*******************************************************
The Census and Statistics Department (C&SD) released today (December 28) the external merchandise trade statistics for November 2010. In November 2010, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 16.6% and 16.4% respectively.
In November 2010, the value of total exports of goods (comprising re exports and domestic exports) increased by 16.6% over a year earlier to $273.0 billion, after a year-on-year increase of 13.9% in October 2010. Within this total, the value of re exports increased by 16.7% to $266.7 billion in November 2010, while the value of domestic exports increased by 15.1% to $6.4 billion. Concurrently, the value of imports of goods increased by 16.4% over a year earlier to $296.6 billion in November 2010, after a year-on-year increase of 14.0% in October 2010. A visible trade deficit of $23.5 billion, equivalent to 7.9% of the value of imports of goods, was recorded in November 2010.
For the first eleven months of 2010 as a whole, the value of total exports of goods rose by 23.8% over the same period in 2009. Within this total, the value of re exports increased by 23.9%, while the value of domestic exports increased by 20.0%. Concurrently, the value of imports of goods increased by 26.1%. A visible trade deficit of $290.5 billion, equivalent to 9.5% of the value of imports of goods, was recorded in the first eleven months of 2010.
Comparing the three-month period ending November 2010 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods decreased by 3.5%. Within this total, the value of re exports decreased by 3.4%, while the value of domestic exports went down by 5.2%. Meanwhile, the value of imports of goods decreased by 2.7%.
Analysis by country/territory
Comparing November 2010 with November 2009, total exports to Asia as a whole grew by 17.8%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular Vietnam (+43.9%), Thailand (+23.2%), Malaysia (+20.4%), Korea (+19.9%), Singapore (+19.9%) and the mainland of China (the Mainland) (+18.6%).
Apart from destinations in Asia, increases were also registered in the values of total exports to some major destinations in other regions, in particular the USA (+14.9%).
Concurrently, decreases were registered in the values of total exports to some major destinations, in particular the United Kingdom (-8.6%), Germany (-0.9%) and the Netherlands (-0.5%).
Over the same period of comparison, significant increases were registered in the values of imports from all major suppliers, in particular the USA (+21.8%), Thailand (+19.6%), Singapore (+19.2%), the Mainland (+18.1%) and Japan (+15.1%).
For the first eleven months of 2010 as a whole, significant year-on-year increases were registered in the values of total exports to all major destinations, in particular India (+42.7%), the Mainland (+28.2%), Taiwan (+28.0%), Korea (+24.0%) and the Netherlands (+21.6%).
Over the same period of comparison, significant year-on-year increases were registered in the values of imports from all major suppliers, in particular Singapore (+38.4%), India (+36.7%), Thailand (+34.5%), Korea (+32.6%) and the Mainland (+23.2%).
Analysis by major commodity
Comparing November 2010 with November 2009, increases were registered in the values of total exports of all principal commodity divisions, in particular "office machines and automatic data processing machines" (by $7.5 billion or 32.6%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $7.2 billion or 11.1%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.5 billion or 14.9%).
Over the same period of comparison, increases were registered in the values of imports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $7.6 billion or 10.6%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $6.2 billion or 16.7%) and "office machines and automatic data processing machines" (by $6.1 billion or 27.0%).
For the first eleven months of 2010 as a whole, year-on-year increases were registered in the values of total exports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $192.8 billion or 32.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $92.2 billion or 24.7%) and "office machines and automatic data processing machines" (by $76.8 billion or 34.0%).
Over the same period of comparison, year-on-year increases were registered in the values of imports of all principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $233.2 billion or 35.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $82.5 billion or 24.9%) and "office machines and automatic data processing machines" (by $70.9 billion or 31.9%).
Commentary
A Government spokesman notes that the performance of merchandise exports held up well in November, continuing to show a significant year-on-year growth despite the higher base of comparison in the same period last year. This largely reflected the strong demand in the regional markets.
The spokesman comments further that looking ahead, the sustained growth of Asian economies should continue to render a solid support to Hong Kong's external trade going forward. However, the fragile fundamentals of the advanced economies remain a concern. We should stay alert to the evolving developments in the external environment.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for November 2010. Table 2 presents the original monthly trade statistics from January 2007 to November 2010, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to ten main destinations for November 2010 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 November 2010.
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 2010 will be released in mid-January 2011.
The November 2010 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in November 2010. Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the November 2010 issue of "Hong Kong Merchandise Trade Statistics". The two publications will be available in mid-January 2011. Users can download them free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/external_trade/index.jsp). Print version of "Hong Kong External Merchandise Trade" is available for sale at HK$186 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 the 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/Tuesday, December 28, 2010
Issued at HKT 16:34
NNNN