Hong Kong: growth of imports from Italy in line with the EU average
At December 2005 Hong Kong's imports from Italy, which was confirmed at the 14th place, gained +0.75% compared to 2004 and stood at 3,802 million US dollars with a 1.27% share, whereas exports (+13,48%) reached 3,411 million and a share of 1.17%.
Hong Kong's world imports have grown by 9.98% to 300,635 million US dollars and exports have increased by 10% with a value of 292,328 million. In 2005, imports from the first five countries were, in order of value (millions of USD), share and variation: China, which recorded excellent results, (132,618; 44.11%; +15.93%), Japan (34,364; 11.43% ;-0.98%), Taiwan (22,216; 7.39%; +10.61%), South Korea (16,619; 5.53%; -2.37%), United States (13,694; 4.56%, +7.66%). EU suppliers (15 countries) were consolidated in the third place with 22,400 USD, a 7.45% share and +0.97%. From Germany -0.47% and from the United Kingdom -5.74%. Italy was the third European supplier, after Germany and the United Kingdom, with +0.75% and a slightly lower market share as total imports increased by around 10%.
At December 2005, Hong Kong exports were to China (+14.09%), United States (+5.78%), Japan (+10.05%), United Kingdom (+0.80%), Germany (+16.04%) which are, in order, the first five destination countries. At the 13th place, Italy recorded +13.48%. The European Union (15 countries) recorded +14.06%, whereas Hong Kong exports continue to be penalized, especially by the South Korea outlet (-25.11%).
Among the European Union countries, Italy is the fifth destination after the United Kingdom, Germany, the Netherlands and France. The analysis of the 2005 trend for product categories imported from Italy shows +6.10% for leather goods, +19.17% for apparel, +17.43% for leatherwear, +15.23% for footwear, +11.06% for craft products. The excellent results for food and wine products were confirmed at +36.16%. For 2005 overall, major reductions were for machinery and electrical equipment with -22.67%, automobiles -28.20%, and ceramic products -19.40%.
Hong Kong re-exported goods for a value of over 272 billion US dollars (+10.78%). The first five destination countries were, in order, China, United States, EU (15 countries) and Japan, and they absorbed over 80% of the total value. The value of the products re-exported to the European Union (15 countries) exceeded 37 billion US dollars, with a 13.68% share and +16.82% compared to 2004.
Many products imported by Hong Kong from Italy are re-exported, mainly to China. In 2005, the value of re-exported goods stood at 3,249 million US dollars with an increase, compared to 2004, of 14.16%. Specifically, apparel (+42.24%), leatherwear (17.06%), watches and parts (+11.02%), eyewear (23.71%), footwear (+70.11%), jewelry (+47.51%), crafts (25.10%).
(Source: Ice Hong Kong)
