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The Census and Statistics Department (C&SD) released today (August 28) the external merchandise trade statistics for July 2008. In July 2008, the values of Hong Kong's total exports and imports of goods both showed distinct year-on-year increases, at 11.1% and 15.4% respectively.
In July 2008, the value of total exports of goods (comprising re-exports and domestic exports) increased by 11.1% over a year earlier to $265.1 billion, after a year-on-year decrease of 0.6% in June 2008. Within this total, the value of re-exports increased by 12.4% to $256.4 billion in July 2008, whereas the value of domestic exports decreased by 16.3% to $8.8 billion. Concurrently, the value of imports of goods increased by 15.4% over a year earlier to $284.6 billion in July 2008, after a year-on-year increase of 1.3% in June 2008. A visible trade deficit of $19.5 billion, equivalent to 6.8% of the value of imports of goods, was recorded in July 2008.
For the first seven months of 2008 as a whole, the value of total exports of goods rose by 9.4% over the same period in 2007. Within this total, the value of re-exports increased by 10.2%, whereas the value of domestic exports decreased by 9.3%. Concurrently, the value of imports of goods increased by 11.1%. A visible trade deficit of $138.7 billion, equivalent to 7.9% of the value of imports of goods, was recorded in the first seven months of 2008.
Comparing the three-month period ending July 2008 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods remained virtually unchanged. Within this total, the value of re-exports increased slightly by 0.5%, whereas the value of domestic exports went down by 11.3%. Meanwhile, the value of imports of goods increased by 4.9%.
Analysis by country/territory
Comparing July 2008 with July 2007, total exports to Asia as a whole grew by 13.2%. In this region, increases were registered in the values of total exports to all major destinations, in particular India (+25.6%), Vietnam (+22.0%), Korea (+15.7%), Malaysia (+14.9%), Singapore (+14.7%) and the mainland of China (the Mainland) (+13.0%).
Apart from destinations in Asia, increases were also registered in the values of total exports to most major destinations in other regions, including Germany (+21.4%), the Netherlands (+7.7%) and the United Kingdom (+4.1%). The United States of America, however, registered a small decrease (-1.0%).
Over the same period of comparison, increases were registered in the values of imports from all major suppliers, in particular Korea (+20.9%), the Mainland (+17.9%), India (+15.6%), Germany (+15.5%) and Thailand (+14.6%).
For the first seven months of 2008 as a whole, year-on-year increases were registered in the values of total exports to all major destinations except the United States of America, in particular India (+79.1%), Singapore (+19.5%), Germany (+16.9%), the Mainland (+9.9%) and the Netherlands (+6.0%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular India (+35.8%), Thailand (+19.9%), Germany (+18.7%), the United States of America (+13.3%) and Korea (+11.3%).
Analysis by major commodity
Comparing July 2008 with July 2007, 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 $12.7 billion or 36.6%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $5.5 billion or 10.0%) and "non-metallic mineral manufactures" (by $1.9 billion or 33.4%).
Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $10.2 billion or 34.2%), "petroleum, petroleum products and related materials" (by $5.5 billion or 97.3%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $4.7 billion or 7.5%).
For the first seven months 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 $44.8 billion or 19.7%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $32.0 billion or 9.0%) and "non-metallic mineral manufactures" (by $18.5 billion or 51.1%).
Over the same period of comparison, year-on-year increases were registered in the values of imports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $35.3 billion or 17.5%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $31.0 billion or 7.7%) and "petroleum, petroleum products and related materials" (by $19.2 billion or 48.8%).
Commentary
Government spokesman said that merchandise exports re-accelerated to double digit growth in July after the dip in June.
The spokesman pointed out that despite the strong export performance in July, the outlook in the rest of the year continues to be clouded by uncertainties in the global economic environment. The weakness in the US economy is expected to continue to drag down Hong Kong's export performance. The increasingly apparent slow-down in Europe, and the combined impacts of a slowing US and EU economies on the export-dependent Asia also requires close monitoring.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for July 2008. Table 2 presents the original monthly trade statistics from January 2005 to July 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 July 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 July 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 July 2008 will be released in late September 2008.
The July 2008 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in July 2008. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the July 2008 issue of the "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-September and late September 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, August 28, 2008
Issued at HKT 16:15
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