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 (May 27) the external merchandise trade statistics for April 2008. In April 2008, the values of Hong Kong''s total exports and imports of goods both showed distinct year-on-year increases, at 14.5% and 11.3% respectively.

In April 2008, the value of total exports of goods (comprising re-exports and domestic exports) increased by 14.5% over a year earlier to $243.4 billion, after a year-on-year increase of 7.6% in March 2008. Within this total, the value of re-exports increased by 15.5% to $235.6 billion in April 2008, whereas the value of domestic exports decreased by 10.0% to $7.8 billion. Concurrently, the value of imports of goods increased by 11.3% over a year earlier to $259.6 billion in April 2008, after a year-on-year increase of 6.6% in March 2008. A visible trade deficit of $16.2 billion, equivalent to 6.2% of the value of imports of goods, was recorded in April 2008.

For the first four months of 2008 as a whole, the value of total exports of goods rose by 11.5% over the same period in 2007. Within this total, the value of re-exports increased by 12.1%, whereas the value of domestic exports decreased by 2.6%. Concurrently, the value of imports of goods increased by 11.5%. A visible trade deficit of $67.7 billion, equivalent to 7.1% of the value of imports of goods, was recorded in the first four months of 2008.

Comparing the three-month period ending April 2008 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose by 0.9%. Within this total, the value of re-exports increased by 1.0%, whereas the value of domestic exports went down by 1.2%. Meanwhile, the value of imports of goods decreased by 2.0%.

Analysis by country/territory

Comparing April 2008 with April 2007, exports to Asia as a whole grew by 17.3%. In this region, strong increases were registered in the values of total exports to some major destinations, in particular India (+92.4%), Vietnam (+37.8%), Singapore (+25.4%), Thailand (+19.0%), Malaysia (+17.8%) and the mainland of China (the Mainland) (+17.4%).

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 (+25.7%) and the Netherlands (+18.7%).

Over the same period of comparison, increases were registered in the values of imports from all major suppliers, in particular India (+41.5%), Germany (+24.9%), Malaysia (+17.1%), the USA (+16.8%) and Thailand (+11.9%).

For the first four months 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 (+106.6%), Singapore (+21.6%), Germany (+19.8%), the Mainland (+12.8%) and the Netherlands (+10.8%).

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 (+48.2%), Thailand (+23.4%), Germany (+17.6%), Malaysia (+16.3%) and the USA (+10.0%).

Analysis by major commodity

Comparing April 2008 with April 2007, significant increases were registered in the values of total exports of most principal commodity divisions, in particular """"electrical machinery, apparatus and appliances, and electrical parts thereof"""" (by $8.2 billion or 16.1%), """"telecommunications and sound recording and reproducing apparatus and equipment"""" (by $6.4 billion or 18.9%) and """"office machines and automatic data processing machines"""" (by $4.5 billion or 22.3%).

Over the same period of comparison, distinct increases were registered in the values of imports of most principal commodity divisions, in particular """"electrical machinery, apparatus and appliances, and electrical parts thereof"""" (by $6.9 billion or 11.9%), """"office machines and automatic data processing machines"""" (by $2.7 billion or 13.1%) and """"miscellaneous manufactured articles consisting mainly of baby carriages, toys, games and sporting goods"""" (by $2.5 billion or 15.9%).

For the first four months 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 $24.8 billion or 20.0%), """"electrical machinery, apparatus and appliances, and electrical parts thereof"""" (by $21.8 billion or 11.3%) and """"non-metallic mineral manufactures"""" (by $11.5 billion or 57.1%).

Over the same period of comparison, distinct year-on-year increases were registered in the values of imports of most principal commodity divisions, in particular """"electrical machinery, apparatus and appliances, and electrical parts thereof"""" (by $21.2 billion or 9.8%), """"telecommunications and sound recording and reproducing apparatus and equipment"""" (by $18.9 billion or 16.8%) and """"non-metallic mineral manufactures"""" (by $10.2 billion or 32.0%).

Commentary

Government spokesman said that merchandise exports grew strongly in April. The Mainland market resumed its role as the main growth driver after a sluggish performance in March. The continued vibrant intra-regional trade in Asia also contributed in a significant way. These together with the notable expansion of the EU market more than offset the continued weakness of the US and Japan markets.

The spokesman pointed out that the outlook for trade remains uncertain and challenging amidst the slower growth in the major advanced economies and the ongoing global financial turbulence. The effects of the macro-tightening measures in the Mainland also need to watch closely. Nevertheless, the vibrant growth momentum in the Mainland and other emerging markets should still render support to Hong Kong''s external trade going forward.