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In December 2006, the values of Hong Kong's total exports and imports of goods both showed strong year-on-year increases. The Census and Statistics Department (C&SD) released today (January 25) the external merchandise trade statistics for December 2006.
In December 2006, the value of total exports of goods (comprising re-exports and domestic exports) increased by 13.7% over a year earlier to $214.7 billion, after a year-on-year increase of 14.2% in November. Within this total, the value of re-exports increased by 18.0% to $206.2 billion in December, while the value of domestic exports decreased by 39.1% to $8.5 billion. Concurrently, the value of imports of goods increased by 14.5% over a year earlier to $235.5 billion in December 2006, after a year-on-year increase of 16.3% in November. A visible trade deficit of $20.8 billion, equivalent to 8.8% of the value of imports of goods, was recorded in December 2006.
For 2006 as a whole, the value of total exports of goods rose by 9.4% over 2005. Within this total, the value of re-exports increased by 10.0%, while the value of domestic exports decreased by 1.1%. Concurrently, the value of imports of goods increased by 11.6%. A visible trade deficit of $138.8 billion, equivalent to 5.3% of the value of imports of goods, was recorded in 2006.
Comparing the fourth quarter of 2006 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 3.1%. Within this total, the value of re-exports increased by 4.4%, while the value of domestic exports went down by 20.3%. Meanwhile, the value of imports of goods increased by 4.1%.
Analysis by country/territory
Comparing December 2006 with December 2005, significant increases were registered in the values of re-exports to most major destinations, in particular the Netherlands (+38.5%), the United Kingdom (+36.8%), the mainland of China (the Mainland) (+20.3%), the United States of America (+15.3%) and Taiwan (+14.6%). Concurrently, significant decreases were registered in the values of domestic exports to all major destinations, in particular the Netherlands (-76.1%), the United Kingdom (-59.3%), Germany (-59.1%), the United States of America (-48.7%) and Japan (-34.3%).
Over the same periods of comparison, significant increases were registered in the values of imports from all major suppliers, in particular Korea (+26.8%), the United States of America (+18.4%), the Mainland (+18.4%), Japan (+13.2%) and Thailand (+12.0%).
For 2006 as a whole, year-on-year increases were registered in the values of re-exports to most major destinations, in particular the Mainland (+15.3%), Korea (+7.5%), the United Kingdom (+6.2%) and Taiwan (+5.2%). However, a year-on-year decrease was registered in the value of re-exports to the Netherlands (-11.2%). Concurrently, year-on-year decreases were registered in the values of domestic exports to some major destinations, in particular Taiwan (-13.2%). However, year-on-year increases were registered in the values of domestic exports to the Netherlands (+47.7%), Australia (+32.6%), Japan (+14.2%) and Germany (+12.8%).
Over the same periods of comparison, significant year-on-year increases were registered in the values of imports from all major suppliers, in particular Singapore (+21.9%), Korea (+16.1%), Taiwan (+15.9%), Thailand (+14.3%) and the Mainland (+13.7%).
Analysis by major commodity
Comparing December 2006 with December 2005, significant 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 $8.5 billion or 21.6%), "office machines and automatic data processing machines" (by $7.6 billion or 34.6%) and "clothing" (by $5.4 billion or 49.7%). Concurrently, significant decreases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $3.7 billion or -57.7%), "office machines and automatic data processing machines" (by $1.1 billion or -58.9%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $645 million or -44.7%).
Over the same periods of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular "office machines and automatic data processing machines" (by $9.1 billion or 41.9%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $7.5 billion or 15.0%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.6 billion or 13.0%).
For 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 $98.8 billion or 22.3%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $33.2 billion or 10.2%) and "office machines and automatic data processing machines" (by $20.9 billion or 7.6%). Concurrently, year-on-year decreases were registered in the values of domestic exports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $5.3 billion or -28.3%) and "clothing" (by $4.0 billion or -7.1%). However, an year-on-year increase was registered in the value of domestic exports of "office machines and automatic data processing machines" (by $5.8 billion or 42.0%).
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 $98.9 billion or 18.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $39.5 billion or 13.4%) and "office machines and automatic data processing machines" (by $34.7 billion or 13.9%).
Commentary
A Government spokesman noted that the value of total exports of goods continued to grow at a double-digit rate in December 2006. The Mainland market remained the bright spot, and exports to other major markets, particularly the US and EU, also continued to hold up well. Within total exports of goods, re-exports remained the growth driver, offsetting the fall in domestic exports (accounted for less than 4% of total exports in that month), which was mainly due to a high base of comparison in 2005 amidst the enlarged clothing production in Hong Kong consequential to the implementation of the safeguard measures imposed by the US and EU on certain clothing items from the Mainland.
The spokesman further pointed out that looking ahead, the generally resilient global economy, the vibrant Mainland economy and the fall in oil prices should render support to external demand. The weakness of the US dollar is also another favourable factor to Hong Kong's exports.
Further information
Table 1 at the annex presents the analysis of external merchandise trade figures in December 2006. Table 2 presents the original monthly trade figures from January 2003 to December 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 December 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 December 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 December 2006 will be released in late February 2007.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in "Hong Kong Merchandise Trade Statistics". The December 2006 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in December 2006. This publication is available in mid-February 2007. 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/Thursday, January 25, 2007
Issued at HKT 16:15
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