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The Census and Statistics Department (C&SD) released today (May 27) the external merchandise trade statistics for April 2008. In April 2008, the values of Hong Kong's total exports and imports of goods both showed distinct year-on-year increases, at 14.5% and 11.3% respectively.
In April 2008, the value of total exports of goods (comprising re-exports and domestic exports) increased by 14.5% over a year earlier to $243.4 billion, after a year-on-year increase of 7.6% in March 2008. Within this total, the value of re-exports increased by 15.5% to $235.6 billion in April 2008, whereas the value of domestic exports decreased by 10.0% to $7.8 billion. Concurrently, the value of imports of goods increased by 11.3% over a year earlier to $259.6 billion in April 2008, after a year-on-year increase of 6.6% in March 2008. A visible trade deficit of $16.2 billion, equivalent to 6.2% of the value of imports of goods, was recorded in April 2008.
For the first four months of 2008 as a whole, the value of total exports of goods rose by 11.5% over the same period in 2007. Within this total, the value of re-exports increased by 12.1%, whereas the value of domestic exports decreased by 2.6%. Concurrently, the value of imports of goods increased by 11.5%. A visible trade deficit of $67.7 billion, equivalent to 7.1% of the value of imports of goods, was recorded in the first four months of 2008.
Comparing the three-month period ending April 2008 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 0.9%. Within this total, the value of re-exports increased by 1.0%, whereas the value of domestic exports went down by 1.2%. Meanwhile, the value of imports of goods decreased by 2.0%.
Analysis by country/territory
Comparing April 2008 with April 2007, exports to Asia as a whole grew by 17.3%. In this region, strong increases were registered in the values of total exports to some major destinations, in particular India (+92.4%), Vietnam (+37.8%), Singapore (+25.4%), Thailand (+19.0%), Malaysia (+17.8%) and the mainland of China (the Mainland) (+17.4%).
Apart from destinations in Asia, significant increases were also registered in the values of total exports to some major destinations in other regions, in particular Germany (+25.7%) and the Netherlands (+18.7%).
Over the same period of comparison, increases were registered in the values of imports from all major suppliers, in particular India (+41.5%), Germany (+24.9%), Malaysia (+17.1%), the USA (+16.8%) and Thailand (+11.9%).
For the first four months of 2008 as a whole, distinct year-on-year increases were registered in the values of total exports to most major destinations, in particular India (+106.6%), Singapore (+21.6%), Germany (+19.8%), the Mainland (+12.8%) and the Netherlands (+10.8%).
Over the same period of comparison, significant year-on-year increases were registered in the values of imports from all major suppliers, in particular India (+48.2%), Thailand (+23.4%), Germany (+17.6%), Malaysia (+16.3%) and the USA (+10.0%).
Analysis by major commodity
Comparing April 2008 with April 2007, significant increases were registered in the values of total exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $8.2 billion or 16.1%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.4 billion or 18.9%) and "office machines and automatic data processing machines" (by $4.5 billion or 22.3%).
Over the same period of comparison, distinct 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 $6.9 billion or 11.9%), "office machines and automatic data processing machines" (by $2.7 billion or 13.1%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $2.5 billion or 15.9%).
For the first four months of 2008 as a whole, distinct year-on-year increases were registered in the values of total exports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $24.8 billion or 20.0%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $21.8 billion or 11.3%) and "non-metallic mineral manufactures" (by $11.5 billion or 57.1%).
Over the same period of comparison, distinct 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 $21.2 billion or 9.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $18.9 billion or 16.8%) and "non-metallic mineral manufactures" (by $10.2 billion or 32.0%).
Commentary
Government spokesman said that merchandise exports grew strongly in April. The Mainland market resumed its role as the main growth driver after a sluggish performance in March. The continued vibrant intra-regional trade in Asia also contributed in a significant way. These together with the notable expansion of the EU market more than offset the continued weakness of the US and Japan markets.
The spokesman pointed out that the outlook for trade remains uncertain and challenging amidst the slower growth in the major advanced economies and the ongoing global financial turbulence. The effects of the macro-tightening measures in the Mainland also need to watch closely. Nevertheless, the vibrant growth momentum in the Mainland and other emerging markets should still render support to Hong Kong's external trade going forward.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for April 2008. Table 2 presents the original monthly trade statistics from January 2005 to April 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 April 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 April 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 April 2008 will be released in late June 2008.
The April 2008 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in April 2008. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the April 2008 issue of the "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-June and late June 2008 respectively. Users can download them free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/index.jsp). Print versions of the publications are for sale at HK$101 and HK$379 per issue respectively. 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 versions of the publications are 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/Tuesday, May 27, 2008
Issued at HKT 16:15
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