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The Census and Statistics Department (C&SD) released today (October 25) the external merchandise trade statistics for September 2012. In September 2012, the values of Hong Kong's total exports and imports of goods both showed year-on-year increases, at 15.2% and 14.9% respectively.
In September 2012, the value of total exports of goods (comprising re-exports and domestic exports) increased by 15.2% over a year earlier to $313.2 billion, after a year-on-year increase of 0.6% in August 2012. Within this total, the value of re-exports increased by 15.3% to $307.8 billion in September 2012, while the value of domestic exports increased by 10.2% to $5.4 billion. Concurrently, the value of imports of goods increased by 14.9% over a year earlier to $358.3 billion in September 2012, after a year-on-year increase of 0.9% in August 2012. A visible trade deficit of $45.2 billion, equivalent to 12.6% of the value of imports of goods, was recorded in September 2012.
For the first nine months of 2012 as a whole, the value of total exports of goods rose by 1.5% over the same period in 2011. Within this total, the value of re-exports increased by 1.8%, whereas the value of domestic exports decreased by 13.1%. Concurrently, the value of imports of goods increased by 2.5%. A visible trade deficit of $342.9 billion, equivalent to 12.0% of the value of imports of goods, was recorded in the first nine months of 2012.
Comparing the third quarter of 2012 with the preceding quarter 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 2.5%, while the value of domestic exports went up by 3.7%. Meanwhile, the value of imports of goods increased by 4.2%.
Analysis by country/territory
Comparing September 2012 with September 2011, total exports to Asia as a whole grew by 20.1%. In this region, strong increases were registered in the values of total exports to some major destinations, in particular the Philippines (+25.7%), the mainland of China (the Mainland) (+25.5%), Vietnam (+18.7%), Singapore (+16.8%) and Japan (+16.6%). On the other hand, decreases were recorded in the values of total exports to India (-12.6%) and Taiwan (-5.7%).
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 USA (+9.0%) and the United Kingdom (+5.1%). Concurrently, a decrease was registered in the value of total exports to Germany (-9.7%).
Over the same period of comparison, significant increases were registered in the values of imports from some major suppliers, in particular Korea (+42.8%), Singapore (+31.1%), Taiwan (+19.2%), the Mainland (+16.7%) and Japan (+9.1%). Concurrently, decreases were registered in the values of imports from Switzerland (-13.7%) and Thailand (-12.0%).
For the first nine months of 2012 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Vietnam (+16.9%), Japan (+7.4%), the Mainland (+4.3%) and the USA (+2.2%). However, year-on-year decreases were registered in the values of total exports to India (-17.8%), Germany (-15.9%), the United Kingdom (-9.1%) and Taiwan (-8.7%).
Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular the Mainland (+5.3%), Switzerland (+2.3%) and Taiwan (+1.5%). On the other hand, year-on-year decreases were registered in the values of imports from Thailand (-13.2%), India (-5.7%) and Malaysia (-5.7%).
Analysis by major commodity
Comparing September 2012 with September 2011, 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 $17.9 billion or 28.1%), "office machines and automatic data processing machines" (by $6.1 billion or 18.1%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.8 billion or 9.3%).
Over the same period of comparison, significant increases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $18.0 billion or 24.1%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $9.5 billion or 19.6%) and "office machines and automatic data processing machines" (by $5.4 billion or 16.8%).
For the first nine months of 2012 as a whole, year-on-year increases were registered in the values of total exports of some principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $31.7 billion or 7.5%), "office machines and automatic data processing machines" (by $22.1 billion or 7.6%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $19.2 billion or 2.9%).
Over the same period of comparison, year-on-year 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 $59.5 billion or 15.4%), "office machines and automatic data processing machines" (by $25.7 billion or 9.4%) and "professional, scientific and controlling instruments and apparatus" (by $8.7 billion or 15.6%).
Commentary
A Government spokesman noted that the year-on-year growth of merchandise exports picked up notably in September, helped in part by the distinctly low base of comparison in the same month of last year and in part by some improvements in such major markets as the Mainland and the US.
The spokesman commented further that looking ahead, although the more recent economic data for the Mainland and the US tended to indicate some pick-up in activity in these major markets, the global economic environment is still fraught with downside risks stemming from the euro debt crisis and looming US fiscal cliff. As such, Hong Kong's trade outlook for the near term remains challenging. We need to stay vigilant.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for September 2012. Table 2 presents the original monthly trade statistics from January 2009 to September 2012, 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 2012 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 2012.
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 2012 will be released in mid-November 2012.
The September 2012 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in September 2012. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the September 2012 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-November 2012. Users can download them free of charge at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp230.jsp).
Enquiries on merchandise trade statistics may be directed to Trade Analysis Section (1) of the C&SD (Tel.: 2582 5042).
Ends/Thursday, October 25, 2012
Issued at HKT 16:30
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