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Exports to Asia drop by 3.1%
25
Jul '08
The Census and Statistics Department (C&SD) released July 24 the external merchandise trade statistics for June 2008. In June 2008, the value of Hong Kong's total exports of goods decreased slightly by 0.6%, whereas the value of imports of goods increased by 1.3% over a year earlier.

In June 2008, the value of total exports of goods (comprising re-exports and domestic exports) decreased by 0.6% over a year earlier to $223.2 billion, after a year-on-year increase of 10.3% in May 2008. Within this total, the value of re-exports increased marginally by 0.2% to $215.5 billion in June 2008, whereas the value of domestic exports decreased by 20.2% to $7.7 billion.

Concurrently, the value of imports of goods grew by 1.3% over a year earlier to $247.2 billion in June 2008, after a year-on-year increase of 15.4% in May 2008. A visible trade deficit of $24.0 billion, equivalent to 9.7% of the value of imports of goods, was recorded in June 2008.

For the first half of 2008 as a whole, the value of total exports of goods rose by 9.1% over the same period in 2007. Within this total, the value of re-exports increased by 9.8%, whereas the value of domestic exports decreased by 7.8%. Concurrently, the value of imports of goods increased by 10.3%. A visible trade deficit of $119.3 billion, equivalent to 8.1% of the value of imports of goods, was recorded in the first half of 2008.

Comparing the second quarter of 2008 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 2.1%. Within this total, the value of re-exports increased by 2.5%, whereas the value of domestic exports went down by 6.4%. Meanwhile, the value of imports of goods increased by 3.8%.

Analysis by country/territory:
Comparing June 2008 with June 2007, total exports to Asia as a whole fell by 3.1%. In this region, decreases were registered in the values of total exports to some major destinations, in particular Korea (-10.0%), the mainland of China (the Mainland) (-6.2%) and Japan (-5.5%).

Apart from destinations in Asia, marginal decreases were registered in the values of total exports to some major destinations in other regions, including the United Kingdom (-0.6%) and the USA (-0.1%).

Concurrently, increases were registered in the values of total exports to some other major destinations, in particular India (+61.6%), Singapore (+16.0%) and Taiwan (+7.5%).

Over the same period of comparison, increases were registered in the values of imports from many major suppliers, in particular Germany (+15.5%), India (+15.2%), Thailand (+13.3%) and Korea (+11.6%). Concurrently, decreases were registered in the value of imports from Singapore (-8.8%), Taiwan (-8.4%), Malaysia (-3.7%) and the Mainland (-2.7%).

For the first half of 2008 as a whole, year-on-year increases were registered in the values of total exports to most major destinations. In particular, distinct increase were recorded for India (+91.8%), Singapore (+20.3%), Germany (+16.0%) and the Mainland (+9.3%).

Over the same period of comparison, year-on-year increases were registered in the values of imports from all major suppliers, in particular India (+40.0%), Thailand (+20.9%), Germany (+19.4%), the USA (+13.2%) and Malaysia (+12.6%).

Census and Statistics Department

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