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The Census and Statistics Department (C&SD) released today (November 25) the external merchandise trade statistics for October 2010. In October 2010, the values of Hong Kong's total exports and imports of goods both showed significant year-on-year increases, at 13.9% and 14.0% respectively.
In October 2010, the value of total exports of goods (comprising re exports and domestic exports) increased by 13.9% over a year earlier to $274.2 billion, after a year-on-year increase of 24.1% in September 2010. Within this total, the value of re exports increased by 13.9% to $268.2 billion in October 2010, while the value of domestic exports increased by 11.2% to $6.0 billion. Concurrently, the value of imports of goods increased by 14.0% over a year earlier to $296.4 billion in October 2010, after a year-on-year increase of 19.5% in September 2010. A visible trade deficit of $22.3 billion, equivalent to 7.5% of the value of imports of goods, was recorded in October 2010.
For the first ten months of 2010 as a whole, the value of total exports of goods rose by 24.6% over the same period in 2009. Within this total, the value of re exports increased by 24.7%, while the value of domestic exports increased by 20.6%. Concurrently, the value of imports of goods increased by 27.2%. A visible trade deficit of $267.1 billion, equivalent to 9.6% of the value of imports of goods, was recorded in the first ten months of 2010.
Comparing the three-month period ending October 2010 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 1.0%. Within this total, the value of re exports increased by 1.2%, whereas the value of domestic exports went down by 6.4%. Meanwhile, the value of imports of goods decreased by 1.2%.
Analysis by country/territory
Comparing October 2010 with October 2009, total exports to Asia as a whole grew by 13.7%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Thailand (+33.3%), India (+30.7%), Vietnam (+28.6%), Malaysia (+26.8%) and the mainland of China (the Mainland) (+12.6%).
Apart from destinations in Asia, increases were also registered in the values of total exports to some major destinations in other regions, in particular the USA (+17.1%), Germany (+6.4%), the Netherlands (+5.7%) and the United Kingdom (+1.9%).
Over the same period of comparison, significant increases were registered in the values of imports from all major suppliers, in particular India (+44.9%), the USA (+22.9%), Thailand (+21.1%), Singapore (+17.0%) and the Mainland (+15.4%).
For the first ten months of 2010 as a whole, significant year-on-year increases were registered in the values of total exports to all major destinations, in particular India (+45.6%), Taiwan (+31.7%), the Mainland (+29.3%), the Netherlands (+24.5%) and Korea (+24.5%).
Over the same period of comparison, significant year-on-year increases were registered in the values of imports from all major suppliers, in particular Singapore (+40.7%), India (+39.2%), Thailand (+36.1%), Korea (+36.0%) and the Mainland (+23.8%).
Analysis by major commodity
Comparing October 2010 with October 2009, 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 $12.6 billion or 18.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.2 billion or 9.6%) and "articles of apparel and clothing accessories" (by $3.4 billion or 23.7%).
Over the same period of comparison, increases were registered in the values of imports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $11.9 billion or (5.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.0 billion or 10.6%) and "non-metallic mineral manufactures" (by $3.6 billion or 39.5%).
For the first ten months of 2010 as a whole, significant year-on-year 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 $185.5 billion or 35.1%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $85.7 billion or 25.9%) and "office machines and automatic data processing machines" (by $69.3 billion or 34.2%).
Over the same period of comparison, significant year-on-year increases were registered in the values of imports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $225.6 billion or 38.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $76.3 billion or 25.9%) and "office machines and automatic data processing machines" (by $64.9 billion or 32.5%).
Commentary
A Government spokesman notes that the value of merchandise exports grew notably further in October over a year earlier. On a seasonally adjusted basis, the pace of expansion has shown some deceleration in recent months, following the strong rebound that started in mid-2009 from the synchronised recession at the junction of 2008 and 2009.
The spokesman comments further that the weak recovery prospect in the US and Europe remains a key source of downside risk overshadowing Hong Kong's trade performance looking ahead. This, coupled with the more volatile exchange rates and the rise of protectionism, could entail more headwinds for the external trade outlook. Nevertheless, further notable growth in the Asian region, particularly the Mainland China, should continue to be a supportive factor in the near term.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for October 2010. Table 2 presents the original monthly trade statistics from January 2007 to October 2010, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to ten main destinations for October 2010 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 October 2010.
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 2010 will be released in mid-December 2010.
The October 2010 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in October 2010. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the October 2010 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-December 2010. Users can download them free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/external_trade/index.jsp). Print version of "Hong Kong External Merchandise Trade" is available for sale at HK$186 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 the 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, November 25, 2010
Issued at HKT 16:31
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