HK December Total Exports Up 9.2% On Year
http://www.fxfxfx.com 2010-01-26 17:18:28The Census and Statistics Department (C&SD) released today (January 26) the external merchandise trade statistics for December 2009. In December 2009, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 9.2% and 18.7% respectively. In December 2009, the value of total exports of goods (comprising re-exports and domestic exports) increased by 9.2% over a year earlier to $224.8 billion, after a year-on-year increase of 1.3% in November 2009. Within this total, the value of re-exports increased by 9.7% to $219.7 billion in December 2009, whereas the value of domestic exports decreased by 7.0% to $5.2 billion. Concurrently, the value of imports of goods increased by 18.7% over a year earlier to $258.3 billion in December 2009, after a year-on-year increase of 6.5% in November 2009. A visible trade deficit of $33.4 billion, equivalent to 12.9% of the value of imports of goods, was recorded in December 2009. For 2009 as a whole, the value of total exports of goods dropped by 12.6% over 2008. Within this total, the value of re-exports decreased by 11.8%, while the value of domestic exports decreased by 36.4%. Concurrently, the value of imports of goods decreased by 11.0%. A visible trade deficit of $223.3 billion, equivalent to 8.3% of the value of imports of goods, was recorded in 2009. Comparing the fourth quarter of 2009 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 10.2%. Within this total, the value of re-exports increased by 10.1%, while the value of domestic exports went up by 13.0%. Meanwhile, the value of imports of goods increased by 7.7%. Analysis by country/territory Comparing December 2009 with December 2008, total exports to Asia as a whole grew by 17.7%. In this region, strong increases were registered in the values of total exports to most major destinations, in particular India (+56.0%), Taiwan (+55.7%), Indonesia (+49.9%), Korea (+39.7%), Vietnam (+25.4%) and the mainland of China (the Mainland) (+16.8%). 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 Netherlands (+6.9%) and Australia (+0.6%). Concurrently, decreases were registered in the values of total exports to some major destinations, in particular Germany (-15.6%), the United Kingdom (-9.5%) and the United States of America (-8.7%). Over the same period of comparison, increases were registered in the values of imports from all major suppliers, in particular Korea (+65.3%), Taiwan (+54.0%), India (+53.5%), Singapore (+34.2%), Thailand (+33.1%) and the Mainland (+9.2%). For 2009 as a whole, year-on-year decreases were registered in the values of total exports to most major destinations, in particular Singapore (-23.6%), the United Kingdom (-20.8%), the United States of America (-20.6%), the Netherlands (-17.8%), Germany (-15.5%) and the Mainland (-7.8%). Over the same period of comparison, year-on-year decreases were registered in the values of imports from most major suppliers, in particular Japan (-20.6%), Korea (-12.7%), the Mainland (-11.4%), Singapore (-10.4%) and Thailand (-9.7%). Analysis by major commodity Comparing December 2009 with December 2008, increases were registered in the values of total exports of many principal commodity divisions, in particular 'telecommunications and sound recording and reproducing apparatus and equipment' (by $8.6 billion or 26.4%) and 'electrical machinery, apparatus and appliances, and electrical parts thereof' (by $8.5 billion or 17.3%). Concurrently, the value of total exports of 'articles of apparel and clothing accessories' decreased (by $2.8 billion or -16.4%). Over the same period of comparison, 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 $15.4 billion or 28.7%), 'telecommunications and sound recording and reproducing apparatus and equipment' (by $7.6 billion or 25.7%) and 'petroleum, petroleum products and related materials' (by $3.1 billion or 68.0%). For 2009 as a whole, year-on-year decreases were registered in the values of total exports of all principal commodity divisions, in particular 'telecommunications and sound recording and reproducing apparatus and equipment' (by $53.2 billion or -11.4%), 'electrical machinery, apparatus and appliances, and electrical parts thereof' (by $41.1 billion or -5.9%) and 'articles of apparel and clothing accessories' (by $40.4 billion or -18.6%). Over the same period of comparison, year-on-year decreases were registered in the values of imports of all principal commodity divisions, in particular 'electrical machinery, apparatus and appliances, and electrical parts thereof' (by $43.6 billion or -5.7%), 'telecommunications and sound recording and reproducing apparatus and equipment' (by $38.5 billion or -9.5%) and 'miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods)' (by $25.2 billion or -11.1%). Commentary A Government spokesman says that merchandise exports rebounded notably further in December last year, supported mainly by a revival in intraregional trade. The spokesman notes that the US and EU markets, while showing some relative improvement, were still rather slow in recovery. The spokesman comments further that the on-going global economic recovery, albeit at a slow and uneven pace, should continue to be conducive to world trade and hence Hong Kong's trade performance in the near term. However, the sustainability of growth in the advanced economies is still a concern, continuing to pose some risk to the external trading environment.
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