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The Census and Statistics Department (C&SD) released today (August 26) the external merchandise trade statistics for July 2010. In July 2010, the values of Hong Kong's total exports and imports of goods both showed significant year-on-year increases, at 23.3% and 24.9% respectively.
In July 2010, the value of total exports of goods (comprising re-exports and domestic exports) increased by 23.3% over a year earlier to $261.8 billion, after a year-on-year increase of 26.7% in June 2010. Within this total, the value of re-exports increased by 23.5% to $255.8 billion in July 2010, while the value of domestic exports increased by 16.4% to $6.0 billion. Concurrently, the value of imports of goods increased by 24.9% over a year earlier to $292.3 billion in July 2010, after a year-on-year increase of 31.0% in June 2010. A visible trade deficit of $30.5 billion, equivalent to 10.4% of the value of imports of goods, was recorded in July 2010.
For the first seven months of 2010 as a whole, the value of total exports of goods rose by 24.8% over the same period in 2009. Within this total, the value of re-exports increased by 24.9%, while the value of domestic exports increased by 22.1%. Concurrently, the value of imports of goods increased by 30.8%. A visible trade deficit of $209.4 billion, equivalent to 11.2% of the value of imports of goods, was recorded in the first seven months of 2010.
Comparing the three-month period ending July 2010 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 2.5%. Within this total, the value of re-exports increased by 2.8%, whereas the value of domestic exports went down by 8.8%. Meanwhile, the value of imports of goods increased by 1.0%.
Analysis by country/territory
Comparing July 2010 with July 2009, total exports to Asia as a whole grew by 24.7%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular India (+44.7%), Malaysia (+37.0%), Thailand (+35.8%), the mainland of China (the Mainland) (+26.5%) and Singapore (+22.1%).
Apart from destinations in Asia, increases were also registered in the values of total exports to some major destinations in other regions, in particular the Netherlands (+29.5%), the USA (+24.0%), Germany (+12.2%) and the United Kingdom (+6.3%).
Over the same period of comparison, significant increases were registered in the values of imports from all major suppliers, in particular Singapore (+43.5%), Korea (+34.3%), India (+32.1%), Germany (+32.0%) and the Mainland (+21.0%).
For the first seven months of 2010 as a whole, significant year-on-year increases were registered in the values of total exports to most major destinations, in particular India (+44.9%), Taiwan (+40.0%), the Mainland (+31.1%), Korea (+28.6%) and the Netherlands (+27.7%).
Over the same period of comparison, significant year-on-year increases were registered in the values of imports from all major suppliers, in particular Korea (+49.1%), Singapore (+47.7%), Taiwan (+46.0%), India (+42.8%) and the Mainland (+25.3%).
Analysis by major commodity
Comparing July 2010 with July 2009, significant increases 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 $22.8 billion or 42.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.3 billion or 16.0%) and "office machines and automatic data processing machines" (by $3.7 billion or 17.1%).
Over the same period of comparison, significant increases were registered in the values of imports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $24.8 billion or 41.1%), "office machines and automatic data processing machines" (by $4.6 billion or 20.8%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.2 billion or 13.3%).
For the first seven months of 2010 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 $132.9 billion or 38.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $57.6 billion or 27.2%) and "office machines and automatic data processing machines" (by $43.5 billion or 32.6%).
Over the same period of comparison, significant year-on-year increases were registered in the values of imports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $174.6 billion or 47.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $56.0 billion or 29.8%) and "office machines and automatic data processing machines" (by $42.9 billion or 32.3%).
Commentary
A Government spokesman says that merchandise exports surged further in July as compared to a year earlier. The Asian markets remained robust alongside the vibrant regional trade. The normalisation in global trade flows from the exceptionally low base a year earlier also contributed.
The spokesman notes further that with the advanced economies slowing in momentum, Hong Kong's external trade can be subject to more headwinds in the coming months this year. The lingering sovereign debt problem in Europe is still a source of uncertainty. Yet with Asia still maintaining reasonably solid growth going forward, Hong Kong's merchandise exports are poised for further growth in the near term.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for July 2010. Table 2 presents the original monthly trade statistics from January 2007 to July 2010, 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 2010 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 2010.
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 2010 will be released in mid-September 2010.
The July 2010 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in July 2010. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the July 2010 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-September 2010. 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 version of "Hong Kong External Merchandise Trade" is available for sale at HK$186 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 the 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, August 26, 2010
Issued at HKT 16:31
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