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In December 2005, the values of Hong Kong's total exports and imports of goods both continued to show year-on-year increases. The Census and Statistics Department released today (January 26) the external merchandise trade statistics for December 2005.
2. In December 2005, the value of total exports of goods (comprising re-exports and domestic exports) increased by 6.7% over a year earlier to $188.8 billion, after a year-on-year increase of 11.5% in November. Within this total, the value of re-exports increased by 5.6% to $174.8 billion in December, while the value of domestic exports increased by 22.2% to $14.0 billion. Concurrently, the value of imports of goods increased by 10.6% over a year earlier to $205.6 billion in December 2005, after a year-on-year increase of 13.6% in November. A visible trade deficit of $16.9 billion, equivalent to 8.2% of the value of imports of goods, was recorded in December 2005.
3. For 2005 as a whole, the value of total exports of goods rose by 11.4% over 2004. Within this total, the value of re-exports increased by 11.7%, while the value of domestic exports increased by 8.0%. Concurrently, the value of imports of goods increased by 10.3%. A visible trade deficit of $79.3 billion, equivalent to 3.4% of the value of imports of goods, was recorded in 2005.
4. Comparing the fourth quarter of 2005 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 1.7%. Within this total, the value of re-exports increased by 0.7%, while the value of domestic exports went up by 16.1%. Meanwhile, the value of imports of goods increased by 2.6%.
Analysis by country/territory
5. Comparing December 2005 with December 2004, increases were registered in the values of re-exports to many major destinations, in particular France (+16.8%), the mainland of China (the Mainland) (+10.6%) and Germany (+10.6%). However, decreases were registered in the values of re-exports to the Netherlands (-20.7%) and the United Kingdom (-12.0%). Concurrently, significant increases were registered in the values of domestic exports to many major destinations, in particular the Netherlands (+261.6%), Japan (+84.3%), Australia (+34.9%), the United Kingdom (+33.6%) and Germany (+31.6%).
6. Over the same periods of comparison, increases were registered in the values of imports from most major suppliers, in particular Singapore (+34.9%), Thailand (+30.3%), Germany (+23.3%), Taiwan (+17.1%) and the Republic of Korea (+15.1%).
7. For 2005 as a whole, year-on-year increases were registered in the values of re-exports to all major destinations, in particular the Netherlands (+22.0%), France (+21.5%), Germany (+18.0%), the Mainland (+13.8%) and the Republic of Korea (+9.2%). Concurrently, year-on-year increases were registered in the values of domestic exports to many major destinations, in particular the Netherlands (+105.9%), Australia (+65.8%), Japan (+53.6%), Singapore (+29.5%) and the Mainland (+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 (+23.0%), Singapore (+21.8%), the Mainland (+14.3%), the Philippines (+13.5%) and Malaysia (+10.0%).
Analysis by major commodity
9. Comparing December 2005 with December 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 $6.7 billion or 20.7%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $3.2 billion or 12.8%). However, a decrease was registered in the value of re-exports of "office machines and automatic data processing machines" (by $1.3 billion or 5.7%). 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 $1.0 billion or 120.1%), "clothing" (by $766 million or 13.5%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $263 million or 22.3%).
10. Over the same periods of comparison, 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 $10.0 billion or 25.0%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $4.0 billion or 16.8%) and "petroleum, petroleum products and related materials" (by $1.7 billion or 49.2%).
11. For 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 $59.7 billion or 27.8%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $58.4 billion or 15.2%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $38.3 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 $8.4 billion or 159.9%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $5.7 billion or 43.7%). However, a year-on-year decrease was registered in the value of domestic exports of "clothing" (by $7.2 billion or 11.3%).
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 $70.4 billion or 15.3%), "office machines and automatic data processing machines" (by $41.1 billion or 19.7%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $31.1 billion or 11.8%).
Commentary
13. A Government Secretariat spokesman noted that merchandise exports continued to grow solidly in December 2005 over a year earlier, albeit at a less rapid pace than in the preceding months. There was a slow-down in the growth of re-export trade, partly reflecting the decrease in the re-exports of textile and clothing products towards the end of the year. More observations for the coming months will be required to ascertain if the trend is only temporary. On the other hand, domestic exports sustained strong double-digit growth for the fifth month in a row, underscoring better job opportunities for the local manufacturing workforce.
14. The spokesman further noted that, looking ahead, conditions in the overseas markets should remain generally supportive, but the trade outlook is still beset by a number of uncertainties such as those stemming from the movements of interest rate, oil prices and exchange rates.
Further information
15. Table 1 at the annex presents the analysis of external merchandise trade figures in December 2005. Table 2 presents the original monthly trade figures from January 2002 to December 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 December 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 December 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 December 2005 will be released in late February 2006.
19. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in merchandise trade statistics reports. The December 2005 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in December 2005. This publication will be on sale at HK$65 per issue around 21 February 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.censtatd.gov.hk/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, January 26, 2006
Issued at HKT 16:16
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