The following is an unedited transcript of the news release from the Government of the Hong Kong,Census and Statistics Department.


The Census and Statistics Department (C&SD) released today (April 24) the external merchandise trade statistics for March 2008. In March 2008, the values of Hong Kong''s total exports and imports of goods recorded year-on-year increases of 7.6% and 6.6% respectively.

In March 2008, the value of total exports of goods (comprising re-exports and domestic exports) increased by 7.6% over a year earlier to $222.5 billion, at the same rate of year-on-year increase as recorded in February 2008. Within this total, the value of re-exports increased by 7.9% to $215.0 billion in March 2008, whereas the value of domestic exports decreased by 1.0% to $7.5 billion. Concurrently, the value of imports of goods increased by 6.6% over a year earlier to $250.7 billion in March 2008, after a year-on-year increase of 11.9% in February 2008. A visible trade deficit of $28.1 billion, equivalent to 11.2% of the value of imports of goods, was recorded in March 2008.

For the first quarter of 2008 as a whole, the value of total exports of goods rose by 10.5% over the same period in 2007. Within this total, the value of re-exports increased by 10.9%, while the value of domestic exports increased by 0.3%. Concurrently, the value of imports of goods increased by 11.6%. A visible trade deficit of $51.5 billion, equivalent to 7.4% of the value of imports of goods, was recorded in the first quarter of 2008.

Comparing the first quarter of 2008 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods rose by 2.0%. Within this total, the value of re-exports increased by 2.1%, whereas the value of domestic exports went down by 0.6%. Meanwhile, the value of imports of goods remained virtually unchanged in the first quarter of 2008.

Analysis by country/territory

Comparing March 2008 with March 2007, exports to Asia as a whole grew by 3.3%. In this region, strong increases were registered in the values of total exports to some major destinations, in particular India (+83.7%), Singapore (+28.5%), Vietnam (+25.0%), Malaysia (+17.9%) and Thailand (+11.8%).

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 """"non-metallic mineral manufactures"""" (by $3.7 billion or 60.2%), """"clothing"""" (by $2.4 billion or 21.6%) and """"miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods"""" (by $2.3 billion or 13.5%).

Over the same period of comparison, distinct increases were registered in the values of imports of most principal commodity divisions, in particular """"non-metallic mineral manufactures"""" (by $2.4 billion or 24.6%), """"electrical machinery, apparatus and appliances, and electrical parts thereof"""" (by $2.2 billion or 3.6%) and """"miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods"""" (by $2.1 billion or 12.7%).

For the first quarter of 2008 as a whole, distinct year-on-year increases were registered in the values of total exports of most principal commodity divisions, in particular """"telecommunications and sound recording and reproducing apparatus and equipment"""" (by $18.4 billion or 20.5%), """"electrical machinery, apparatus and appliances, and electrical parts thereof"""" (by $13.7 billion or 9.6%) and """"non-metallic mineral manufactures"""" (by $8.0 billion or 54.0%).

Over the same period of comparison, distinct year-on-year increases were also registered in the values of imports of most principal commodity divisions, in particular """"telecommunications and sound recording and reproducing apparatus and equipment"""" (by $16.8 billion or 20.8%), """"electrical machinery, apparatus and appliances, and electrical parts thereof"""" (by $14.4 billion or 9.0%) and """"non-metallic mineral manufactures"""" (by $7.8 billion or 32.3%).

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.