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In March 2006, the values of Hong Kong's total exports and imports of goods both continued to show strong year-on-year increases. The Census and Statistics Department released today (April 27) the external merchandise trade statistics for March 2006.
2. In March 2006, the value of total exports of goods (comprising re-exports and domestic exports) increased by 14.7% over a year earlier to $193.5 billion, after a year-on-year increase of 20.5% in February. Within this total, the value of re-exports increased by 13.8% to $182.8 billion in March, while the value of domestic exports increased by 32.8% to $10.7 billion. Concurrently, the value of imports of goods increased by 16.0% over a year earlier to $211.7 billion in March 2006, after a year-on-year increase of 28.3% in February. A visible trade deficit of $18.2 billion, equivalent to 8.6% of the value of imports of goods, was recorded in March 2006.
3. For the first quarter of 2006 as a whole, the value of total exports of goods rose by 12.1% over the same period in 2005. Within this total, the value of re-exports increased by 10.7%, while the value of domestic exports increased by 38.7%. Concurrently, the value of imports of goods increased by 13.8%. A visible trade deficit of $36.9 billion, equivalent to 6.4% of the value of imports of goods, was recorded in the first quarter of 2006.
4. Comparing the first quarter of 2006 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 2.0%. Within this total, the value of re-exports increased by 2.4%, while the value of domestic exports went down by 3.4%. Meanwhile, the value of imports of goods increased by 3.9%.
Analysis by country/territory
5. Comparing March 2006 with March 2005, increases were registered in the values of re-exports to most major destinations, in particular Korea (+19.7%), France (+18.8%), the mainland of China (the Mainland) (+18.4%), Germany (+14.9%) and Japan (+8.7%). Concurrently, significant increases were registered in the values of domestic exports to most major destinations, in particular Germany (+251.1%), the Netherlands (+165.3%), the United Kingdom (+111.5%), Australia (+62.8%) and the United States of America (+35.8%).
6. Over the same periods of comparison, increases were registered in the values of imports from most major suppliers, in particular Singapore (+28.7%), Taiwan (+28.1%), Germany (+23.2%), the Mainland (+21.9%) and Thailand (+20.3%).
7. For the first quarter 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 (+18.5%), Korea (+15.2%) and France (+8.4%). However, year-on-year decreases were registered in the values of re-exports to the Netherlands (-14.5%) and the United Kingdom (-6.2%). Concurrently, year-on-year increases were registered in the values of domestic exports to most major destinations, in particular the Netherlands (+231.6%), Germany (+180.4%), the United Kingdom (+124.5%), Australia (+93.0%) and Japan (+59.9%).
8. Over the same periods of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Singapore (+34.3%), Germany (+22.3%), Korea (+19.8%), Taiwan (+19.4%) and Thailand (+19.4%).
Analysis by major commodity
9. Comparing March 2006 with March 2005, increases were registered in the values of re-exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $8.4 billion or 24.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $7.6 billion or 35.3%) and "office machines and automatic data processing machines" (by $1.4 billion or 7.1%). Concurrently, increases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $1.9 billion or 91.8%) and "office machines and automatic data processing machines" (by $587 million or 82.0%). However, a decrease was registered in the value of domestic exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $142 million or 10.8%).
10. 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 $10.9 billion or 27.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.7 billion or 32.1%) and "office machines and automatic data processing machines" (by $3.4 billion or 19.3%).
11. For the first quarter of 2006 as a whole, year-on-year increases were registered in the values of re-exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $24.0 billion or 25.9%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $16.6 billion or 25.9%). However, a year-on-year decrease was registered in the value of re-exports of "clothing" (by $4.4 billion or 12.0%). Concurrently, year-on-year increases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $5.8 billion or 77.0%), "office machines and automatic data processing machines" (by $2.8 billion or 113.6%) and "miscellaneous manufactured articles consisting mainly of jewellery, goldsmiths' and silversmiths' wares" (by $207 million or 6.4%).
12. Over the same periods of comparison, year-on-year 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 $28.0 billion or 25.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $16.5 billion or 27.7%) and "office machines and automatic data processing machines" (by $5.4 billion or 9.8%).
Commentary
13. A Government Secretariat spokesman noted that Hong Kong's merchandise exports, having already attained double-digit growth in the first two months, accelerated further in March, thanks to the generally favourable external environment and the Mainland's robust trade flows. The strong export growth in March was characterised by continued surge in exports to the Mainland, and an almost across-the-board pick-up in many major markets, including US, Japan, Europe and Republic of Korea. Domestic exports continued to perform well, mainly due to the surge in exports of clothing items, yet also boosted by the marked increase in exports of office machines.
14. The spokesman further pointed out that the near-term prospects of Hong Kong's external trade remain generally positive, as economic conditions in most of the export markets are still fairly strong. However, the recent oil price upsurge and higher interest rates in many parts of the world have continued to cast a shadow over the global economy. How these risks would evolve to affect the demand in overseas markets is crucial to Hong Kong's export performance in the period ahead.
Further information
15. Table 1 at the annex presents the analysis of external merchandise trade figures in March 2006. Table 2 presents the original monthly trade figures from January 2003 to March 2006, and Table 3 gives the seasonally adjusted series for the same period.
16. The values of re-exports and domestic exports of goods to ten main destinations in March 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.
17. Table 7, 8 and 9 show the values of re-exports, domestic exports and imports of ten principal commodity divisions for March 2006.
18. 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 March 2006 will be released in late May 2006.
19. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in merchandise trade statistics reports. The March 2006 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in March 2006. This publication will be on sale at HK$71 per issue around 16 May 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).
20. Enquiries on merchandise trade statistics may be directed to the Census and Statistics Department (Tel.: 2582 5042).
Ends/Thursday, April 27, 2006
Issued at HKT 16:16
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