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The Census and Statistics Department (C&SD) released today (January 26) the external merchandise trade statistics for December 2011. In December 2011, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 7.4% and 8.1% respectively.
In December 2011, the value of total exports of goods (comprising re-exports and domestic exports) increased by 7.4% over a year earlier to $271.8 billion, after a year-on-year increase of 2.0% in November 2011. Within this total, the value of re-exports increased by 8.3% to $267.1 billion in December 2011, whereas the value of domestic exports decreased by 26.5% to $4.7 billion. Concurrently, the value of imports of goods increased by 8.1% over a year earlier to $320.7 billion in December 2011, after a year-on-year increase of 8.8% in November 2011. A visible trade deficit of $48.9 billion, equivalent to 15.3% of the value of imports of goods, was recorded in December 2011.
For 2011 as a whole, the value of total exports of goods rose by 10.1% over the same period in 2010. Within this total, the value of re-exports increased by 10.5%, whereas the value of domestic exports decreased by 5.5%. Concurrently, the value of imports of goods increased by 11.9%. A visible trade deficit of $427.3 billion, equivalent to 11.4% of the value of imports of goods, was recorded in 2011.
Comparing the fourth quarter of 2011 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose slightly by 0.1%. Within this total, the value of re-exports increased by 0.1%, whereas the value of domestic exports went down by 2.5%. Meanwhile, the value of imports of goods decreased by 0.7%.
Analysis by country/territory
Comparing December 2011 with December 2010, total exports to Asia as a whole grew by 11.4%. In this region, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+40.7%), Malaysia (+22.0%), the mainland of China (the Mainland) (+13.8%) and Japan (+9.0%). On the other hand, decreases were recorded in the values of total exports to Thailand (-26.2%), Korea (-5.9%) and India (-5.5%).
Apart from destinations in Asia, decreases were also registered in the values of total exports to major destinations in other regions, in particular, the United Kingdom (-26.7%), the USA (-0.7%) and Germany (-0.1%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Switzerland (+30.3%), the USA (+15.2%), Taiwan (+11.2%), Singapore (+10.4%) and the Mainland (+9.3%). Concurrently, decreases were registered in the values of imports from some major suppliers, in particular Thailand (-30.8%), India (-4.7%) and Japan (-4.6%).
For 2011 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular Vietnam (+37.3%), India (+25.6%), Taiwan (+24.3%), Korea (+14.2%) and the Mainland (+9.3%). Concurrently, year-on-year decreases were registered in the value of total exports to the United Kingdom (-3.4%) and the USA (-0.4%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Switzerland (+51.7%), India (+20.6%), the USA (+18.0%), Korea (+12.2%) and the Mainland (+10.9%).
Analysis by major commodity
Comparing December 2011 with December 2010, 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 $19.6 billion or 34.5%), "office machines and automatic data processing machines" (by $4.1 billion or 13.3%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $2.4 billion or 13.3%). However, decreases were registered in the values of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.2 billion or -9.1%), "textile yarn, fabrics, made-up articles and related products" (by $1.2 billion or -16.2%) and "professional, scientific and controlling instruments and apparatus" (by $1.1 billion or -17.2%).
Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $14.7 billion or 20.4%), "office machines and automatic data processing machines" (by $2.9 billion or 9.7%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $2.7 billion or 13.7%). However, decreases were registered in the values of imports of "textile yarn, fabrics, made-up articles and related products" (by $1.1 billion or -15.4%) and "professional, scientific and controlling instruments and apparatus" (by $0.5 billion or -7.2%).
For 2011 as a whole, 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 $56.8 billion or 6.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $51.1 billion or 10.0%) and "office machines and automatic data processing machines" (by $46.6 billion or 14.0%).
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 $70.0 billion or 15.3%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $56.6 billion or 5.9%) and "miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)" (by $48.3 billion or 22.3%).
Commentary
A Government spokesman noted that the value of merchandise exports posted a slightly faster year-on-year growth in December 2011, mainly led by better performance of the Mainland market. However, the US and EU markets remained sluggish and exports to many other Asian markets also slowed. Yet, thanks to the spectacular performance in the first quarter of 2011, merchandise exports still attained a double-digit growth of 10.1% in value terms for 2011 as a whole.
The spokesman commented further that looking ahead, the lingering eurozone sovereign debt crisis and expected slack in the advanced economies will remain the key downside risks to Hong Kong's export performance. We need to stay vigilant to these external developments.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for December 2011. Table 2 presents the original monthly trade statistics from January 2008 to December 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 December 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 December 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 December 2011 will be released in mid-February 2012.
The December 2011 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in December 2011. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the December 2011 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-February 2012. 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/Thursday, January 26, 2012
Issued at HKT 16:31
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