Exports to Asia grows by 14.3% in Hongkong
Source: fibre2fashion Date: 2007-11-28
The Census and Statistics Department (C&SD) released on November 26 the external merchandise trade statistics for October 2007. In October 2007, the values of Hong Kong's total exports and imports of goods recorded year-on-year increases of 9.8% and 12.1% respectively.
In October 2007, the value of total exports of goods (comprising re-exports and domestic exports) increased by 9.8% over a year earlier to $253.0 billion, after a year-on-year increase of 8.5% in September 2007. Within this total, the value of re-exports increased by 10.8% to $242.5 billion in October 2007, whereas the value of domestic exports decreased by 8.5% to $10.5 billion.
Concurrently, the value of imports of goods increased by 12.1% over a year earlier to $261.7 billion in October 2007, after a year-on-year increase of 9.3% in September 2007. A visible trade deficit of $8.7 billion, equivalent to 3.3% of the value of imports of goods, was recorded in October 2007.
For the first ten months of 2007 as a whole, the value of total exports of goods rose by 9.6% over the same period in 2006. Within this total, the value of re-exports increased by 11.6%, whereas the value of domestic exports decreased by 22.5%.
Concurrently, the value of imports of goods increased by 10.4%. A visible trade deficit of $137.6 billion, equivalent to 5.9% of the value of imports of goods, was recorded in the first ten months of 2007.
Comparing the three-month period ending October 2007 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 1.4%. Within this total, the value of re-exports increased by 1.9%, whereas the value of domestic exports went down by 8.9%. Meanwhile, the value of imports of goods increased by 2.4%.
Analysis by country/territory:
Comparing October 2007 with October 2006, exports to Asia as a whole grew by 14.3%. In this region, strong increases were registered in the values of total exports to some major destinations, in particular India (+75.4%), Indonesia (+30.6%), Malaysia (+21.7%), Thailand (+17.9%) and the mainland of China (the Mainland) (+15.5%).
Apart from destinations in Asia, distinct increases were also registered in the values of total exports to other major destinations, in particular Germany (+10.6%) and the Netherlands (+10.1%).
Concurrently, decreases were registered in the values of total exports to some major destinations, in particular Taiwan (-6.9%) and the USA (-5.6%).
Over the same period of comparison, significant increases were registered in the values of imports from all major suppliers, in particular India (+46.3%), Germany (+23.1%), Singapore (+22.0%), Malaysia (+16.2%) and the Mainland (+11.7%).
