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The Census and Statistics Department (C&SD) released today (August 25) the external merchandise trade statistics for July 2011. In July 2011, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 9.3% and 10.2% respectively.
In July 2011, the value of total exports of goods (comprising re-exports and domestic exports) increased by 9.3% over a year earlier to $286.2 billion, after a year-on-year increase of 9.2% in June 2011. Within this total, the value of re-exports increased by 9.9% to $281.0 billion in July 2011, whereas the value of domestic exports decreased by 14.5% to $5.1 billion. Concurrently, the value of imports of goods increased by 10.2% over a year earlier to $322.1 billion in July 2011, after a year-on-year increase of 11.5% in June 2011. A visible trade deficit of $35.9 billion, equivalent to 11.2% of the value of imports of goods, was recorded in July 2011.
For the first seven months of 2011 as a whole, the value of total exports of goods rose by 14.4% over the same period in 2010. Within this total, the value of re-exports increased by 14.7%, while the value of domestic exports increased by 3.0%. Concurrently, the value of imports of goods increased by 14.3%. A visible trade deficit of $236.5 billion, equivalent to 11.1% of the value of imports of goods, was recorded in the first seven months of 2011.
Comparing the three-month period ending July 2011 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 3.4%. Within this total, the value of re-exports decreased by 3.0%, while the value of domestic exports went down by 18.6%. Meanwhile, the value of imports of goods increased by 0.2%.
Analysis by country/territory
Comparing July 2011 with July 2010, total exports to Asia as a whole grew by 9.2%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Vietnam (+62.7%), India (+49.1%), Thailand (+47.1%), Taiwan (+23.4%) and Korea (+11.4%). The value of total exports to the mainland of China (the Mainland) also rose by 4.8%.
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 United Kingdom (+25.5%) and Germany (+8.3%). Concurrently, a decrease was registered in the value of total exports to the USA (-3.7%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Switzerland (+61.7%), India (+13.6%), Thailand (+13.5%), Malaysia (+10.5%) and the Mainland (+10.0%). Concurrently, a decrease was registered in the value of imports from Singapore (-8.5%).
For the first seven months of 2011 as a whole, significant year-on-year increases were registered in the values of total exports to all major destinations, in particular Thailand (+44.9%), India (+38.4%), Taiwan (+24.9%), Korea (+19.4%) and the Mainland (+13.2%).
Over the same period of comparison, significant year-on-year increases were registered in the values of imports from all major suppliers, in particular Switzerland (+55.3%), India (+26.2%), the USA (+17.7%), Korea (+15.1%) and the Mainland (+14.4%).
Analysis by major commodity
Comparing July 2011 with July 2010, significant 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 $9.7 billion or 25.2%), "office machines and automatic data processing machines" (by $5.4 billion or 21.2%) and "non-metallic mineral manufactures" (by $3.1 billion or 33.2%). However, 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 $5.0 billion or -6.5%), "textile yarn, fabrics, made-up articles and related products" (by $1.0 billion or -11.7%) and "plastics in primary forms" (by $0.9 billion or -1.3%).
Over the same period of comparison, significant 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 $8.4 billion or 23.6%), "non-metallic mineral manufactures" (by $4.2 billion or 34.5%) and "office machines and automatic data processing machines" (by $3.7 billion or 14.0%). However, decreases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $2.7 billion or -3.2%), "textile yarn, fabrics, made-up articles and related products" (by $0.8 billion or -10.5%) and "articles of apparel and clothing accessories" (by $0.7 billion or -4.8%).
For the first seven 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 "office machines and automatic data processing machines" (by $43.3 billion or 24.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $42.8 billion or 15.9%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $34.5 billion or 7.2%).
Over the same period of comparison, year-on-year increases were registered in the values of imports of all principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $41.9 billion or 17.2%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $40.8 billion or 7.5%) and "office machines and automatic data processing machines" (by $29.7 billion or 16.9%).
Commentary
A Government spokesman noted that the value of merchandise exports grew further in July 2011 over a year earlier. More notable increases were recorded in exports to such Asian markets as Vietnam, India, Thailand, Taiwan and Korea. However, exports to the US fell for a third straight month, while those to the Mainland, Japan and Singapore grew modestly.
The spokesman commented further that the external environment remains highly uncertain, given the fragile economic conditions of the advanced economies, although the Asian region as a whole is still resilient. We need to stay vigilant about how the external environment will evolve and affect our overall trade performance going forward.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for July 2011. Table 2 presents the original monthly trade statistics from January 2008 to July 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 July 2011 are shown in Table 4, whereas the values of imports of goods from ten main suppliers are given in Table 5.
Tables 6 and 7 show the values of total exports and imports of ten principal commodity divisions for July 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 July 2011 will be released in mid-September 2011.
The July 2011 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in July 2011. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the July 2011 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-September 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/Thursday, August 25, 2011
Issued at HKT 16:32
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