Hong Kong's total goods exports grew to $276.9 billion in October, up 9.4% on the same month last year and after a year-on-year rise of 3.6% in September, the Census & Statistics Department says.

Within this total re-exports grew 10.9% to $268.9 billion and domestic exports rose 23.1% to $8.1 billion.

Concurrently, goods imports rose 11.3% over a year earlier to $291.2 billion in October after a year-on-year rise of 3.9% in September. The visible trade deficit for the month was $16 billion, equivalent to 4.9% of goods imports.

For the first 10 months this year total goods exports grew 8% over the same period last year. Within this, re-exports rose 8.8% while domestic exports fell 12.9%. Yet goods imports grew 9.4%.

The 10-month period saw a visible trade deficit of $181.6 billion, equivalent to 7.1% of the goods imports.

Comparing the three-month period ending October with the preceding three months, total goods exports fell 0.4%. Within this, re-exports remained virtually unchanged while domestic exports went down 10.4% and goods imports fell 2.2%.

While merchandise exports showed notable year-on-year growth in October mainly driven by an exports rebound to the Mainland and some major markets in Asia, the department said data showed a slight drop over the past three months, sounding a note of caution to Hong Kong's external trade amid the challenging external environment.

The global financial crisis has mutated into a synchronised global economic downturn, and its impact on Hong Kong's trade is likely to show up more fully in the coming months.

Regional growth

Exports to Asia recorded a year-on-year growth of 13% in October, particularly Japan (+17.1%), Vietnam (+15.5%), the Mainland (+14.0%), Thailand (+13.1%) and Taiwan (+12.3%).

Increases were also found in total exports to major destinations other than Asia, in particular Germany (+18.1%) and the Netherlands (+14.6%). However, a fall was registered in exports to the US (-2.9%).

Major growth was found in imports from some major suppliers, particularly Thailand (+19.6%), the Mainland (+16%), the US (+12.1%) and Japan (+10.2%). But imports from Korea were dropped (-16.5%).

For the first 10 months this year, year-on-year growth was recorded in total exports to most major destinations, particularly the Mainland (+13.6%) and the Netherlands (+7.9%). Imports from all major suppliers also grew, particularly India (+29.9%) and Singapore (+17.7%).

Electrical equipment

The month saw increases in total exports and imports of many principal commodities, particularly electrical machinery, apparatus and appliances, and electrical parts, which grew $13.3 billion or 22.1% in exports and $11.6 billion or 16.9% in imports.

Office machines and automatic data processing machines also grew $5.6 billion or 22.6% in exports and $4.6 billion or 20.3% in imports.

For the first 10 months of the year, year-on-year increases were recorded in total exports and imports of most principal commodities, particularly electrical machinery, apparatus and appliances, and electrical parts which grew $49.1 billion or 9.2% in exports and $40.9 billion or 6.7% in imports.