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In November 2005, the values of Hong Kong's total exports and imports of goods both continued to show distinct year-on-year increases. The Census and Statistics Department released today (December 29) the external merchandise trade statistics for November 2005.
2. In November 2005, the value of total exports of goods (comprising re-exports and domestic exports) increased by 11.5% over a year earlier to $200.4 billion, after a year-on-year increase of 11.6% in October. Within this total, the value of re-exports increased by 10.6% to $186.3 billion in November, while the value of domestic exports increased by 26.0% to $14.0 billion. Concurrently, the value of imports of goods increased by 13.6% over a year earlier to $204.4 billion in November 2005, after a year-on-year increase of 9.7% in October. A visible trade deficit of $4.0 billion, equivalent to 2.0% of the value of imports of goods, was recorded in November 2005.
3. For the first eleven months of 2005 as a whole, the value of total exports of goods rose by 11.9% over the same period in 2004. Within this total, the value of re-exports increased by 12.2%, while the value of domestic exports increased by 6.6%. Concurrently, the value of imports of goods increased by 10.3%. A visible trade deficit of $62.5 billion, equivalent to 2.9% of the value of imports of goods, was recorded in the first eleven months of 2005.
4. Comparing the three-month period ending November 2005 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 3.4%. Within this total, the value of re-exports increased by 1.8%, while the value of domestic exports went up by 30.0%. Meanwhile, the value of imports of goods increased by 2.9%.
Analysis by country/territory
5. Comparing November 2005 with November 2004, increases were registered in the values of re-exports to most major destinations, in particular France (+25.1%), the Republic of Korea (+25.1%), the mainland of China (the Mainland) (+18.3%), Germany (+15.3%) and Taiwan (+7.5%). Concurrently, significant increases were registered in the values of domestic exports to many major destinations, in particular the Netherlands (+271.1%), Japan (+63.9%), Australia (+58.6%), Germany (+52.7%) and Singapore (+36.0%).
6. Over the same periods of comparison, increases were registered in the values of imports from most major suppliers, in particular Singapore (+50.7%), Taiwan (+29.3%), Thailand (+22.7%), the Republic of Korea (+17.4%) and Germany (+16.8%).
7. For the first eleven months of 2005 as a whole, year-on-year increases were registered in the values of re-exports to all major destinations, in particular the Netherlands (+27.1%), France (+22.0%), Germany (+18.8%), the Mainland (+14.1%) and Japan (+10.2%). Concurrently, year-on-year increases were registered in the values of domestic exports to many major destinations, in particular the Netherlands (+85.9%), Australia (+69.1%), Japan (+50.7%) and Singapore (+34.3%). However, a year-on-year decrease was registered in the value of domestic exports to Germany (-17.8%).
8. Over the same periods of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Thailand (+22.2%), Singapore (+20.7%), the Mainland (+14.5%), the Philippines (+13.5%) and Malaysia (+10.0%).
Analysis by major commodity
9. Comparing November 2005 with November 2004, 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 $9.7 billion or 28.2%), "office machines and automatic data processing machines" (by $6.2 billion or 35.5%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $2.4 billion or 8.2%). Concurrently, increases were registered in the values of domestic exports of many principal commodity divisions, in particular "office machines and automatic data processing machines" (by $1.3 billion or 287.6%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $0.7 billion or 61.0%) and "clothing" (by $0.7 billion or 11.8%).
10. 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 $13.5 billion or 35.0%), "office machines and automatic data processing machines" (by $6.0 billion or 38.4%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $1.8 billion or 7.2%).
11. For the first eleven months of 2005 as a whole, year-on-year increases were registered in the values of re-exports of most principal commodity divisions, in particular "office machines and automatic data processing machines" (by $61.0 billion or 31.8%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $51.7 billion or 14.7%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $35.0 billion or 13.4%). 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 $7.4 billion or 167.9%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $5.5 billion or 45.7%). However, a year-on-year decrease was registered in the value of domestic exports of "clothing" (by $7.9 billion or 13.7%).
12. 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 $60.6 billion or 14.4%), "office machines and automatic data processing machines" (by $40.7 billion or 21.7%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $27.1 billion or 11.3%).
Commentary
13. A Government Secretariat spokesman noted that merchandise exports continued to record distinct year-on-year increase in November, marking the fourth consecutive month of double-digit growth. This was notwithstanding the various uncertainties looming in the external trading environment, such as high oil prices and recent strengthening of the US dollar. The strong trade performance is a clear manifestation of the strength of Hong Kong's competitiveness as a trading and logistics hub in the region. The pick-up in domestic exports to double-digit growth over the past few months was also noteworthy. This trend, if continued, will likely lead to more jobs for the local manufacturing workforce.
14. The spokesman further noted the significant surge in retained imports in November, which signified strengthening demand in import intake for local consumption and production use.
Further information
15. Table 1 at the annex presents the analysis of external merchandise trade figures in November 2005. Table 2 presents the original monthly trade figures from January 2002 to November 2005, and Table 3 gives the seasonally adjusted series for the same period.
16. The values of re-exports and domestic exports of goods to ten main destinations in November 2005 are shown in Table 4 and 5 respectively, whereas the values of imports of goods from ten main suppliers are given in Table 6.
17. Table 7, 8 and 9 show the values of re-exports, domestic exports and imports of ten principal commodity divisions for November 2005.
18. 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 November 2005 will be released in late January 2006.
19. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in merchandise trade statistics reports. The November 2005 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in November 2005. This publication will be on sale at HK$65 per issue around 21 January 2006. Both print version and download version of the publication can be purchased online at the "Statistical Bookstore, Hong Kong" (http://www.statisticalbookstore.gov.hk). Download version of the publication can be purchased at 75% of its original price exclusively at the online Statistical Bookstore. Print version if purchased online is also offered a discount, at 85% of its original price at the Statistical Bookstore as well as the Government Bookstore (http://www.isd.gov.hk/eng/bookorder.htm). For purchase of print version, this can be done through mail order by returning a completed order form which can be downloaded from the C&SD's website (http://www.info.gov.hk/censtatd/eng/prod_serv/forms_index.html). Purchase can also be made in person at the Publications Unit of the C&SD (Address: 19/F, Wanchai Tower, 12 Harbour Road, Wan Chai; Tel.: 2582 3025).
20. Enquiries on merchandise trade statistics may be directed to the Census and Statistics Department (Tel.: 2582 5042).
Ends/Thursday, December 29, 2005
Issued at HKT 16:16
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