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In April 2006, 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 £¨C&SD£İreleased today (May 26) the external merchandise trade statistics for April 2006.
In April 2006, the value of total exports of goods (comprising re-exports and domestic exports) increased by 9.4% over a year earlier to $188.8 billion, after a year-on-year increase of 14.7% in March. Within this total, the value of re-exports increased by 8.6% to $178.5 billion in April, while the value of domestic exports increased by 27.6% to $10.3 billion. Concurrently, the value of imports of goods increased by 11.2% over a year earlier to $203.2 billion in April 2006, after a year-on-year increase of 16.0% in March. A visible trade deficit of $14.5 billion, equivalent to 7.1% of the value of imports of goods, was recorded in April 2006.
For the first four months of 2006 as a whole, the value of total exports of goods rose by 11.4% over the same period in 2005. Within this total, the value of re-exports increased by 10.1%, while the value of domestic exports increased by 35.8%. Concurrently, the value of imports of goods increased by 13.2%. A visible trade deficit of $51.3 billion, equivalent to 6.6% of the value of imports of goods, was recorded in the first four months of 2006.
Comparing the three-month period ending April 2006 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 1.9%. Within this total, the value of re-exports increased by 2.5%, while the value of domestic exports went down by 5.8%. Meanwhile, the value of imports of goods increased by 2.0%.
Analysis by country/territory
Comparing April 2006 with April 2005, increases were registered in the values of re-exports to many major destinations, in particular the mainland of China (the Mainland) (+15.4%), Korea (+11.6%), France (+8.7%), Japan (+6.0%) and Taiwan (+4.2%). Concurrently, significant increases were registered in the values of domestic exports to many major destinations, in particular the Netherlands (+262.6%), Germany (+202.1%), the United Kingdom (+74.2%), Japan (+41.9%) and the United States of America (+38.0%).
Over the same periods of comparison, increases were registered in the values of imports from most major suppliers, in particular Taiwan (+27.2%), Thailand (+24.4%), Germany (+19.7%), Korea (+16.7%) and the Mainland (+14.7%).
For the first four months of 2006 as a whole, year-on-year increases were registered in the values of re-exports to many major destinations, in particular the Mainland (+17.7%), Korea (+14.3%) and France (+8.5%). However, year-on-year decreases were registered in the values of re-exports to the Netherlands (-11.8%) and the United Kingdom (-5.6%). Concurrently, year-on-year increases were registered in the values of domestic exports to most major destinations, in particular the Netherlands (+238.1%), Germany (+185.3%), the United Kingdom (+110.3%), Australia (+65.2%) and Japan (+55.5%).
Over the same periods of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Singapore (+29.1%), Germany (+21.7%), Taiwan (+21.4%), Thailand (+20.7%) and Korea (+19.0%).
Analysis by major commodity
Comparing April 2006 with April 2005, 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 $9.0 billion or 26.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.7 billion or 32.6%) and "office machines and automatic data processing machines" (by $1.2 billion or 5.9%). Concurrently, increases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $1.6 billion or 75.1%) and "office machines and automatic data processing machines" (by $599 million or 71.3%). However, a decrease was registered in the value of domestic exports of "plastics in primary forms" (by $63 million or 16.3%).
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 $9.6 billion or 24.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $7.2 billion or 38.0%) and "office machines and automatic data processing machines" (by $2.2 billion or 11.7%).
For the first four months of 2006 as a whole, 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 $32.9 billion or 26.2%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $23.4 billion or 27.5%). However, a year-on-year decrease was registered in the value of re-exports of "clothing" (by $5.5 billion or 11.5%). Concurrently, year-on-year increases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $7.4 billion or 76.6%), "office machines and automatic data processing machines" (by $3.4 billion or 102.9%) and " miscellaneous manufactured articles consisting mainly of jewellery, goldsmiths' and silversmiths' wares" (by $201 million or 4.5%).
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 $37.5 billion or 25.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $23.7 billion or 30.2%) and "office machines and automatic data processing machines" (by $7.6 billion or 10.3%).
Commentary
A Government Secretariat spokesman noted that merchandise exports grew distinctly in April over a year earlier, albeit at a less rapid pace than in the first quarter. The growth in April was mainly supported by Mainland's continued robust trade flows and further expansion of intra-regional trade. Although the external environment remains largely positive, the trade outlook is clouded by various downside risks, such as high oil prices, rising US interest rates, global trade imbalances, and lately the tightening measures in the Mainland. How these various factors will play out to affect global demand is critical to Hong Kong's export performance in the period ahead.
Further information
Table 1 at the annex presents the analysis of external merchandise trade figures in April 2006. Table 2 presents the original monthly trade figures from January 2003 to April 2006, and Table 3 gives the seasonally adjusted series for the same period.
The values of re-exports and domestic exports of goods to ten main destinations in April 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.
Table 7, 8 and 9 show the values of re-exports, domestic exports and imports of ten principal commodity divisions for April 2006.
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 April 2006 will be released in late June 2006.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in merchandise trade statistics reports. The April 2006 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in April 2006. This publication will be on sale at HK$71 per issue around June 16, 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).
Enquiries on merchandise trade statistics may be directed to the Census and Statistics Department (Tel.: 2582 5042).
Ends/Friday, May 26, 2006
Issued at HKT 16:16
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