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The Census and Statistics Department (C&SD) released today (April 26) the external merchandise trade statistics for March 2007. In March 2007, the values of Hong Kong's total exports and imports of goods recorded year-on-year increases of 6.9% and 11.1% respectively.
In March 2007, the value of total exports of goods (comprising re-exports and domestic exports) increased by 6.9% over a year earlier to $206.8 billion, after a year-on-year increase of 11.6% in February. Within this total, the value of re-exports increased by 9.0% to $199.3 billion in March, while the value of domestic exports decreased by 29.1% to $7.6 billion. Concurrently, the value of imports of goods increased by 11.1% over a year earlier to $235.2 billion in March 2007, after a year-on-year increase of 1.3% in February. A visible trade deficit of $28.3 billion, equivalent to 12.0% of the value of imports of goods, was recorded in March 2007.
For the first quarter of 2007 as a whole, the value of total exports of goods rose by 9.0% over the same period in 2006. Within this total, the value of re-exports increased by 11.8%, while the value of domestic exports decreased by 33.4%. Concurrently, the value of imports of goods increased by 9.0%. A visible trade deficit of $40.3 billion, equivalent to 6.4% of the value of imports of goods, was recorded in the first quarter of 2007.
Comparing the first quarter of 2007 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 0.9%. Within this total, the value of re-exports increased by 1.0%, while the value of domestic exports went down by 0.8%. Meanwhile, the value of imports of goods decreased by 0.2%.
Analysis by country/territory
Comparing March 2007 with March 2006, significant increases were registered in the values of total exports to many major destinations, in particular the mainland of China (the Mainland) (+16.8%), the Netherlands (+14.0%) and Taiwan (+10.0%). Concurrently, decreases were registered in the values of total exports to many major destinations, in particular Germany (-11.3%), the United States of America (-9.1%) and the United Kingdom (-9.1%).
Over the same periods of comparison, significant increases were registered in the values of imports from all major suppliers, in particular the Philippines (+57.2%), India (+31.5%), Singapore (+17.8%), the United States of America (+13.7%) and Japan (+12.3%).
For the first quarter of 2007 as a whole, year-on-year increases were registered in the values of total exports to most major destinations, in particular the Mainland (+13.3%), the United Kingdom (+11.6%), France (+5.8%) and Singapore (+4.7%). However, a year-on-year decrease was registered in the value of total exports to Korea (-5.5%).
Over the same periods of comparison, significant year-on-year increases were registered in the values of imports from most major suppliers, in particular the Philippines (+33.3%), India (+19.5%), the United States of America (+16.3%), Singapore (+13.6%) and the Mainland (+10.3%).
Analysis by major commodity
Comparing March 2007 with March 2006, significant increases were registered in the values of total exports of many principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $8.8 billion or 19.9%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $7.9 billion or 26.9%). Concurrently, decreases were registered in the values of total exports of "clothing" (by $3.8 billion or -26.0%) and "office machines and automatic data processing machines" (by $2.3 billion or -10.5%).
Over the same periods of comparison, significant 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 $10.0 billion or 19.7%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $7.8 billion or 27.8%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $3.5 billion or 27.3%).
For the first quarter of 2007 as a whole, year-on-year 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 $23.0 billion or 19.2%), "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $8.1 billion or 19.8%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $8.1 billion or 9.9%). However, a year-on-year decrease was registered in the value of total exports of "office machines and automatic data processing machines" (by $5.6 billion or -8.3%).
Over the same periods of comparison, significant 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 $23.0 billion or 16.9%) and "miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods" (by $10.6 billion or 33.2%). However, a year-on-year decrease was registered in the value of imports of "office machines and automatic data processing machines" (by $4.3 billion or -7.1%).
Commentary
A government spokesman noted that merchandise exports grew moderately in March. For the first quarter as a whole the performance was still fairly strong. The export growth in March was mainly supported by the continued strong performance of the Mainland market on the back of its vibrant domestic demand.
The spokesman further pointed out that while the external trading environment is still largely supportive, the near-term trade prospects are subject to a range of uncertainties, including particularly the evolving situation in the US economy and more recently whether the Mainland will put on board further tightening measures which may dent its import demand, or introduce measures affecting exports. Another area to watch is the exchange rate movements.
Further information
Table 1 at the annex presents the analysis of external merchandise trade statistics for March 2007. Table 2 presents the original monthly trade statistics from January 2004 to March 2007, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to ten main destinations for March 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 March 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 March 2007 will be released in late May 2007.
Detailed merchandise trade statistics analysed by commodity and by country/territory are published in the Hong Kong Merchandise Trade Statistics. The March 2007 issue of the Hong Kong External Merchandise Trade contains detailed analysis on the performance of Hong Kong's external merchandise trade in March 2007. This publication is available in mid-May 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$92 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 Trade Analysis Section of the C&SD (Tel: 2582 5042).
Ends/Thursday, April 26, 2007
Issued at HKT 16:15
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