Decline in exports slow down in Sept
Updated: 2009-10-28 07:48
(HK Edition)
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HONG KONG: Hong Kong's exports fell at a slower pace in September, adding to signs that a slump in global demand is easing.
According to government figures released yesterday, overseas shipments shrank 8.6 percent from a year earlier to HK$225.9 billion ($29 billion), after sliding 13.9 percent in August. A Bloomberg survey of economists had forecast a 10 percent decline.
Imports fell 3.1 percent in September from a year earlier, leaving a trade deficit of HK$29.1 billion.
The Census & Statistics Department said the year-on-year decline in merchandise exports narrowed distinctly in September, largely supported by the economic activity rebound in Asia. Exports to the mainland and some Asian economies also showed positive growth in the month.
However, import demand of the advanced economies remains weak, which will be the major source of uncertainty going forward.
"The decline in Hong Kong's total exports is likely to continue to improve," said Joanne Yim, chief economist at Hang Seng Bank. "The global economy seems to be on track for a recovery, but the pace will be slow."
Stephen Roach, the chairman of Morgan Stanley Asia said yesterday that a world recovery may be "very, very gradual" because of reduced spending by American consumers. The World Bank forecast in June that world trade may climb 3.8 percent in 2010 after declining 9.7 percent this year.
Asian countries such as Japan and South Korea have reported smaller declines in exports last month as the global economy started to recover from the financial crisis. The improvement will help Hong Kong sustain its rebound from a year-long recession.
Hong Kong's exports have tumbled since November last year, including a 23 percent plunge in February that was the biggest drop in half a century. The city's economy expanded 3.3 percent in the second quarter from the previous three months as declines in exports and household spending moderated.
The government also reported that re-exports fell 7.8% in September to $220.8 billion and domestic exports dipped 35% to $5.1 billion.
For the first nine months this year, total goods exports fell 16.2% over the same period in 2008. Re-exports dropped 15.3% while domestic exports fell 40.8% and goods imports declined 15.7%.
The nine-month period saw a visible trade deficit of $150.3 billion, equivalent to 7.8% of the goods imports.
Total exports to Asia as a whole grew 0.9% in September, particularly to Vietnam (-15.2%), Indonesia (-10.1%), Taiwan (-8.3%), the mainland (-3.4%) and India (-0.3%).
Decreases were found in total exports to some major destinations in Asia, in particular exports to Malaysia (-24.4%), Singapore (-20.3%), Japan (-10.4%), Thailand (-7%) and South Korea (-0.4%).
Drops were recorded in total exports to some major destinations other than Asia, particularly the US (-27.8%), the UK (-22.9%), Germany (-15%) and Australia (-13.1%).
Imports from some major suppliers also fell, in particular, from the US (-11.1%), Japan (-5.8%), the mainland (-5.4%), Singapore (-2.7%) and Thailand (-1.8%). However, growth was found in imports from Malaysia (-17.2%), Taiwan (-13%), Germany (-6.9%), South Korea (-4.8%) and India (-3.8%).
China Daily/ agencies
(HK Edition 10/28/2009 page4)