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The Census and Statistics Department (C&SD) released today (February 28) the external merchandise trade statistics for January 2008. In January 2008, the values of Hong Kong's total exports and imports of goods recorded significant year-on-year increases of 15.8% and 16.9% respectively.
In January 2008, the value of total exports of goods (comprising re-exports and domestic exports) increased by 15.8% over a year earlier to $240.1 billion, after a year-on-year increase of 8.2% in December 2007. Within this total, the value of re-exports increased by 16.4% to $231.6 billion in January 2008, while the value of domestic exports increased by 0.8% to $8.5 billion. Concurrently, the value of imports of goods increased by 16.9% over a year earlier to $247.6 billion in January 2008, after a year-on-year increase of 10.3% in December 2007. A visible trade deficit of $7.5 billion, equivalent to 3.0% of the value of imports of goods, was recorded in January 2008.
Comparing the three-month period ending January 2008 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 4.4%. Within this total, the value of re-exports increased by 4.5%, while the value of domestic exports went up by 2.2%. Meanwhile, the value of imports of goods increased by 5.0%.
Analysis by country/territory
Comparing January 2008 with January 2007, exports to Asia as a whole grew by 20.0%. In this region, strong increases were registered in the values of total exports to some major destinations, in particular India (+140.0%), Malaysia (+38.0%), Indonesia (+37.9%), Thailand (+27.0%) and the mainland of China (the Mainland) (+20.4%).
Apart from destinations in Asia, significant increases were also registered in the values of total exports to other major destinations, in particular Germany (+17.1%) and the Netherlands (+15.7%).
Over the same period of comparison, significant increases were registered in the values of imports from most major suppliers, in particular India (+55.7%), the Philippines (+40.4%), Thailand (+32.2%), Malaysia (+28.4%) and Taiwan (+25.8%).
Comparing the three months ending January 2008 with the three months ending January 2007, distinct increases were registered in the values of total exports to most major destinations, in particular India (+90.9%), the Mainland (+12.5%), Korea (+11.1%), Germany (+8.6%) and the Netherlands (+8.4%).
Over the same period of comparison, distinct increases were registered in the values of imports from most major suppliers, in particular India (+33.6%), Thailand (+18.7%), the Philippines (+17.4%), Singapore (+13.3%) and Malaysia (+13.2%).
Analysis by major commodity
Comparing January 2008 with January 2007, significant increases were registered in the values of total exports of many principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $14.7 billion or 55.6%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $13.3 billion or 29.7%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $2.8 billion or 15.7%).
Over the same period of comparison, significant 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 $13.4 billion or 28.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $11.7 billion or 49.3%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $3.6 billion or 24.3%).
Comparing the three months ending January 2008 with the three months ending January 2007, significant increases were registered in the values of total exports of many principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $34.7 billion or 37.2%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $28.5 billion or 19.6%). However, a significant decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $21.8 billion or -24.0%).
Over the same period of comparison, significant 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 $30.7 billion or 18.7%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $26.8 billion or 31.3%). However, a significant decrease was registered in the value of imports of "office machines and automatic data processing machines" (by $16.5 billion or -20.1%).
Commentary
The Government spokesman noted that merchandise exports grew strongly in January 2008, due mainly to the robust performance of the Mainland market and other emerging economies. The spokesman also noted that the notable expansion of the EU market also contributed. However, the spokesman pointed out that caution should be taken in reading the trade figures for the first two months of the year, as the year-on-year comparison may be affected by the timing of the Lunar New Year holidays, which fell in early February this year but in the second half of February last year.
The spokesman said that the global trading environment remains rather uncertain, as the US economy continues to weaken and the financial market turmoil has yet to settle. Nevertheless, the spokesman said that the strong growth momentum in many emerging economies, particularly the Mainland, should continue to provide support to Hong Kong's trade performance going forward.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for January 2008. Table 2 presents the original monthly trade statistics from January 2005 to January 2008, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to ten main destinations for January 2008 are shown in Table 4, whereas the values of imports of goods from ten main suppliers are given in Table 5.
Table 6 and 7 show the values of total exports and imports of ten principal commodity divisions for January 2008.
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 January 2008 will be released in late March 2008.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in "Hong Kong Merchandise Trade Statistics". The January 2008 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in January 2008. This publication will be available in mid-March 2008. Users can download this publication free of charge at the Website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/index.jsp). Print version of this publication is available for sale at HK$101 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 Government Bookstore of the Information Services Department (www.bookstore.gov.hk).
Enquiries on merchandise trade statistics may be directed to Trade Analysis Section of the C&SD (Tel.: 2582 5042).
Ends/Thursday, February 28, 2008
Issued at HKT 16:15
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