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In January 2007, 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 (February 27) the external merchandise trade statistics for January 2007.
In January 2007, the value of total exports of goods (comprising re-exports and domestic exports) increased by 9.2% over a year earlier to $207.4 billion, after a year-on-year increase of 13.7% in December 2006. Within this total, the value of re-exports increased by 12.5% to $199.0 billion, while the value of domestic exports decreased by 35.8% to $8.4 billion. Concurrently, the value of imports of goods increased by 14.1% over a year earlier to $211.8 billion, after a year-on-year increase of 14.5% in December 2006. A visible trade deficit of $4.4 billion, equivalent to 2.1% of the value of imports of goods, was recorded in January 2007.
Comparing the three-month period ending January 2007 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 2.2%. Within this total, the value of re-exports increased by 3.2%, while the value of domestic exports went down by 17.5%. Meanwhile, the value of imports of goods increased by 0.8%.
Analysis by country/territory
Comparing January 2007 with January 2006, increases were registered in the values of total exports to some major destinations, in particular the mainland of China (the Mainland) (+22.2%), Singapore (+17.2%) and Taiwan (+5.8%). However, decreases were registered in the values of total exports to Korea (-8.4%) and the Netherlands (-7.2%).
Over the same periods of comparison, significant increases were registered in the values of imports from most major suppliers, in particular the United States of America (+36.4%), India (+28.7%), Japan (+19.4%), Thailand (+14.9%) and Singapore (+13.4%).
Comparing the three months ending January 2007 with the three months ending January 2006, year-on-year increases were registered in the values of total exports to most major destinations, in particular the Mainland (+19.7%), Singapore (13.9%), the United Kingdom (+8.7%), Taiwan (+6.9%) and Italy (+6.3%).
Over the same periods of comparison, significant year-on-year increases were registered in the values of imports from all major suppliers, in particular India (38.2%), the United States of America (+25.2%), Singapore (+18.8%), Korea (+17.6%) and the Mainland (+17.1%).
Analysis by major commodity
Comparing January 2007 with January 2006, increases were registered in the values of total exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $4.4 billion or 10.9%), "professional, scientific and controlling instruments and apparatus" (by 2.1 billion or 70.2%) and "office machines and automatic data processing machines" (by $2.1 billion or 8.7%).
Over the same periods of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods " (by $4.5 billion or 44.3%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $3.2 billion or 7.2%) and "office machines and automatic data processing machines" (by $1.7 billion or 8.7%).
Comparing the three months ending January 2007 with the three months ending January 2006, 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 $19.0 billion or 15.0%), "office machines and automatic data processing machines" (by $18.7 billion or 25.6%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $6.8 billion or 14.5%).
Over the same periods of comparison, year-on-year increases were registered in the values of imports of all principal commodity divisions, in particular "office machines and automatic data processing machines" (by $19.2 billion or 30.4%), "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $18.2 billion or 12.4%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $10.4 billion or 31.0%).
Commentary
A government spokesman noted that merchandise exports attained a rather notable growth in January. But the spokesman also pointed out that the year-on-year growth in that month might have been boosted in part by the difference in timing of the Lunar New Year holidays, which fell in late January last year but in mid-February this year. Because trade figures tend to be rather volatile in the first two months of the year, it is necessary to analyse the trade figures for January and February combined for a clearer picture of trade performance.
Looking ahead, the trade outlook for the near term largely depends on how the global economic environment will evolve and also on whether the exchange rate factor will continue to be favourable.
Further information
Table 1 at the annex presents the analysis of external merchandise trade figures in January 2007. Table 2 presents the original monthly trade figures from January 2004 to January 2007, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to ten main destinations in January 2007 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 January 2007.
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 January 2007 will be released in late March 2007.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in "Hong Kong Merchandise Trade Statistics". The January 2007 issue of the "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in January 2007. This publication is available in mid-March 2007. 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/Tuesday, February 27, 2007
Issued at HKT 16:15
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