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The Census and Statistics Department (C&SD) released today (June 25) the external merchandise trade statistics for May 2009. In May 2009, the values of Hong Kong's total exports and imports of goods both fell markedly, by 14.5% and 19.2% respectively over a year earlier.
In May 2009, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 14.5% over a year earlier to $204.4 billion, after a year-on-year decrease of 18.2% in April 2009. Within this total, the value of re-exports decreased by 13.7% to $199.3 billion in May 2009, while the value of domestic exports decreased by 37.4% to $5.1 billion. Concurrently, the value of imports of goods decreased by 19.2% over a year earlier to $215.4 billion in May 2009, after a year-on-year decrease of 17.0% in April 2009. A visible trade deficit of $11.0 billion, equivalent to 5.1% of the value of imports of goods, was recorded in May 2009.
For the first five months of 2009 as a whole, the value of total exports of goods dropped by 19.5% over the same period in 2008. Within this total, the value of re-exports decreased by 18.8%, while the value of domestic exports decreased by 42.1%. Concurrently, the value of imports of goods decreased by 20.8%. A visible trade deficit of $61.5 billion, equivalent to 6.3% of the value of imports of goods, was recorded in the first five months of 2009.
Comparing the three-month period ending May 2009 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 1.3%. Within this total, the value of re-exports increased by 1.3%, while the value of domestic exports went up slightly by 0.5%. Meanwhile, the value of imports of goods increased by 2.5%.
Analysis by country/territory
Comparing May 2009 with May 2008, total exports to Asia as a whole went down by 12.5%. In this region, substantial decreases were registered in the values of total exports to most major destinations, in particular Malaysia (-42.3%), Singapore (-29.0%), Korea (-21.6%), Thailand (-21.6%), Japan (-20.9%) and the mainland of China (the Mainland) (-10.8%).
Apart from destinations in Asia, sharp decreases were also registered in the values of total exports to some major destinations in other regions, in particular Germany (-21.9%), the United States of America (-15.7%) and the United Kingdom (-15.4%).
Concurrently, slight increases were registered in the values of total exports to some major destinations, including Taiwan (+1.5%), Vietnam (+0.9%) and India (+0.3%).
Over the same period of comparison, substantial decreases were registered in the values of imports from all major suppliers, in particular Korea (-32.0%), Japan (-29.7%), Singapore (-27.5%), Germany (-27.3%), Taiwan (-19.4%), Thailand (-17.7%), India (-16.7%) and the Mainland (-16.3%).
For the first five months of 2009 as a whole, significant year-on-year decreases were registered in the values of total exports to all major destinations, in particular Singapore (-31.9%), Korea (-27.8%), the United Kingdom (-21.3%), the United States of America (-20.7%) and the Mainland (-18.3%).
Over the same period of comparison, significant year-on-year decreases were registered in the values of imports from all major suppliers, in particular Japan (-35.9%), Korea (-30.6%), Taiwan (-26.5%), Thailand (-26.4%), India (-25.2%), Singapore (-24.3%), Germany (-20.0%) and the Mainland (-17.9%).
Analysis by major commodity
Comparing May 2009 with May 2008, decreases 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 $7.4 billion or -12.0%), "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $3.3 billion or -15.9%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.1 billion or -8.0%).
Over the same period of comparison, decreases were registered in the values of imports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $11.5 billion or -16.7%), "petroleum, petroleum products and related materials" (by $5.5 billion or -52.1%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.6 billion or -10.6%).
For the first five months of 2009 as a whole, year-on-year decreases were registered in the values of total exports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $42.3 billion or -15.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $37.4 billion or -19.9%) and "office machines and automatic data processing machines" (by $21.4 billion or -19.3%).
Over the same period of comparison, year-on-year decreases were registered in the values of imports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $58.7 billion or -19.1%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $35.6 billion or -21.6%) and "office machines and automatic data processing machines" (by $17.6 billion or -16.5%).
Commentary
A Government spokesman says that merchandise exports continued to show a relative improvement in May. While the year-on-year decline in exports narrowed slightly further in May, the seasonally adjusted data suggested a slight increase.
The spokesman points out that Hong Kong's external trading environment will remain challenging going forward. Nevertheless, the spokesman comments further that with the global economy showing signs of stabilisation and the Mainland economy improving, these positive developments should render support to Hong Kong's external trade performance in the coming months.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for May 2009. Table 2 presents the original monthly trade statistics from January 2006 to May 2009, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to ten main destinations for May 2009 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 May 2009.
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 May 2009 will be released in mid July 2009.
The May 2009 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in May 2009. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the May 2009 issue of the "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-July and late July 2009 respectively. Users can download them free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/external_trade/index.jsp). Print versions of the publications are for sale at HK$128 and HK$499 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, June 25, 2009
Issued at HKT 16:30
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