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The Census and Statistics Department (C&SD) released today (October 27) the external merchandise trade statistics for September 2008. In September 2008, the values of Hong Kong”¦s total exports and imports of goods recorded year-on-year increases, at 3.6% and 3.9% respectively.
In September 2008, the value of total exports of goods (comprising re-exports and domestic exports) increased by 3.6% over a year earlier to $247.2 billion, after a year-on-year increase of 1.9% in August 2008. Within this total, the value of re-exports increased by 4.6% to $239.4 billion in September 2008, whereas the value of domestic exports decreased by 20.0% to $7.9 billion. Concurrently, the value of imports of goods increased by 3.9% over a year earlier to $263.2 billion in September 2008, after a year-on-year increase of 1.5% in August 2008. A visible trade deficit of $16.0 billion, equivalent to 6.1% of the value of imports of goods, was recorded in September 2008.
For the first nine months of 2008 as a whole, the value of total exports of goods rose by 7.8% over the same period in 2007. Within this total, the value of re-exports increased by 8.6%, whereas the value of domestic exports decreased by 11.5%. Concurrently, the value of imports of goods increased by 9.1%. A visible trade deficit of $167.3 billion, equivalent to 7.3% of the value of imports of goods, was recorded in the first nine months of 2008.
Comparing the third quarter of 2008 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods decreased by 1.3%. Within this total, the value of re-exports decreased by 0.9%, while the value of domestic exports went down by 12.7%. Meanwhile, the value of imports of goods decreased by 1.1%.
Analysis by country/territory
Comparing September 2008 with September 2007, total exports to Asia as a whole remained virtually unchanged. In this region, increases were registered in the values of total exports to some major destinations, in particular India (+63.6%), Vietnam (+4.5%) and Taiwan (+4.0%). Concurrently, decreases were registered in the values of total exports to some major destinations, in particular Korea (-15.4%) and the mainland of China (the Mainland) (-1.2%).
Apart from destinations in Asia, increases were also registered in the values of total exports to some major destinations in other regions, including Germany (+21.3%), the United States of America (+7.5%) and the United Kingdom (+7.0%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular India (+30.4%), the United States of America (+12.4%) and the Mainland (+7.6%). Concurrently, decreases were registered in the value of imports from some major suppliers, in particular Taiwan (-16.8%) and Korea (-5.1%).
For the first nine months of 2008 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular India (+68.7%), Germany (+18.4%), Singapore (+14.6%), the Mainland (+7.3%) and Taiwan (+4.9%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular India (+31.4%), Thailand (+16.5%), Germany (+16.2%), the United States of America (+14.1%) and the Mainland (+8.5%).
Analysis by major commodity
Comparing September 2008 with September 2007, increases 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 $3.9 billion or 6.7%), "non-metallic mineral manufactures" (by $3.7 billion or 72.0%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $2.0 billion or 8.6%).
Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "petroleum, petroleum products and related materials" (by $2.9 billion or 55.7%), "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $2.8 billion or 15.0%) and "non-metallic mineral manufactures" (by $2.2 billion or 22.3%).
For the first nine 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 $43.7 billion or 14.4%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $35.7 billion or 7.5%) and "non-metallic mineral manufactures" (by $23.6 billion or 49.7%).
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 $34.9 billion or 13.0%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $29.1 billion or 5.4%) and "petroleum, petroleum products and related materials" (by $23.7 billion or 46.9%).
Commentary
The Government spokesman notes that the value of merchandise exports showed a modest growth in September over a year earlier. In the past three or four months taken together, there was a notable deceleration in the growth of merchandise exports. The spokesman comments that it reflects the dampening effect of the global economic slowdown.
The spokesman points out further that the deepening of the global financial crisis in September has increased markedly the downside risks to the global economy. This coupled with the recent strength of the US dollar does not bode well for the performance of Hong Kong's exports in the period ahead. The Government will closely monitor the situation.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for September 2008. Table 2 presents the original monthly trade statistics from January 2005 to September 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 September 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 September 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 September 2008 will be released in late November 2008.
The September 2008 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in September 2008. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the September 2008 issue of the "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-November and late November 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/Monday, October 27, 2008
Issued at HKT 16:30
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