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The Census and Statistics Department (C&SD) released today (March 27) the external merchandise trade statistics for February 2008. In February 2008, the values of Hong Kong's total exports and imports of goods recorded year-on-year increases of 7.6% and 11.9% respectively.
As the trade flows in January and February of each year tend to show considerable volatilities due to difference in timing of the Lunar New Year Holidays, it is useful to analyse the trade figures for these two months taken together.
Taking January and February as a whole to neutralise the distortion caused by the difference in timing of the Lunar New Year Holidays, the value of total exports of goods rose by 12.1% over the same period in 2007. Within this total, the value of re-exports increased by 12.5%, while the value of domestic exports increased by 0.9%. Concurrently, the value of imports of goods increased by 14.6%. A visible trade deficit of $23.3 billion, equivalent to 5.2% of the value of imports of goods, was recorded in the first two months of 2008.
In February 2008, the value of total exports of goods (comprising re-exports and domestic exports) increased by 7.6% over a year earlier to $184.4 billion, after a year-on-year increase of 15.8% in January 2008. Within this total, the value of re-exports increased by 7.8% to $178.1 billion in February 2008, while the value of domestic exports increased by 1.1% to $6.3 billion. Concurrently, the value of imports of goods increased by 11.9% over a year earlier to $200.2 billion in February 2008, after a year-on-year increase of 16.9% in January 2008. A visible trade deficit of $15.8 billion, equivalent to 7.9% of the value of imports of goods, was recorded in February 2008.
Comparing the three-month period ending February 2008 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 3.6%. Within this total, the value of re-exports increased by 3.9%, whereas the value of domestic exports went down by 4.7%. Meanwhile, the value of imports of goods increased by 1.9%.
Analysis by country/territory
For the first two 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 (+133.6%), the mainland of China (the Mainland) (+17.6%), Singapore (+16.9%), Germany (+13.9%) and the Netherlands (+11.3%).
Over the same period of comparison, significant year-on-year increases were registered in the values of imports from most major suppliers, in particular India (+64.8%), Thailand (+32.2%), the Philippines (+25.8%), Malaysia (+24.6%) and Taiwan (+15.8%).
Comparing February 2008 with February 2007, exports to Asia as a whole grew by 15.0%. In this region, strong increases were registered in the values of total exports to some major destinations, in particular India (+126.6%), Vietnam (+42.1%), Thailand (+30.2%), Indonesia (+20.1%), Malaysia (+18.2%) and the Mainland (+14.0%).
Apart from destinations in Asia, increases were also registered in the values of total exports to other major destinations, in particular Germany (+10.1%).
Concurrently, distinct decreases were registered in the values of total exports to some major destinations, in particular the United Kingdom (-15.9%) and the USA (-12.5%).
Over the same period of comparison, significant increases were registered in the values of imports from all major suppliers, in particular India (+75.8%), Thailand (+32.1%), Malaysia (+20.7%), the USA (+14.4%) and Singapore (+14.2%).
Analysis by major commodity
For the first two months of 2008 as a whole, significant year-on-year increases were registered in the values of total exports of many principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $19.7 billion or 37.5%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $12.9 billion or 14.4%) and "non-metallic mineral manufactures" (by $4.4 billion or 49.7%). However, a year-on-year decrease was registered in the value of total exports of "clothing" (by $3.6 billion or -9.9%).
Over the same period of comparison, significant year-on-year increases were registered in the values of imports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $18.3 billion or 40.7%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $12.2 billion or 12.4%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $5.5 billion or 20.8%).
Comparing February 2008 with February 2007, significant increases were registered in the values of total exports of many principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $5.0 billion or 19.0%) and "office machines and automatic data processing machines" (by $4.5 billion or 26.5%). Concurrently, a significant decrease was registered in the value of total exports of "clothing" (by $2.7 billion or -16.4%).
Over the same period of comparison, significant increases were registered in the values of imports of most principal commodity divisions, in particular "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.7 billion or 31.3%), "office machines and automatic data processing machines" (by $4.2 billion or 28.1%) and "non-metallic mineral manufactures" (by $2.8 billion or 39.6%).
Commentary
The Government spokesman noted that merchandise exports remained vibrant stepping into 2008, posting a double-digit growth in the first two months combined. The spokesman also noted that the rapid growth in the Mainland and many other markets in Asia sustained, while the EU market continued to expand moderately. The spokesman commented that these factors altogether offset the negative effect from the sluggish US market.
The spokesman said that as the US economy continues to weaken and the global financial markets remain highly volatile, the external trading environment is dominated by uncertainties. Nevertheless, the spokesman pointed out that the strong growth momentum in many emerging market economies should continue to support Hong Kong's external trade in the period ahead.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for February 2008. Table 2 presents the original monthly trade statistics from January 2005 to February 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 February 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 February 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 February 2008 will be released in late April 2008.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in "Hong Kong Merchandise Trade Statistics". The February 2008 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in February 2008. This publication will be available in mid-April 2008. Users can download this publication free of charge at the Website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/index.jsp). Print version of this publication is available for sale at HK$101 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 this 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, March 27, 2008
Issued at HKT 16:15
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