Hong Kong's October export trade value falls 2.8pc, leading to deficit

HONG KONG's total value of exported goods, comprising re-exports and domestic exports, fell 2.8 per cent in October to HK$297 billion (US$38.3 billion), whereas the value of imported goods increased 3.3 per cent over a year earlier to HK$339.7 billion.

This resulted in a trade deficit of HK$42.7 billion, equivalent to 12.6 per cent of the value of imported goods.

The latest figures from the Census and Statistics Department show that the value of re-exports decreased 2.7 per cent to HK$292.2 billion in October, while the value of domestic exports declined 8.2 per cent to HK$4.8 billion.

During the first 10 months of 2012, the value of exported goods rose one per cent over the same period in 2011. Within this total, the value of re-exports increased 1.3 per cent, whereas the value of domestic exports decreased 12.7 per cent. The value of imported goods increased 0.6 per cent. This created a trade deficit of $385.7 billion, equivalent to 12 per cent of the value of imported goods.

Comparing October to the same month a year ago, total exports to Asia were down by 1.8 per cent. Declines were also registered in the total value of exports to Germany (-7.7 per cent), the United Kingdom (-5.5 per cent) and the US (-2.4 per cent).

Over the same period of comparison, increases were registered in the value of imports from South Korea (+15.6 per cent), mainland China (+11.2 per cent) and Taiwan (+1.8 per cent). On the other hand, decreases were registered in the value of imports from Switzerland (-12.3 per cent), Japan (-10.3 per cent) and Singapore (-9.6 per cent).

In October decreases were registered in the total value of exports of electrical machinery, apparatus and appliances, and electrical parts, which fell by HK$6.7 billion or down 8.3 per cent. Also articles of apparel and clothing accessories fell by HK$2.8 billion or 15.9 per cent, while professional, scientific and controlling instruments and apparatus declined by HK$800 million or by 9.6 per cent.

Over the same period of comparison, increases were registered in the value of imports of telecommunications and sound recording and reproducing apparatus and equipment, which were up by HK$8.9 billion or 17.7 per cent; office machines and automatic data processing machines were up HK$5.2 billion or 17.7 per cent; and miscellaneous manufactured articles (mainly baby carriages, toys, games and sporting goods) grew by HK$1.9 billion or 7.2 per cent.