On the up: Total goods exports grew to $219.6 billion in July, up 10.7% on the same month last year.

Total goods exports grew to $219.6 billion in July, up 10.7% on the same month last year. Goods imports rose to $224.7 billion, up 11.4% and marking a $5.2 billion visible trade deficit.

The Census & Statistics Department said re-exports grew 10.2% to $205.6 billion, while domestic exports rose by 18.2% to $13.9 billion. Goods exports recorded a 6.7% year-on-year increase in June and the increase in goods imports was 9.9%.

Merchandise exports grew faster in July, showing the Mainland market's buoyance, and continued improvement in other East Asian markets. Exports to the US showed a moderate rebound, but those to the EU and Japan were slack.

For the seven months through July, total goods exports grew 8.9% on the same period in 2005. Within this total, re-exports rose 7.9% and domestic exports grew by 26.6% while goods imports rose 10.9%, resulting in a $85.2 billion visible trade deficit.

Comparing the three-month period ending July with the preceding three months on a seasonally adjusted basis, total goods exports fell 0.6%. Within this total, re-exports fell 0.3%, while domestic exports dipped 5%. Meanwhile, goods imports grew 0.6%.

Comparing July with the same month last year, increases were recorded in re-exports to many major destinations, particularly the Mainland (16.4%), South Korea (15.4%), Singapore (11.4%) and Taiwan (9.8%). However, a 29.1% fall was recorded in re-exports to the Netherlands.

Surge seen in domestic exports to most destinations

Concurrently, significant increases were recorded in domestic exports to most major destinations, particularly Italy (264.3%), Germany (132%), the Netherlands (129.8%), the UK (122.6%) and Australia (73.8%).

Over the same comparison periods, increases were recorded in imports from all major suppliers, particularly Taiwan (26.3%), Singapore (21.1%), Thailand (20.7%), the Mainland (12.1%) and the US (9.7%).

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