Hong Kong goods imports up 14.8% in December 2010

The value of Hong Kong's total goods exports rose 12.5% y-o-y in December.

The Census & Statistics Department said the value of total goods exports - re-exports and domestic exports - rose 12.5% over a year earlier to $253 billion, after a year-on-year increase of 16.6% in November.

According to Hong Kong Information Services Department, within this total, the value of re-exports rose 12.3% to $246.6 billion, while the value of domestic exports went up 24.2% to $6.4 billion. At the same time, the value of goods imports rose 14.8% over a year earlier to $296.5 billion, after a year-on-year increase of 16.4% in November.

A visible trade deficit of $43.5 billion - 14.7% of the value of goods imports - was recorded.

For 2010 as a whole, the value of total goods exports rose 22.8% over the same period in 2009. Within this total, the value of re-exports increased 22.8%, while the value of domestic exports increased 20.4%.

At the same time, the value of goods imports increased 25%. A visible trade deficit of $333.8 billion - 9.9% of the value of goods imports - was recorded for the year.

Comparing the fourth quarter with the preceding quarter on a seasonally adjusted basis, the value of total goods exports fell 3%. Within this total, the value of re-exports fell 3.2%, whereas the value of domestic exports rose 6.3%. The value of goods imports rose 0.7%.

Regional exports rise
Comparing December 2010 with December 2009, total exports to Asia as a whole grew by 12.9%. Increases were registered in the values of total exports to most major destinations, in particular Vietnam (+47.8%), Thailand (+47%), India (+39.2%), South Korea (+28.4%) and the Mainland (+9.9%).

Apart from destinations in Asia, increases were also seen in the values of total exports to some major destinations in other regions, in particular the US (+12.1%), the UK (+6.2%) and Germany (+4.5%).

Over the same time, increases were seen in the values of imports from most major suppliers, in particular India (+34.4%), the US (+22.1%), Thailand (+16.3%), Malaysia (+16%) and the Mainland (+15%).

For 2010 as a whole, significant year-on-year increases were registered in the values of total exports to all major destinations, in particular India (+42.4%), the Mainland (+26.5%), Taiwan (+25.4%), South Korea (+24.4%) and Singapore (+20.7%).

Over the same period of comparison, significant year-on-year increases were seen in the values of imports from all major suppliers, in particular India (+36.5%), Singapore (+35.9%), Thailand (+32.5%), Japan (+30.4%) and the Mainland (+22.4%).

Buoyant commodity trade
Comparing December 2010 with December 2009, increases were registered in the values of total exports of most principal commodity divisions, in particular office machines and automatic data processing machines (up $6.4 billion or 26.4%), telecommunications and sound recording and reproducing apparatus and equipment (up $4.4 billion or 10.6%) and non-metallic mineral manufactures (up $3.3 billion or 46.2%).

Over the same time, increases were seen in the values of imports of all principal commodity divisions, in particular telecommunications and sound recording and reproducing apparatus and equipment (up $6.2 billion or 16.6%), office machines and automatic data processing machines (up $4.9 billion or 20%), and photographic apparatus, equipment and supplies, optical goods, watches and clocks (up $3.9 billion or 67%).

For 2010 as a whole, year-on-year increases were seen in the values of total exports of all principal commodity divisions, in particular electrical machinery, apparatus and appliances, and electrical parts (up $192.4 billion or 29.6%), telecommunications and sound recording and reproducing apparatus and equipment (up $96.5 billion or 23.3%) and office machines and automatic data processing machines (up $83.1 billion or 33.3%).

Over the same time, year-on-year increases were registered in the values of imports of all principal commodity divisions, in particular electrical machinery, apparatus and appliances, and electrical parts (up $235.9 billion or 32.7%), telecommunications and sound recording and reproducing apparatus and equipment (up $88.6 billion or 24%) and office machines and automatic data processing machines (up $75.9 billion or 30.7%).