The value of total exports of goods surged 16.9% in May, over the same month last year, to $193.4 billion after a year-on-year increase of 7.8% in April.

Within this total, the value of re-exports rose 18% to $183.5 billion, while the value of domestic exports fell 0.5% to $9.9 billion.

In the same period, the value of imports of goods soared 16% over a year earlier to $202.7 billion in May, after a year-on-year increase of 3.8% in April.

A visible trade deficit of $9.3 billion, equivalent to 4.6% of the value of goods imports, was recorded in May.

Across-the-board growth

The Census & Statistics Department said the growth in merchandise exports accelerated notably in May. The strong growth occurred virtually across-the-board among all major markets, including the Mainland, Japan, the EU and the US.

Comparing the three-month period ending May with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose 0.3%.

Within this total, the value of re-exports rose 0.6%, while the value of domestic exports fell 4.9%. Meanwhile, the value of goods imports rose 1%.

The department said the increase in value of total goods exports suggested export growth has regained some momentum lately, despite the increasing uncertainties in the external environment.

It cautioned that a number of developments likely to affect the near-term trade outlook still deserve close monitoring, including the recent strengthening in the US dollar, rising protectionism from the US and EU against Mainland imports, the impact of high oil prices on the world economy, and growing pressure on renminbi revaluation from the US.

For the first five months this year, the value of total goods exports rose 11.4% over the same period last year. Within this total, the value of re-exports rose 12.5%, while the value of domestic exports fell 6.1%.

In the same period, the value of imports of goods surged 8.8%. A visible trade deficit of $44.5 billion, equivalent to 5% of the value of goods imports, was recorded in the first five months of 2005.

Exports to Australia up 96.3%

In May, year-on-year increases were registered in the values of re-exports to all major destinations, in particular the Netherlands (+59.8%), France (+31.7%), Germany (+25.8%), the UK (+23.9%) and the Mainland (+23.2%).

At the same time, values of domestic exports to some major destinations fell, in particular to Germany (-50.3%) and the UK (-49.9%).

But significant growth was registered in the value of domestic exports to Australia (+96.3%), Singapore (+75%) and the Netherlands (+53.6%).

Also, there was growth in the value of imports from most major suppliers, in particular the US (+24.7%), Thailand (+23%), Singapore (+23%), India (+21.5%) and the Mainland (+18.5%).

For the first five months this year, year-on-year growth was registered in the value of re-exports to most major destinations, particularly the Netherlands (+29.5%), Germany (+25.5%), France (+19.4%), the UK (+18.4%) and Singapore (+13.3%).

At the same time, falls were registered in the value of domestic exports to some major destinations, such as Germany (-54.9%) and the UK (-42.7%).

But significant growth was registered in the value of domestic exports to Australia (+54.8%), the Netherlands (+35.4%) and Singapore (+35.3%).

Moreover, there were increases in the value of imports from most major suppliers, in particular India (+20.5%), the Mainland (+14.3%), Thailand (+13.7%) and Singapore (+13.3%). But a fall was registered in the value of imports from Germany (-13.2%).

In May, year-on-year increases were registered in the value of re-exports of most principal commodity divisions, in particular office machines and automatic data processing machines (by $8.4 billion or 51.1%), electrical machinery, apparatus and appliances, and electrical parts (by $7.5 billion or 23.3%) and telecommunications and sound recording and reproducing apparatus and equipment (by $4 billion or 18.6%).

During the month, values of domestic exports of many principal commodity divisions fell, in particular clothing (by $1.9 billion or 41.3%). But there were increases in the value of domestic exports of electrical machinery, apparatus and appliances, and electrical parts (by $814 million or 75.2%) and office machines and automatic data processing machines (by $679 million or 168%).

Also, there were increases in the value of imports of most principal commodity divisions, in particular electrical machinery, apparatus and appliances, and electrical parts (by $8.2 billion or 20.7%), office machines and automatic data processing machines (by $4.6 billion or 26.7%) and telecommunications and sound recording and reproducing apparatus and equipment (by $2.6 billion or 12.3%).

Comparing the first five months this year with that of 2004, the value of re-exports of most principal commodity divisions grew, particularly office machines and automatic data processing machines (by $26.6 billion or 33.1%), electrical machinery, apparatus and appliances, and electrical parts (by $17.5 billion or 11.8%) and clothing (by $15.5 billion or 33.9%).

During the period, falls were registered in the value of domestic exports of some principal commodity divisions, in particular clothing (by $7.4 billion or 37.3%). But there was growth in the values of domestic exports of office machines and automatic data processing machines (by $2.3 billion or 115.2%) and electrical machinery, apparatus and appliances, and electrical parts (by $1.5 billion or 29.9%).