanwhile, the value of imports of goods increased by 3.8%.
Analysis by country/territory
Comparing June 2008 with June 2007, total exports to Asia as a whole fell by 3.1%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Korea (-10.0%), the mainland of China (the Mainland) (-6.2%) and Japan (-5.5%).
Apart from destinations in Asia, marginal decreases were registered in the values of total exports to some major destinations in other regions, including the United Kingdom (-0.6%) and the USA (-0.1%).
Concurrently, increases were registered in the values of total exports to some other major destinations, in particular India (+61.6%), Singapore (+16.0%) and Taiwan (+7.5%).
Over the same period of comparison, increases were registered in the values of imports from many major suppliers, in particular Germany (+15.5%), India (+15.2%), Thailand (+13.3%) and Korea (+11.6%). Concurrently, decreases were registered in the value of imports from Singapore (-8.8%), Taiwan (-8.4%), Malaysia (-3.7%) and the Mainland (-2.7%).
For the first half of 2008 as a whole, year-on-year increases were registered in the values of total exports to most major destinations. In particular, distinct increase were recorded for India (+91.8%), Singapore (+20.3%), Germany (+16.0%) and the Mainland (+9.3%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular India (+40.0%), Thailand (+20.9%), Germany (+19.4%), the USA (+13.2%) and Malaysia (+12.6%).
Analysis by major commodity
Comparing June 2008 with June 2007, decreases were registered in the values of total exports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $4.3 billion or -7.9%) and "office machines and automatic data processing machines" (by $3.2 billion or -15.4%). Concurrently, increases were registered in the values of total exports of "non-metallic mineral manufactures" (by $3.2 billion or 57.6%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.3 billion or 6.5%).
Over the same period of comparison, distinct increases were registered in the values of imports of many principal commodity divisions, in particular "petroleum, petroleum products and related materials" (by $3.6 billion or 62.9%). However, decreases were registered in the values of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $3.4 billion or -5.5%) and "office machines and automatic data processing machines" (by $3.0 billion or -13.5%).
For the first half of 2008 as a whole, year-on-year 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 $32.1 billion or 16.7%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $26.6 billion or 8.8%) and "non-metallic mineral manufactures" (by $16.6 billion or 54.5%).
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 $26.3 billion or 7.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $25.2 billion or 14.6%) and "non-metallic mineral manufactures" (by $14.3 billion or 29.3%).
Commentary
Government spokesman said that merchandise exports moderated considerably in June amidst the slowing global economic growth.
The spokesman pointed out that the external trading environment facing Hong Kong would become increasingly challenging going forward, owing to the expected moderation in global economic growth, the lingering global financial turbulence and the negative effect on demand in Hong Kong's major markets because of high commodity prices. The impact of the macroeconomic adjustment measures in the Mainland also needs to be watched closely.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for June 2008. Table 2 presents the original monthly trade statistics from January 2005 to June 2008, 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 2008 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 2008.
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 2008 will be released in late August 2008.
The June 2008 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in June 2008. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the June 2008 issue of the "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-August and late August 2008 respectively. Users can download them free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/index.jsp). Print versions of the publications are for sale at HK$101 and HK$379 per issue respectively. 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 versions of the publications are 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, July 24, 2008
Issued at HKT 16:16
NNNN