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In October 2006, the values of Hong Kong's total exports and imports of goods both showed year-on-year increases. The Census and Statistics Department (C&SD) released today (November 27) the external merchandise trade statistics for October 2006.
In October 2006, the value of total exports of goods (comprising re-exports and domestic exports) increased by 7.9% over a year earlier to $230.4 billion, after a year-on-year increase of 4.7% in September. Within this total, the value of re-exports increased by 10.7% to $218.9 billion in October, while the value of domestic exports decreased by 27.0% to $11.5 billion. Concurrently, the value of imports of goods increased by 11.2% over a year earlier to $233.5 billion in October 2006, after a year-on-year increase of 8.2% in September. A visible trade deficit of $3.1 billion, equivalent to 1.3% of the value of imports of goods, was recorded in October 2006.
For the first ten months of 2006 as a whole, the value of total exports of goods rose by 8.4% over the same period in 2005. Within this total, the value of re-exports increased by 8.4%, while the value of domestic exports increased by 7.5%. Concurrently, the value of imports of goods increased by 10.8%. A visible trade deficit of $109.4 billion, equivalent to 5.1% of the value of imports of goods, was recorded in the first ten months of 2006.
Comparing the three-month period ending October 2006 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 5.9%. Within this total, the value of re-exports increased by 7.4%, while the value of domestic exports went down by 16.5%. Meanwhile, the value of imports of goods increased by 5.2%.
Analysis by country/territory
Comparing October 2006 with October 2005, increases were registered in the values of re-exports to many major destinations, in particular the United Kingdom (+16.4%), the mainland of China (the Mainland) (+16.4%), France (+10.8%) and the United States of America (+10.1%). However, a decrease was registered in the value of re-exports to the Netherlands (-25.2%). Concurrently, significant decreases were registered in the values of domestic exports to most major destinations, in particular Germany (-55.7%), the United Kingdom (-51.1%), the United States of America (-36.1%) and the Mainland (-29.2%). However, an increase was registered in the value of domestic exports to Taiwan (+21.0%).
Over the same periods of comparison, increases were registered in the values of imports from most major suppliers, in particular Singapore (+25.5%), Korea (+19.5%), Thailand (+13.2%), the Mainland (+12.1%) and Taiwan (+8.0%).
For the first ten months of 2006 as a whole, year-on-year increases were registered in the values of re-exports to most major destinations, in particular the Mainland (+14.2%), Korea (+9.9%), Taiwan (+4.2%) and Singapore (+2.9%). However, a year-on-year decrease was registered in the value of re-exports to the Netherlands (-18.4%). Concurrently, significant year-on-year increases were registered in the values of domestic exports to many major destinations, in particular the Netherlands (+112.8%), Germany (+45.6%), Australia (+38.3%), the United Kingdom (+32.2%) and Japan (+23.1%).
Over the same periods of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Singapore (+22.1%), Taiwan (+18.0%), Thailand (+15.5%), Korea (+13.9%) and the Mainland (+12.6%).
Analysis by major commodity
Comparing October 2006 with October 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 $9.3 billion or 22.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.9 billion or 11.9%) and "clothing" (by $3.7 billion or 28.3%). Concurrently, significant decreases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $3.7 billion or -48.5%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $1.1 billion or -50.8%). However, an increase was registered in the value of domestic exports of "office machines and automatic data processing machines" (by $442 million or 32.4%).
Over the same periods of comparison, 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 $8.5 billion or 17.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.1 billion or 13.8%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $3.2 billion or 24.5%).
For the first ten 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 $82.7 billion or 23.0%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $27.8 billion or 10.5%) and "non-metallic mineral manufactures" (by $5.5 billion or 13.8%). Concurrently, year-on-year increases were registered in the values of domestic exports of many principal commodity divisions, in particular "office machines and automatic data processing machines" (by $7.3 billion or 72.6%) and "clothing" (by $2.8 billion or 6.5%). However, a year-on-year decrease was registered in the value of domestic exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $3.8 billion or -24.3%).
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 $84.0 billion or 19.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $33.1 billion or 13.7%) and "office machines and automatic data processing machines" (by $17.2 billion or 8.3%).
Commentary
A Government spokesman noted that the value of total exports of goods registered a notable growth in October, essentially a continuation of the rapid growth seen in most parts of the year. The Mainland market continued to be the key growth spot in Hong Kong's trade in October. Exports to the US market, which had been weak over the past few months, also showed better performance.
The spokesman further pointed out that import intake for local use continued to grow solidly, especially in regard to consumer and capital goods, reflecting the sustained strength in domestic demand.
Table 1 at the annex presents the analysis of external merchandise trade figures in October 2006. Table 2 presents the original monthly trade figures from January 2003 to October 2006, and Table 3 gives the seasonally adjusted series for the same period.
The values of re-exports and domestic exports of goods to ten main destinations in October 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.
Table 7, 8 and 9 show the values of re-exports, domestic exports and imports of ten principal commodity divisions for October 2006.
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 October 2006 will be released in late December 2006.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in "Hong Kong Merchandise Trade Statistics". The October 2006 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in October 2006. This publication is available in mid-December 2006. Users can download this publication free of charge at the "Statistical Bookstore, Hong Kong" (www.statisticalbookstore.gov.hk) of the C&SD. Print version of this publication is for sale at HK$71 per issue. Purchase can be done in person at the Publications Unit of the C&SD (Address : 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel. : 2582 3025) or through mail order by returning a completed order form which can be downloaded from the C&SD's website (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_publications/index.jsp). Print version of this publication is also available for sale online at the Statistical Bookstore and the Government Bookstore of the Information Services Department (www.isd.gov.hk/eng/bookorder.htm). Print versions if purchased online are offered a discount, at 85% of their original prices.
Enquiries on merchandise trade statistics may be directed to the C&SD (Tel.: 2582 5042).
Ends/Monday, November 27, 2006
Issued at HKT 16:15
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