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In September 2006, the values of Hong Kong's total exports and imports of goods both showed year-on-year increases. The Census and Statistics Department (C&SD) released today (October 26) the external merchandise trade statistics for September 2006.
In September 2006, the value of total exports of goods (comprising re-exports and domestic exports) increased by 4.7% over a year earlier to $220.1 billion, after a year-on-year increase of 9.9% in August. Within this total, the value of re-exports increased by 6.8% to $209.1 billion in September, while the value of domestic exports decreased by 23.7% to $10.9 billion. Concurrently, the value of imports of goods increased by 8.2% over a year earlier to $231.8 billion in September 2006, after a year-on-year increase of 12.3% in August. A visible trade deficit of $11.7 billion, equivalent to 5.1% of the value of imports of goods, was recorded in September 2006.
For the first nine months of 2006 as a whole, the value of total exports of goods rose by 8.5% over the same period in 2005. Within this total, the value of re-exports increased by 8.2%, while the value of domestic exports increased by 13.4%. Concurrently, the value of imports of goods increased by 10.7%. A visible trade deficit of $106.4 billion, equivalent to 5.6% of the value of imports of goods, was recorded in the first nine months of 2006.
Comparing the third quarter of 2006 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 6.6%. Within this total, the value of re-exports increased by 7.6%, while the value of domestic exports went down by 8.8%. Meanwhile, the value of imports of goods increased by 5.2%.
Analysis by country/territory
Comparing September 2006 with September 2005, increases were registered in the values of re-exports to many major destinations, in particular Taiwan (+18.8%), the mainland of China (the Mainland) (+10.9%), the United Kingdom (+10.2%) and Singapore (+8.2%). However, a decrease was registered in the value of re-exports to the Netherlands (-19.6%). Concurrently, significant decreases were registered in the values of domestic exports to most major destinations, in particular Germany (-44.0%), the United Kingdom (-41.7%), the United States of America (-33.3%) and the Mainland (-25.1%). However, an increase was registered in the value of domestic exports to the Netherlands (+49.0%).
Over the same periods of comparison, increases were registered in the values of imports from many major suppliers, in particular Taiwan (+15.9%), the Mainland (+11.1%), Korea (+6.5%) and Singapore (+5.6%). However, a decrease was registered in the value of imports from Germany (-11.5%).
For the first nine months of 2006 as a whole, year-on-year increases were registered in the values of re-exports to most major destinations, in particular the Mainland (+13.9%), Korea (+12.0%), Taiwan (+4.2%) and Singapore (+2.9%). However, a year-on-year decrease was registered in the value of re-exports to the Netherlands (-17.5%). Concurrently, year-on-year increases were registered in the values of domestic exports to most major destinations, in particular the Netherlands (+141.9%), Germany (+73.3%), the United Kingdom (+55.3%), Australia (+44.7%) and Japan (+29.9%).
Over the same periods of comparison, year-on-year increases were registered in the values of imports from most major suppliers, in particular Singapore (+21.7%), Taiwan (+19.4%), Thailand (+15.8%), Korea (+13.1%) and the Mainland (+12.6%).
Analysis by major commodity
Comparing September 2006 with September 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 $12.6 billion or 32.8%) and "clothing" (by $3.0 billion or 21.7%). However, a decrease was registered in the value of re-exports of "office machines and automatic data processing machines" (by $3.9 billion or -13.7%). Concurrently, decreases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $3.2 billion or -42.1%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $535 million or -35.9%). However, an increase was registered in the value of domestic exports of "office machines and automatic data processing machines" (by $110 million or 9.1%).
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 $12.5 billion or 26.3%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $676 million or 4.9%). However, a decrease was registered in the value of imports of "office machines and automatic data processing machines" (by $1.9 billion or -7.6%).
For the first nine 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 $73.3 billion or 23.1%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $23.9 billion or 10.3%) and "non-metallic mineral manufactures" (by $4.7 billion or 13.5%). 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 $6.9 billion or 79.1%) and "clothing" (by $6.6 billion or 18.4%). However, a year-on-year decrease was registered in the value of domestic exports of "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $2.7 billion or -19.8%).
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 $75.5 billion or 19.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $29.1 billion or 13.7%) and "office machines and automatic data processing machines" (by $16.2 billion or 8.9%).
Commentary
A Government spokesman noted that the value of total exports of goods grew further in September, yet the year-on-year growth pace was not as fast as in the preceding two months, mainly reflecting the higher base of comparison in September last year. It is worth noting that exports to the Mainland and many other Asian economies continued to grow noticeably, underpinned by the Mainland's buoyant exports and the generally active intra-regional trade.
The spokesman further pointed out that the near-term outlook would depend much on the pace of slow-down in US economic growth in the coming quarters. The developments in the Mainland economy as well as the directions of interest rate movements in the US, the euro zone and Japan are also factors to watch out.
Further information
Table 1 at the annex presents the analysis of external merchandise trade figures in September 2006. Table 2 presents the original monthly trade figures from January 2003 to September 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 September 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 September 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 September 2006 will be released in late November 2006.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in merchandise trade statistics reports. The September 2006 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in September 2006. This publication is available around November 15, 2006. Users can download this publication free of charge at the "Statistical Bookstore, Hong Kong" (www.statisticalbookstore.gov.hk) of the C&SD. Print version of this publication is for sale at HK$71 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 Statistical Bookstore and the Government Bookstore of the Information Services Department (www.isd.gov.hk/eng/bookorder.htm). Print versions if purchased online are offered a discount, at 85% of their original prices.
Enquiries on merchandise trade statistics may be directed to the C&SD (Tel.: 2582 5042).
Ends/Thursday, October 26, 2006
Issued at HKT 16:15
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