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Exports to Asia grow by 3.3%

25
Apr '08
Apart from destinations in Asia, significant increases were also registered in the values of total exports to some major destinations in other regions, in particular Germany (+25.9%), the United Kingdom (+17.7%) and the USA (+10.5%).

Concurrently, decreases were registered in the values of total exports to some major destinations, in particular Japan (-10.2%).

Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular India (+33.2%), Thailand (+20.8%), Japan (+6.0%), Korea (+5.8%) and the mainland of China (the Mainland) (+5.8%).

For the first quarter of 2008 as a whole, distinct year-on-year increases were registered in the values of total exports to most major destinations, in particular India (+112.2%), Singapore (+20.7%), Germany (+17.5%), the Mainland (+11.1%) and the Netherlands (+8.8%).

Over the same period of comparison, significant year-on-year increases were registered in the values of imports from all major suppliers, in particular India (+50.6%), Thailand (+27.8%), Malaysia (+16.1%), the Philippines (+15.0%) and the Mainland (+10.2%).

Analysis by major commodity:
Comparing March 2008 with March 2007, significant increases were registered in the values of total exports of many principal commodity divisions, in particular "clothing" (by $2.4 billion or 21.6%).

Commentary:
The Government spokesman said that merchandise exports expanded further in March 2008, supported mainly by the robust growth in many emerging markets as well as the notable expansion of the EU market.

The spokesman noted that the US market unexpectedly rebounded to show a distinct growth in March over a year earlier. In contrast, the spokesman pointed out that total exports to the Mainland rose only marginally in value terms. Yet the spokesman also noted that for the first quarter as a whole, total exports to the Mainland still recorded a double-digit growth. The spokesman commented that more incoming data are needed to discern the trend.

The spokesman said that looking ahead, the external trading environment continues to be overshadowed by uncertainties arising from the weakness in the US economy and the unfolding global financial turbulence. The spokesman added that the tightening measures in the Mainland are also another area to watch out.

Census and Statistics Department


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