*******************************************************
In November 2006, the values of Hong Kong's total exports and imports of goods both showed strong year-on-year increases. The Census and Statistics Department released today (December 28) the external merchandise trade statistics for November 2006.
2. In November 2006, the value of total exports of goods (comprising re-exports and domestic exports) increased by 14.2% over a year earlier to $228.9 billion, after a year-on-year increase of 7.9% in October. Within this total, the value of re-exports increased by 17.5% to $218.9 billion in November, while the value of domestic exports decreased by 29.2% to $9.9 billion. Concurrently, the value of imports of goods increased by 16.3% over a year earlier to $237.8 billion in November 2006, after a year-on-year increase of 11.2% in October. A visible trade deficit of $8.9 billion, equivalent to 3.7% of the value of imports of goods, was recorded in November 2006.
3. For the first eleven months of 2006 as a whole, the value of total exports of goods rose by 9.0% over the same period in 2005. Within this total, the value of re-exports increased by 9.3%, while the value of domestic exports increased by 3.3%. Concurrently, the value of imports of goods increased by 11.3%. A visible trade deficit of $118.2 billion, equivalent to 5.0% of the value of imports of goods, was recorded in the first eleven months of 2006.
4. Comparing the three-month period ending November 2006 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 3.4%. Within this total, the value of re-exports increased by 4.8%, while the value of domestic exports went down by 20.1%. Meanwhile, the value of imports of goods increased by 3.1%.
Analysis by country/territory
5. Comparing November 2006 with November 2005, significant increases were registered in the values of re-exports to most major destinations, in particular the Netherlands (+21.6%), the mainland of China (the Mainland) (+20.4%), France (+20.3%), the United Kingdom (+18.6%) and the United States of America (+18.3%). Concurrently, significant decreases were registered in the values of domestic exports to most major destinations, in particular Germany (-60.9%), the Netherlands (-54.0%), the United Kingdom (-45.6%), the United States of America (-39.4%) and the Mainland (-20.2%).
6. Over the same periods of comparison, significant increases were registered in the values of imports from all major suppliers, in particular Singapore (+30.9%), Korea (+25.1%), the United States of America (+21.6%), the Mainland (+19.2%) and Malaysia (+15.3%).
7. For the first eleven 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 (+14.8%), Korea (+8.5%), Taiwan (+4.3%) and France (+4.2%). However, a year-on-year decrease was registered in the value of re-exports to the Netherlands (-14.9%). Concurrently, significant year-on-year increases were registered in the values of domestic exports to many major destinations, in particular the Netherlands (+79.3%), Australia (+36.1%), Germany (+26.1%), Japan (+19.9%) and the United Kingdom (+19.0%).
8. Over the same periods of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular Singapore (+23.0%), Taiwan (+17.0%), Korea (+15.1%), Thailand (+14.8%) and the Mainland (+13.2%).
Analysis by major commodity
9. Comparing November 2006 with November 2005, significant increases were registered in the values of re-exports of most principal commodity divisions, in particular "office machines and automatic data processing machines" (by $10.6 billion or 44.9%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $7.4 billion or 16.9%) and "clothing" (by $4.8 billion or 48.0%). Concurrently, significant decreases were registered in the values of domestic exports of many principal commodity divisions, in particular "clothing" (by $3.1 billion or -49.6%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $877 million or -49.6%) and "office machines and automatic data processing machines" (by $384 million or -21.5%).
10. Over the same periods of comparison, significant increases were registered in the values of imports of all principal commodity divisions, in particular "office machines and automatic data processing machines" (by $8.4 billion or 38.6%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $7.4 billion or 14.1%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $3.2 billion or 26.4%).
11. For the first eleven months of 2006 as a whole, year-on-year increases were registered in the values of re-exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $90.2 billion or 22.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $29.7 billion or 10.0%) and "office machines and automatic data processing machines" (by $13.4 billion or 5.3%). 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 58.2%) and "metalliferous ores and metal scrap " (by $669 million or 30.6%). 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 $4.7 billion or -26.9%).
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 $91.4 billion or 19.0%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $35.9 billion or 13.4%) and "office machines and automatic data processing machines" (by $25.5 billion or 11.2%).
Commentary
13. A Government spokesman noted that the value of total exports of goods continued to display strength and picked up further to double-digit growth in November, reflecting robust import demand worldwide on the back of the still generally favourable global economic conditions. Apart from the continued vibrant performance in the Mainland market, exports to other major markets also showed considerable improvements in November. Export growth in November continued to be driven by re-exports. Yet within the total exports of goods, domestic exports, which now account for around 4% of total exports, continued to decline, mainly due to the plunge in domestic exports of clothing products. This nevertheless had to be viewed in conjunction with the particularly high base of comparison in the latter part of 2005, amidst the enlarged clothing production in Hong Kong in view of the safeguard measures imposed by the US and EU on certain clothing items from the Mainland.
14. The spokesman further pointed out that the near-term trade outlook remains largely positive. Although there is still uncertainty stemming from the US economy, the still vibrant Mainland economy and the recent weakening in the US dollar should provide support to cushion against the adverse impact stemming from weaker US demand.
Further information
15. Table 1 at the annex presents the analysis of external merchandise trade figures in November 2006. Table 2 presents the original monthly trade figures from January 2003 to November 2006, 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 November 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.
17. Table 7, 8 and 9 show the values of re-exports, domestic exports and imports of ten principal commodity divisions for November 2006.
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 November 2006 will be released in late January 2007.
19. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in "Hong Kong Merchandise Trade Statistics". The November 2006 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in November 2006. This publication is available in mid-January 2007. Users can download this publication free of charge at the "Statistical Bookstore, Hong Kong" (www.statisticalbookstore.gov.hk) of the Census and Statistics Department (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.
20. Enquiries on merchandise trade statistics may be directed to the Census and Statistics Department (Tel.: 2582 5042).
Ends/Thursday, December 28, 2006
Issued at HKT 16:15
NNNN