August saw the value of total exports of goods rise to $226.2 billion, up 9.9% on the same month last year. The figure comes after a year-on-year rise of 10.7% in July.
Within this total, the value of re-exports grew 11.2% to $213.3 billion, while the value of domestic exports fell 8.4% to $13 billion.
Concurrently, the value of imports of goods rose 12.3% over a year earlier to $235.6 billion, after a year-on-year rise of 11.4% in July. A visible trade deficit of $9.4 billion, equivalent to 4% of the value of imports of goods, was recorded in August.
For the first eight months of 2006 as a whole, the value of total exports of goods rose 9% over the same period in last year. Within this total, the value of re-exports rose 8.4%, while the value of domestic exports grew 20.3%.
Concurrently, the value of imports of goods rose 11.1%. A visible trade deficit of $94.7 billion, equivalent to 5.7% of the value of imports of goods, was recorded in the first eight months.
Comparing the three-month period ending August with the preceding three months on a seasonally adjusted basis, the value of total exports of goods rose 5.7%. Within this total, the value of re-exports grew 6.3%, while the value of domestic exports fell 2.8%. Meanwhile, the value of imports of goods fell 5.6%.
Compared with the same month last year, August saw increases in the values of re-exports to most major destinations, particularly Singapore (+20.8%), the Mainland (+17.7%), the UK (+15.8%) and South Korea (+10.8%). However, a fall was registered in the value of re-exports to the Netherlands (-10.9%).
Concurrently, falls were registered in the values of domestic exports to many major destinations, particularly the US (-25.7%). However, rises were registered in the values of domestic exports to the Netherlands (+82.7%), Australia (+73.2%), Japan (+28.8%) and Singapore (+24.4%).
The Census & Statistics Department said the strong export performance in July and August went in tandem with the Mainland's thriving exports. The weakening of the US dollar over the past few months was another conducive factor underpinning the recent pick-up in Hong Kong's export performance.
It said that despite the better trade situation in recent months, the outlook continued to be overshadowed by a number of downside risks. They include a possible slow-down of the US economy, monetary tightening in some of Hong Kong's major trading partners, and lately the political uncertainties overhanging in some East Asian economies.