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In January 2006, the values of Hong Kong's total exports and imports of goods both showed year-on-year increases. The Census and Statistics Department released today (February 27) the external merchandise trade statistics for January 2006.
2. In January 2006, the value of total exports of goods (comprising re-exports and domestic exports) increased by 4.2% over a year earlier to $190.0 billion, after a year-on-year increase of 6.7% in December 2005. Within this total, the value of re-exports increased by 2.4% to $176.9 billion in January, while the value of domestic exports increased by 34.8% to $13.1 billion. Concurrently, the value of imports of goods increased by 0.6% over a year earlier to $185.7 billion in January 2006, after a year-on-year increase of 10.6% in December 2005. A visible trade surplus of $4.4 billion, equivalent to 2.4% of the value of imports of goods, was recorded in January 2006.
3. Comparing the three-month period ending January 2006 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 0.4%. Within this total, the value of re-exports increased by 0.3%, while the value of domestic exports went up by 2.1%. Meanwhile, the value of imports of goods increased by 3.0%.
Analysis by country/territory
4. Comparing January 2006 with January 2005, increases were registered in the values of re-exports to many major destinations, in particular Italy (+27.0%) and Korea (+4.6%). However, decreases were registered in the values of re-exports to the Netherlands (-15.8%), Singapore (-15.6%) and Germany (-5.0%). Concurrently, significant increases were registered in the values of domestic exports to most major destinations, in particular the Netherlands (+267.1%), France (+211.4%), Italy (+179.7%), Germany (+158.0%) and the United Kingdom (+153.2%).
5. Over the same periods of comparison, increases were registered in the values of imports from many major suppliers, in particular Singapore (+27.3%), Germany (+15.8%) and Korea (+15.5%). However, decreases were registered in the values of imports from Japan (-14.3%) and the Philippines (-13.7%).
6. Comparing the three months ending January 2006 with the three months ending January 2005, year-on-year increases were registered in the values of re-exports to many major destinations, in particular Italy (+18.8%), Korea (+10.3%) and the mainland of China (the Mainland) (+10.2%). However, year-on-year decreases were registered in the values for re-exports to the Netherlands (-10.9%) and the United Kingdom (-6.3%). Concurrently, year-on-year increases were registered in the values of domestic exports to most major destinations, in particular the Netherlands (+265.9%), France (+86.7%), Italy (+84.0%), Germany (+66.2%) and Japan (+55.9%).
7. Over the same periods of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Singapore (+36.6%), Thailand (+19.8%), Germany (+18.5%), Korea (+16.1%) and Taiwan (+15.6%).
Analysis by major commodity
8. Comparing January 2006 with January 2005, increases were registered in the values of re-exports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $7.1 billion or 22.2%) and "footwear" (by $700 million or 15.4%). However, a decrease was registered in the value of re-exports of "office machines and automatic data processing machines" (by $3.4 billion or 13.1%). Concurrently, increases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $2.6 billion or 74.2%) and "office machines and automatic data processing machines" (by $747 million or 69.3%). However, a decrease was registered in the value of domestic exports of "miscellaneous manufactured articles consisting mainly of jewellery, goldsmiths' and silversmiths' wares" (by $98 million or 7.6%).
9. Over the same periods of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $6.8 billion or 18.2%) and "petroleum, petroleum products and related materials" (by $2.1 billion or 57.2%). However, a decrease was registered in the value of imports of "office machines and automatic data processing machines" (by $2.8 billion or 12.1%).
10. Comparing the three months ending January 2006 with the three months ending January 2005, year-on-year 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 $23.4 billion or 23.6%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.4 billion or 8.0%). However, a year-on-year decrease was registered in the value of re-exports of "clothing" (by $1.7 billion or 4.6%). Concurrently, year-on-year increases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $4.1 billion or 27.2%), "office machines and automatic data processing machines" (by $3.1 billion or 128.9%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $1.0 billion or 29.7%).
11. Over the same periods of comparison, year-on-year 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 $30.2 billion or 26.0%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.4 billion or 9.0%) and "petroleum, petroleum products and related materials" (by $5.0 billion or 46.8%).
Commentary
12. A Government Secretariat spokesman noted that merchandise exports recorded a relatively moderate growth in January 2006 over a year earlier. This was mainly due to the distortion caused by the Lunar New Year holidays, which fell in January this year but in February last year. Yet domestic exports continued to rise distinctly in January, marked by the surge in clothing exports to the EU and the US. Conceivably, some local manufacturers have shifted their clothing production back to Hong Kong, underscoring better job opportunities for the local manufacturing workforce.
13. The spokesman further pointed out that the trade outlook for the near term is largely sanguine, as the economic conditions in the major overseas markets remain generally supportive.
Further information
14. Table 1 at the annex presents the analysis of external merchandise trade figures in January 2006. Table 2 presents the original monthly trade figures from January 2003 to January 2006, and Table 3 gives the seasonally adjusted series for the same period.
15. The values of re-exports and domestic exports of goods to ten main destinations in January 2006 are shown in Table 4 and 5 respectively, whereas the values of imports of goods from ten main suppliers are given in Table 6.
16. Table 7, 8 and 9 show the values of re-exports, domestic exports and imports of ten principal commodity divisions for January 2006.
17. 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 2006 will be released in late March 2006.
18. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in merchandise trade statistics reports. The January 2006 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in January 2006. This publication will be on sale at HK$71 per issue around March 20, 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).
19. Enquiries on merchandise trade statistics may be directed to the Census and Statistics Department (Tel.: 2582 5042).
Ends/Monday, February 27, 2006
Issued at HKT 16:15
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