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The Census and Statistics Department (C&SD) released today (October 25) the external merchandise trade statistics for September 2011. In September 2011, the value of Hong Kong's total exports of goods decreased by 3.0%, whereas the value of imports of goods increased by 2.3% over a year earlier.
In September 2011, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 3.0% over a year earlier to $271.8 billion, after a year-on-year increase of 6.8% in August 2011. Within this total, the value of re-exports decreased by 2.7% to $266.9 billion in September 2011, while the value of domestic exports decreased by 18.6% to $4.9 billion. Concurrently, the value of imports of goods increased by 2.3% over a year earlier to $311.8 billion in September 2011, after a year-on-year increase of 14.1% in August 2011. A visible trade deficit of $40.0 billion, equivalent to 12.8% of the value of imports of goods, was recorded in September 2011.
For the first nine months of 2011 as a whole, the value of total exports of goods rose by 11.2% over the same period in 2010. Within this total, the value of re-exports increased by 11.5%, whereas the value of domestic exports decreased by 0.4%. Concurrently, the value of imports of goods increased by 12.8%. A visible trade deficit of $311.1 billion, equivalent to 11.1% of the value of imports of goods, was recorded in the first nine months of 2011.
Comparing the third quarter of 2011 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 0.9%. Within this total, the value of re-exports increased by 1.2%, whereas the value of domestic exports went down by 16.6%. Meanwhile, the value of imports of goods increased by 1.1%.
Analysis by country/territory
Comparing September 2011 with September 2010, total exports to Asia as a whole went down by 2.9%. In this region, decreases were registered in the values of total exports to some major destinations, in particular the mainland of China (the Mainland) (-7.3%) and Japan (-1.5%).
Apart from destinations in Asia, decreases were also registered in the values of total exports to some major destinations in other regions, in particular the United Kingdom (-12.6%), the USA (-8.9%) and Germany (-0.7%).
Concurrently, increases were registered in the values of total exports to some major destinations, in particular Taiwan (+25.0%), Thailand (+15.8%), Korea (+8.9%), India (+5.7%) and Singapore (+0.1%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Switzerland (+50.9%), India (+18.7%), Thailand (+5.6%), the USA (+2.3%) and the Mainland (+0.8%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular Malaysia (-12.2%), Singapore (-10.9%), Korea (-3.8%), Taiwan (-2.7%) and Japan (-2.0%).
For the first nine months of 2011 as a whole, year-on-year increases were registered in the values of total exports to all major destinations, in particular Thailand (+39.5%), India (+30.9%), Taiwan (+26.8%), Korea (+18.1%) and the Mainland (+9.4%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Switzerland (+55.7%), India (+25.5%), the USA (+16.6%), Korea (+12.4%) and the Mainland (+12.3%).
Analysis by major commodity
Comparing September 2011 with September 2010, 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 $12.1 billion or -16.0%), "articles of apparel and clothing accessories" (by $1.5 billion or -8.0%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $0.3 billion or -1.4%). However, increases were registered in the values of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.2 billion or 8.9%), "non-metallic mineral manufactures" (by $1.0 billion or 9.0%) and "office machines and automatic data processing machines" (by $0.5 billion or 1.4%).
Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.3 billion or 12.3%), "non-metallic mineral manufactures" (by $4.5 billion or 31.2%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $2.8 billion or 14.0%). However, decreases were registered in the values of imports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $12.7 billion or -14.5%), "articles of apparel and clothing accessories" (by $0.8 billion or -6.1%) and "plastics in primary forms" (by $0.3 billion or -4.9%).
For the first nine months of 2011 as a whole, year-on-year increases were registered in the values of total exports of all principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $54.3 billion or 14.8%), "office machines and automatic data processing machines" (by $47.0 billion or 19.3%) and "non-metallic mineral manufactures" (by $29.1 billion or 38.5%).
Over the same period of comparison, year-on-year increases were registered in the values of imports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $56.8 billion or 17.3%), "non-metallic mineral manufactures" (by $36.1 billion or 35.6%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $35.1 billion or 22.5%).
Commentary
A Government spokesman noted that the value of merchandise exports showed an across-the-board deceleration and recorded a moderate decline in September 2011 over a year earlier. The main drags came from the Mainland and the US markets, with the former relapsing to a decline and the latter dipping for the fifth straight month. Exports to the EU and other Asian markets also saw varying degrees of moderation, although those to Taiwan and Thailand continued to see double-digit growth.
The spokesman commented further that downside risks to the global economy have continued to increase amid the deepening eurozone sovereign debt crisis and the stalling recovery in the advance economies. Although some Asian markets still held up relatively well, the impact of weaker demand from the West on regional trade flows has turned more evident of late. Against this background, Hong Kong's export outlook in the coming months is bleak. We need to stay vigilant to the external developments and closely monitor how they will affect our overall trade performance going forward.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for September 2011. Table 2 presents the original monthly trade statistics from January 2008 to September 2011, 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 2011 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 2011.
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 2011 will be released in mid-November 2011.
The September 2011 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in September 2011. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the September 2011 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-November 2011. 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).
Enquiries on merchandise trade statistics may be directed to Trade Analysis Section (1) of the C&SD (Tel.: 2582 5042).
Ends/Tuesday, October 25, 2011
Issued at HKT 16:31
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