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In February 2006, the values of Hong Kong's total exports and imports of goods both showed distinct year-on-year increases. The Census and Statistics Department released today (March 24) the external merchandise trade statistics for February 2006.
2. As the trade flows in January and February of each year tend to show considerable volatilities due to difference in timing of the Lunar New Year Holidays, it is useful to analyse the trade statistics for these two months taken together.
3. Taking January and February as a whole to neutralise the distortion caused by the difference in timing of the Lunar New Year Holidays, the value of total exports of goods rose by 10.8% over the same period in 2005. Within this total, the value of re-exports increased by 9.1%, while the value of domestic exports increased by 41.7%. Concurrently, the value of imports of goods increased by 12.5%. A visible trade deficit of $18.7 billion, equivalent to 5.2% of the value of imports of goods, was recorded in the first two months of 2006.
4. In February 2006, the value of total exports of goods (comprising re-exports and domestic exports) increased by 20.5% over a year earlier to $153.6 billion, after a year-on-year increase of 4.2% in January. Within this total, the value of re-exports increased by 18.8% to $144.1 billion in February, while the value of domestic exports increased by 52.4% to $9.5 billion. Concurrently, the value of imports of goods increased by 28.3% over a year earlier to $176.7 billion in February 2006, after a year-on-year increase of 0.6% in January. A visible trade deficit of $23.0 billion, equivalent to 13.0% of the value of imports of goods, was recorded in February 2006.
5. Comparing the three-month period ending February 2006 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 0.6%. Within this total, the value of re-exports increased by 0.9%, while the value of domestic exports went down by 3.2%. Meanwhile, the value of imports of goods increased by 4.8%.
Analysis by country/territory
6. For the first two months of 2006 as a whole, year-on-year increases were registered in the values of re-exports to many major destinations, in particular the mainland of China (the Mainland) (+18.6%), Korea (+13.0%) and Taiwan (+6.8%). However, year-on-year decreases were registered in the values of re-exports to the Netherlands (-18.0%) and the United Kingdom (-11.6%). Concurrently, year-on-year increases were registered in the values of domestic exports to all major destinations, in particular the Netherlands (+261.1%), Italy (+194.0%), Germany (+158.0%), the United Kingdom (+130.9%) and Australia (+109.1%).
7. Over the same periods of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Singapore (+37.8%), Korea (+25.0%), Germany (+22.0%), Thailand (+18.8%) and Taiwan (+14.7%).
8. Comparing February 2006 with February 2005, increases were registered in the values of re-exports to many major destinations, in particular the Mainland (+44.1%), Korea (+23.6%) and Singapore (+17.6%). However, decreases were registered in the values of re-exports to the United Kingdom (-26.3%) and the Netherlands (-18.1%). Concurrently, significant increases were registered in the values of domestic exports to all major destinations, in particular the Netherlands (+253.6%), Italy (+225.9%), Germany (+157.9%), Japan (+148.0%) and Australia (+142.2%).
9. Over the same periods of comparison, increases were registered in the values of imports from most major suppliers, in particular Singapore (+51.2%), Korea (+37.0%), Thailand (+35.2%), Taiwan (+34.6%) and the Mainland (+31.3%).
Analysis by major commodity
10. For the first two months of 2006 as a whole, year-on-year increases were registered in the values of re-exports of many principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $15.6 billion or 27.0%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $9.1 billion or 21.2%). However, a year-on-year decrease was registered in the value of re-exports of "clothing" (by $4.3 billion or 16.8%). Concurrently, year-on-year increases were registered in the values of domestic exports of most principal commodity divisions, in particular "clothing" (by $3.9 billion or 71.3%), "office machines and automatic data processing machines" (by $2.2 billion or 126.5%) and "plastics in primary forms" (by $110 million or 19.4%).
11. Over the same periods of comparison, year-on-year increases were registered in the values of imports of many principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $17.0 billion or 24.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $9.7 billion or 25.3%) and "petroleum, petroleum products and related materials" (by $3.7 billion or 57.3%).
12. Comparing February 2006 with February 2005, increases were registered in the values of re-exports of many principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $8.5 billion or 32.9%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.4 billion or 48.0%). However, a decrease was registered in the value of re-exports of "clothing" (by $3.9 billion or 36.4%). Concurrently, increases were registered in the values of domestic exports of many principal commodity divisions, in particular "office machines and automatic data processing machines" (by $1.5 billion or 218.8%), "clothing" (by $1.3 billion or 65.7%) and "miscellaneous manufactured articles consisting mainly of jewellery, goldsmiths' and silversmiths' wares" (by $169 million or 23.0%).
13. Over the same periods 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 $10.2 billion or 32.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $9.1 billion or 56.8%) and "office machines and automatic data processing machines" (by $4.8 billion or 32.2%).
Commentary
14. A Government Secretariat spokesman noted that Hong Kong¡¯s merchandise exports continued to perform well, as the external economic environment remained largely supportive. Specifically, total exports maintained double-digit growth in the first two months of 2006 combined, sustaining broadly the same growth pace as in the fourth quarter of 2005.
15. The spokesman further pointed out that of particular note was the continued surge in domestic exports, supported by distinct increases in exports of clothing as well as office machines and equipment. This development should help provide better job opportunities for the local manufacturing workforce.
Further information
16. Table 1 at the annex presents the analysis of external merchandise trade figures in February 2006. Table 2 presents the original monthly trade figures from January 2003 to February 2006, and Table 3 gives the seasonally adjusted series for the same period.
17. The values of re-exports and domestic exports of goods to ten main destinations in February 2006 are shown in Table 4 and 5 respectively, whereas the values of imports of goods from ten main suppliers are given in Table 6.
18. Table 7, 8 and 9 show the values of re-exports, domestic exports and imports of ten principal commodity divisions for February 2006.
19. 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 February 2006 will be released in late April 2006.
20. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in merchandise trade statistics reports. The February 2006 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in February 2006. This publication will be on sale at HK$71 per issue around 18 April 2006. Both print version and download version of the publication can be purchased online at the ¡°Statistical Bookstore, Hong Kong¡± (http://www.statisticalbookstore.gov.hk). Download version of the publication can be purchased at 75% of its original price exclusively at the online Statistical Bookstore. Print version if purchased online is also offered a discount, at 85% of its original price at the Statistical Bookstore as well as the Government Bookstore (http://www.isd.gov.hk/eng/bookorder.htm). For purchase of print version, this can be done through mail order by returning a completed order form which can be downloaded from the C&SD¡¯s website (http://www.censtatd.gov.hk/eng/prod_serv/forms_index.html). Purchase can also be made in person at the Publications Unit of the C&SD (Address: 19/F, Wanchai Tower, 12 Harbour Road, Wan Chai; Tel.: 2582 3025).
21. Enquiries on merchandise trade statistics may be directed to the Census and Statistics Department (Tel.: 2582 5042).
Ends/Friday, March 24, 2006
Issued at HKT 16:16
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